by Phil T Looker
We've chronicled the demise of the global economic system based on the $US reserve currency from the start. It was back in 2004, just after the fall of Saddam Hussein that my colleague and our site owner Ian posted an article titled How Saddam May Yet Win The War which explained how a decision by the old Iraqi tyrant to accept payments for the oil - rich nation's exports of crude in other currencies besides the $ would pave the way for other oil exporting nations facing American bullying would realise that rather than getting involved in armed conflict with the USA, hitting them economically would result in a much more equal contest.
Recently, as the Obama administration in Washington, supported by the equally bankrupt E U has seemed hellbent on provoking a war with Russia, China and their allies, Russian President Vladimir Putin and the Chinese politbureau under Xi Jinping, and middle east regional power Iran have been busily wrapping up bilateral trade deals with numerous Asian, African and South American nations, Australia and the EU to settle cross border transactions in the currency of the vendor nation.
Where this would have created chaos until the 1980s, modern electronic trading systems and an interconnected world now make it the most logical way of doing business. And with the need to buy petrodollars to settle trades alleviated, the USA can no longer hold a gun to its trading partners' heads. All of that provides some background to an important story from The Event Chronicle:
India's Ruling BJP Party Crushed In Regional Poll
India gets it own UKIP and they are already winning elections as The Common Man party shocks the establishment by tapping into the anger about institutuionalised corruption in the world's biggest democracy
Oil nation Iran dumps the US Petro - Dollar
American dollar being dumped as reserve currency
America's confrontation with the G77 nations
Russia and US war over Ukraine is about the petrodollar
Petrodollar Panic? China Signs Currency Swap Deal With Qatar & Canada
Russia along with three quarters of the world, is isolated
Christmas Message: Economic Recovery, Bah, Humbug
Where did all the money go