Iran Weaponises The Strait of Hormuz Against The Petrodollar

 
The Petrodollar system has propped up the US economy for 50 years - picture: sbcgold.com

In spite of the very fragile ceasefire in the conflict between the USA / Israel alliance and Iran, the theocratic regime of the Muslim nation has opened a new front in the war by weaponising the Strait of Hormuz against The Petrodollar. 

Having made this strait a de facto toll gate at the entrance to the Persian Gulf, the Iranians are demanding that commercial vessels pay hefty transit fees in yuan or Bitcoin, according to multiple reports form news organisations in the middle east. As well as signalling a further deepening of Chinese-Iranian economic cooperation it brings a new dimension to Ian's asymmetric warfare. A huge proportion of the world's hydrocarbons supply passes through the Strait of Hormuz and significant reductions in shipping movements will trigger a global crisis.

China, Russia and Iran along with their BRICS partners have been threatening currency wars with the aim of replacing or at least offering a serious rival to the US Dollar as the primary global reserve curency. 

For years, Russia and the two Asian allies have accused Washington of using the dollar's dominance in global trade as a weapon, imposing sanctions and inflicting economic pain on rivals through the dollar-dominated financial system.

Now the ongoing war aound The Gulf - and lets not fool ouselves that the current ceasefire will turn into lasting peace - is forcing a fundamental reassessment of the petrodollar system that has underpinned US financial hegemony for decades. This informal arrangement, in which Gulf oil producers price crude in dollars and reinvest revenues in US assets, emerged as a cornerstone of American economic power in the 1970s and has held since then. But with the US-Israeli campaign against Iran now in its second month, the strait’s uncertain fate is raising urgent questions about whether that order can survive. 

Iran has so far managed to withstand the US-Israeli attack and inflict some damage on Israel and US allies around The Gulf, even after significant casualties aming its leadership, and has been able to assert strategic control over the Strait of Hormuz. Thus they have added a currency war to the shooting war.

This means Iran has been able to insist it will only accept  payment for passage through the Strait of Hormuz in Chinese Yuan or crypto currencies, . At least two vessels have so far settled the transit fees in Yuan via a Chinese maritime services company which is acting as an intermediary and handling payment to the Iranian authorities.

This is a significant even though analysts debate if it can ultimately become decisive in the longer run. The de-dollarisation rhetoric has emanated from China, Russia, Iran and their BRICS partners for years, without materialising into meaningful change. Now, if one of the vital choke points through which one-fifth of the world's petroleum passes becomes conditional on currency denomination that is meaningful. 

The practical consequence, even if it was partially adopted, would be a bifurcated global oil market. One where yuan-denominated barrels flowing through Hormuz for payment in China's currency in the Chinese payment system CIPS ( Cross-Border Interbank Payment System) and dollar-denominated barrels are rerouted at a high additional cost and time for those who are not using Chinese currency. 

Further, Iran is employing a broader mechanism employing informal transactions in cryptocurrency to effectively circumvent the US financial system. Wang Yiwei, director of the Institute of International Affairs at Renmin University, said that the yuan-for-passage is more likely to gain international acceptance than a complete blockade. 

Of far more concern to banks and businesses in the west if oil shipments through the strait are to be transacted in currencies other than the dollar, particularly the Chinese yuan and the Iranian rial the  Gulf states, driven by security concerns, begin to distance themselves from the dollar-based energy trade, the ripple effects could be profound: reduced demand for the greenback, waning appetite for US Treasury debt, and a gradual erosion of the dollar’s reserve currency status. 

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Move Aside USA and Europe, Putin, Xi and Modi Meet In China To Plan A New New World Order.

 

 Leaders of Russia, India and China plot a new New World Order (Picture AP)

The three major Eastern powers, also the major playrs in the BRICS economic bloc met in China this week and vowed to increase collaboration as part of a broader challenge to Western supremacy in the already-emerging multipolar world.

While left leaning mainstream media spun the event as more proof of the Trump administration’s ineptitude, Russian media heralded it as “one of the defining political events of 2025.” The 25th annual Shanghai Cooperation Organization (SCO) summit was held in Tianjin, China, this year. The heads of Iran, Pakistan, Turkey, Belarus, and other Central Asian and Caucasus states also attended.

The multi-day event began with the Chinese, Russian, and Indian heads of states embracing, a gesture mainstream Western foreign-policy pundits quickly interpreted as more proof that the Trump administration’s foreign policy is a failure. 

