The currency war we have been reporting on for ten years at least, the bid by China and its allies led by Russia and Iran, to replace the US$ as global reserve currency is hotting up.
For some time now China has quietly been making deals, first with its BRICS partners but more lately with all takers, to abandon the Bretton Woods convention by which international trades are customarily settled in U S dollars. A few years ago China, in collaboration with Russia and Iran, created the Petroyuan as a rival for the Petrodollar, the vehicle in which all crude oil futures contracts were made since the early 1970s.
Gradually at first, but now at an accelerating rate, nations are agreeing to trade in Yuan or in the currency of the vendor's nation. The Chinese government says it’s now signed $582.3 billion worth of global currency settlement agreements that will exclusively utilize the yuan.
According to a new report from the Chinese state news organisation, China Daily, the country’s central bank has inked deals with more than 40 countries and regions since 2016.
As for the countries involved in the pacts, China highlights Russia, Venezuela, the United Arab Emirates, Oman, Bahrain, Qatar, Kuwait and Saudi Arabia.
China says its moves are designed to boost the yuan’s role in international trade and circumvent the need of developing nations to depend on the US dollar and thus be vulnerable to coercion by the US government. The Mafia - like way Washington operates its resrve currency scam has been illustrated by the response to the war in Ukraine. The American government tried to stop weaker nations doing business with Russia by threatening economic sanctions on those countries which broke US imposed trade embargoes.
A statement from China's overseas trade department reads: “There is a need to promote cross-border yuan settlement to make bilateral trade more efficient and boost the yuan’s internationalization process…
To be sure, cross-border trade settlement in the yuan will reduce many countries’ dependence on the US dollar.”
China says direct settlement in the yuan will also shield countries against the “weaponized dollar”, pointing to sanctions levied against Russia in the aftermath of the country’s invasion of Ukraine.
As should now be clear to anyone who follows international news, the sanctions imosed on trade with Russia by the USA, EU and NATO has backfired badly and harmed the sanctioning nations more than those targeted. This is because business that previously have been conducted directly between Russia and nations involved in sanctions is now being routed via China, India, Pakistan, Itan, Syria and Turkey.
[ Currency Wars ] ... [Living within the conspiracy ] ... [ Humanitas ] ... [ Don't call me a conspiracy theorist ] ... [ Politically corect ]
De - Dollarisation: China, Brazil Make Deal To Ditch US Dollar For Bilateral Trades
China and Brazil this week concluded a deal to conduct trade between their nations in their own in their own currencies, ditching the established reserve currency for global trade, US dollar as an intermediary, the Brazilian announced said on Wednesday. This is Beijing’s latest strike against the almighty greenback in its currency war aimed at shifting the balance of geopolitical and economic power from west to east.
NATO Rhetoric About Russian Threat is 'Absurd'
The reasons being given for the latest NATO military buildup in Eastern Europe, the idea that the Russian 'Russian threat' to Eastern Europe grows every day is "simply absurd," according to former US diplomat and Senate policy advisor Jim Jatras. Effectively, Jatras says, the buildup is an attempt by the US to keep Germany and France on board with Washington's world domination agenda and ...
Naked Bankers Go For Gold
... That gold sale in 2013 was a naked short. The seller had no gold to sell. COMEX reported having gold only equal to about half of the short sale in its vaults, and not all of that was available for delivery (quite a lot of it belonged to the german government) In effect the naked shorting of gold could only work because really the right hand was selling to the left hand.
The Demise Of Dollar Hegemony: Russia Breaks Wall Streets's Oil-Price Monopoly In a move that went almost completely unreported in mainstream media, Russia has recently opened a market for the trading of physical and 'paper' oil (futures) in Moscow in Roubles. This is the most blatant challenge yet to the domination of the US dollar in world trade.
WMD in Mayfair
Recalling yesterday's Machiavelli Blog which commented on events surrounding the unfortunate death of the alleged former Russian agent Alexander Litvinenko, it seems the murder investigation has now found evidence of many caches (well OK, traces) of radio active toxins in various fashionable establishments in London's West End frequented by former Russian intelligence agents.
China launches global yuan payment system
China’s Central Bank has started a global payment system which provides cross-border transactions in yuan. The China International Payment System (CIPS) intends to internationalize the yuan and challenge the US dollar's dominance.
Refugee Crisis Or Existential Battle With USA for Europe
It has been clear for some years now that the USA, backed by its main NATO and EU military allies the UK and France (the FUKUS axis has been trying to provoke Russian into firing the shot that will be heard around the world and recognised as the startiung signal for World War Three.
Nothing is ever as it seems to be however, and views from middle east and far eastern journals suggest the USA is also working at destabilizing EU nations in order to force their support in its wars.
The European People’s Party (EPP) is the largest political group in the European Parliament, and they are unerringly supportive of America's efforts to start a war with Russia. “The time of talk and persuasion with Russia is over," MEP and Vice-President of the EPP told a meeting on Tuesday, 21 April, “Now it’s time for a tough policy, and concentration on defence and security ...”
The Mediterranean Boat People Crisis - How Does Europe Deal With The Mediterranean Migrant Crisis
The numbers of migrants trying to cross from the Libya on the coast of north Africa to one of the EU's southern nations is increasing. Europe's impoverished southern nations can't cope. And in the better off nations of northern Europe immigration is a toxic issue which is fuelling the rise of anti EU parties from France to Finnland in the north and Hungary in the east. What can be done?
No comments:
Post a Comment