KTD at risk of foreclosure as China lets market determine value of its currency

Picture of Tenzin Chonyi who as KTD’s president for life bet its future on the value China’s currency now worth less than it was at the time

“As a Chinese export manufactured in India for our consumption here in the West the value of the Karma Kagyu sect’s assets as such, the willingness of China’s wealthy to underwrite its activities here in America, is much diminished.”

So says Allen.

“The sect’s Chinese stakeholders in Taiwan, Hong Kong, and so on, are much poorer than they hitherto were before China’s leaders recently decided to let the value of their currency be determined by the global market.”

Allen continues.

“Given that for said Chinese stakeholders this is an outcome they never believed China’s government would allow to happen this can’t but come as a shock to these people as such.”

Allen concludes.

“In other words, the Karma Kagyu sect could well lose its monastic seat in Woodstock, New York, KTD, if China’s rulers continue to allow the global market to determine the value of its currency.”

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3 Comments

Filed under Buddhism

3 responses to “KTD at risk of foreclosure as China lets market determine value of its currency

  1. Osel Karl

    Tenzin’s hair-brained, rash gambling with Karmapa’s Seat is very risky.

    Looks like he didn’t hedge his bet…

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