While the United States hit India with high tariffs for buying Russian energy, it did not add any to Russia’s largest energy client, China. During the summit, Xi took a thinly veiled shot at the United States and its Western allies. He said that SCO members should “oppose the Cold War mentality, bloc confrontation, and bullying practices.” Xi also said that SCO members “should advocate an equal and orderly multipolar world and a universally beneficial and inclusive economic globalization, and make the global governance system more just and equitable.” The issue of a multipolar world came up repeatedly. Non-Western leaders have made it clear that they seek a global order in which the West doesn’t hold the most power. 

What we see in the output from the Tianjin summit is that althought Obama, Biden and Trump have tried to contain the rise of China to superpower status their ham fisted efforts have only pushed Russia into the arms of China. And now Trump has managed to push India into the arms of Russia and China.

The absence of strategic thinking in the 'West' is palpable.

The ongoing meeting of the Shanghai Cooperation Organization is, like similar meetings of BRICS, just one building stone of the new  new world order Xi and Putin are planning. Many more will be needed. A clear outline of the new order has yet to develop: Chinese President Xi Jinping on Monday proposed the Global Governance Initiative (GGI) at the "Shanghai Cooperation Organization Plus" Meeting in Tianjin."I look forward to working with all countries for a more just and equitable global governance system and advancing toward a community with a shared future for humanity," Xi said when addressing the meeting.

He highlighted five principles for the GGI:

• First, we should adhere to sovereign equality.
• Second, we should abide by international rule of law.
• Third, we should practice multilateralism.
• Fourth, we should advocate the people-centered approach.
• Fifth, we should focus on taking real actions.

Nice concepts and words. I agree with them. But where is the beef? At some point muscles will be needed to back them up.

BRICS is a collection of traditional, nationalist Capitalist governments. They are not revolutionary and their particular economic systems, China included (!) are not "Socialist" at all. The wage slaves in every one of these nations are heavily exploited and kept out of power as a class.

Yet, none of the BRICS is Imperialist. None of them seek to destroy other countries and murder their peoples for economic advantages. Russia acts only to defend it's national interests in Ukraine. None of them want war. Moreover, China has implemented a number of reforms with which it limits the destructive power of Capitalism on its own people and holds it's billionaires firmly in check, so that they do not determine policy.And none haroburs an ambition to gain full spectrum dominance like the USA or a Global Technocratic government (Davosocracy) like The World Economic Forum. 

For all of these reasons, the BRICS are the best existing alternative and opposition to the putrid Imperialism of the West. They have my critical support. A world under their system would be a great improvement on a world under the genocidal Imperialist duo of US/Israel.

Nonetheless, nobody should expect them to take action to stop human rights violations and even outright genocide that does not effect their national interests.

They are not trying to save the wage slaves of the world, they are not seeking to end mans exploitation of man, they are not seeking to expropriate the billionaires and use their wealth to improve humanity.

 Is it possible that the mature thinkers in the SCO and BRICS are ensuring that they leave the enemy with some means of escape? When one is dealing with those who may believe they are exceptional, separate from nature, and immortal, one has to consider the possibility that such adversaries will resort to nuclear blackmail or manufacture armageddon. The adults in the room have to finesse such ignorance, hubris and spiritual madness to sustain a viable future.

One more thing that seems to be ignored by policymakers and political commentators in the West is that China and India are the heirs of extremely old civilizations that are culturally robust to an extent that those in the West who talk of concepts like international law and globalism deliberately refuse to understand. China has almost always followed Confucian doctrines, again something the West and, in particular, its intellectual class have deliberately refused to even try to understand as they wage war on traditional cultures. While Confucian, or any culture (in the west Greco - Roman culture has been influential although the influence of Celic and Germanic cultures is probably understated,) can go through periods of corruption, its guidelines offer a quicker move to re-balancing than the culture of the West, with its obsession with the future and, more recently, fantasy, can approximate. The West is headed for internal degeneration--all China has to do is wait. There is no need for the SCO or BRICS to "hurry up and do something" the fruit will land in their hands soon enough--this should be obvious to anyone who has a strong background in history, anthropology, or sociology.  

FROM THE ARCHIVES:

 

 

How The BRICS Summit Surpassed The G7 & G20 As The World’s Most Influential Gathering

 via Great Game India

The 16th BRICS Summit, held in Kazan, Russia, from October 22 to 24, wasn’t just another meeting of world leaders. It marked a turning point in global politics. For the first time, this summit was viewed as more influential globally than the meetings of the G7 or G20, which typically dominate world discussions.

This year's summit was more worthy of our attention than usual because four new countries—Egypt, Ethiopia, Iran, and the UAE—joined as official BRICS members in January. This move expanded BRICS beyond the original membership of Brazil, Russia, India, China and South Africa. As Russia hosted a gathering of 36 world leaders, the expanding BRICS+ initiative looks to be a growing obstacle to the hegemony US and its allies hoped to exercise.

Established in 2009, and later expanded in 2024, the BRICS+ geopolitical bloc draws its name from its original members (Brazil, Russia, India, China and South Africa) but now also includes Iran, Egypt, Ethiopia and the UAE.Significantly Saudi Arabia has been invited to join and has slready abandoned its committment to accept payment for oil exports only in US dollars, while others, such as Turkey, are also expected to join. Its members already constitute 45% of the world’s population and 28% of its economic output.

As such, it is often described as a geopolitical counterweight to the G7.  Russia and Iran and China are alrady collaborating to challence challenging the dominance in international trade of the dollar. The most important country is of course China, and China has been sitting on the fence over US led sanctions of Russia and Iran. The most likely reason China has held back from fully supporting the US against Russia and Iran is because Chinese state-controlled banks also do not want to be cut off from the US dollar and Wall Street.

And as long as China remains integrated in the global financial system centered on the US dollar, China is effectively the largest foreign funder of everything the US does, including sending weapons to Ukraine that are used against Russia and Taiwan that are pointed towards China.

China is of course also deeply integrated in global supply chain and trade networks,having become the wokshop of the world as net - zero obsessed wesern leaders have deindustrialised their economies, thus offshoring not only their CO2 emissions but jobs and revenue into the bargain. With the Chinese economy stuggling, any serious moves to decouple from this global dollar system could back fire disastrously.

BRICS+ is a reltively young organisation integration and coherence is rocky at best which should caution us to make any future projections based on current relationhips rather than deeper structural forces. strained relations between China and India, which significantly hampers collective BRICS action to the point of incoherence. Also, it is notable that Saudi Arabia has not yet joined along with UAE even though they said they would, and detente between the Shia Musim government of Iran and the Saudi Sunni Muslim monarchy has only taken place recently.

The original BRICS members were never as united as the G7 even without these new members.

The first step for the BRICS+ to challenge the West would be to build consensus for such a project to replace or at least seriously challence the Dollar, which does not exist, and most importantly to sell more oil in a currency other than the US dollar. And as this publication has reported extensively in the past that project is already well under way.

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Zelenskyyy's Summit To Demonstrate Solidarity Of Global Suppport For Ukraine Backfired.

 

Volodymyr Zelensky’s Global Peace Summit in Switzerland has turned out to be a flop. If, as was widely reported, it was intended to demonstrate the world’s support for Kyiv and highlight Russia’s  international isolation the jamboree did the opposite. Russia wasn’t invited and China didn’t bother to turn up. The other BRICS countries plus the UAE – refused to sign the watered-down final communiqué which gives the impression that all along this conflict has been a proxy war waged by NATO for the purpose of weakening Rusia, fought on Ukrainian soil and paid for in Ukrainian and Russian blood.

According to a former senior member of Zelensky’s administration, Ukraine’s leader had ‘hoped the conference would mark a new benchmark of international support… [but] it just showed how badly we have lost the support in the Global South’. Take Brazil’s President, Lula da Silva. He was one of the first world leaders to condemn Russia’s invasion, yet in Switzerland he accused Vladimir Putin and Zelensky of ‘enjoying the war… otherwise they would have already sat and talked and tried to find a peaceful solution’. In the end, 78 countries signed the final four-point communique which called for Ukraine’s territorial integrity to be the ‘basis’ of a future peace, down from Zelensky’s original ten points which were supported only by the US and the EU.

Though the Kremlin is always eager to claim that the decline in support for Ukraine is due to Putin's polititical acumen, for practically every country and global bloc outside NATO, economic and strategic self-interest has trumped principles. The EU was quick to take the lead on sanctions, but hasn’t banned Russian oil, merely capping the price at $60 a barrel rather than $73 for Urals crude. Europe never sanctioned Russian gas and continues to import 15 per cent of its liquefied natural gas from Russia.

The US State Department continues to forbid Ukraine from using long-range weaponry inside Russia (missile launch sites excepted). Kyiv was recently told to stop attacking Russian oil refinery capacity in order to avoid causing an oil crisis for the developed world. Donald Trump, meanwhile, recently said he’d veto more aid to Ukraine. ‘Zelensky is probably the greatest salesman of all living politicians,’ he declared. ‘Whenever he comes to our country, he leaves it with $60 billion… And then he comes back and says he needs another $60 billion.’

Trump is often accused of being crass and insensitive but he seems to be understating his case here. A more honest description of Zelensky would perhaps be 'The World's Greatest Grifter', given the total value of gifts and grants in military aid (much of which has been sold on to third parties,) based on his incredible claims that Ukraine has a chance of winning the war.

As things stand the Global South wants to continue importing Ukrainian grain and cheap Russian oil. India’s economy has been boosted by a large increase in imports of Russian crude, much of which is re-exported back to Europe as refined petrol. Turkey imports Russian gas and re-exports it to southern Europe, and maintains large agriculture and consumer trade. The UAE has become a hub for sanctions-busting banking services for Russian corporations and oligarchs. Obviously the majority of the planet would rather do business with Russia than support the Ukie goons.

 So here we are 28 months into the war and Moscow still occupies 16% of Ukrainian territory, which corresponds to the Russian speaking provinces of Ukraine, and seems intent only on holding its gains rather that conquering the entire nation and marching on through the whole of Europe to The Atlantic Coast as many warmongers in Western politics and media have alleged in their efforts to urge direct military involement by NATO - an escalation which would certainly become global war very quickly.

Meanwhile a negotiated peace along the lines of the one poposed by Turkey's President Erdogan in April 2022 and vetoed by US President 'Dementia Joe' Biden seems as far away as ever, with Biden, in a recent speech, stating  “A lasting peace for Ukraine must be underwritten by Ukraine’s own ability to defend itself now, and to deter future aggression anytime in the future.” Dememtia Joe then gave another boost to the forever war camp by pledging that the U.S. is going to help ensure Ukraine can do both.

The big quesion is how can the damage done to the region be repaired when the war eventually does end with the inevitable defeat and collapse of Ukraine. First of all Ukraine will need to institute a major repopulation program as those men who didn’t manage to escape their country are being decimated and maimed.

Millions of Ukrainian women who have settled across Europe would somehow need to be enticed back and given incentives to have large families. It is difficult to see how this could be accomplished when so many of those women have found husbands and partners, and better lifestyles, in the west. 

The energy infrastructure will need to be totally reconstructed before the country can begin to rebuild its industrial base. And don’t forget the 16% that is Russian territory again is the most valuable land in terms of natural resources and compromises much of Ukraine’s industrial base, is growing by the day.

It is also expected that the country will default on its international debts when they become due next month. 

If only they had gone along with the very faourable settlement that was on the table 2 years ago, and even better if they had not succumbed to the political interference from USA in 2014, prior to which they were a true, if imperfect, democracy rather than the US designed dictatorship that they are today.

NATO (“committed to the peaceful resolution of disputes”) has now been blessed with an uptake in members, before which its justification as a relic of WWII could/should have been called into question, especially since the fall of USSR. However, many countries simply view NATO as a cheap alternative to financing national military forces.

Now NATO wants to massively expand despite, or because of, its total failure alongside USA in the proxy war against Russia, but as the full name of the bloc is the North Atlantic Treaty Organisation, the reasons offtered for trying to recruit to membership central Asian nations like Kazakhstan which is over 2000 miles from the Atlantic ocean are lacking credibility and it is understandable that Moscow sees such moves as hostile. 

Many of us are tired of hearing how Russia is the enemy when Russia has clearly demonstrated that it has neither any desire nor any intention to attack European countries, despite the ongoing provocation from all our ruling politicians.

Ukraine had the choice to remain neutral and quite simply not to apply for NATO membership. Just what is so wrong about remaining a neutral country? And Zelensky promised peace, which was why he was elected President. Now he is no longer a legitimate president and continues as a dictator having canceled the elections due at the end of his legitimate term in office, and even recently outlawing another Ukrainian political party. All of which makes attempts to brand Putin a dictator seem like a case of the pot calling the kettle black.

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The Shooting Wars and the Currency Wars

 

As the shooting wars grind on in Ukrsine, Gaza, Syria, The Red Sea, Sudan and e;sewhere, the main theatre of war is now shifting from the battlefields to the financial centres of the world.

Many of you will have been reading in mainstream media about de-dollarization recently, and may have been surprised to learn of the various attempts and strategies being deploted to facilitate trade among the various countries' currencies without using the US dollar, which has been the main reserve currency for intrnational trade since World War Two. You may be even more surprised to learn that Boggart Blog and its various offshoots have been writing about de-dollarisation and currency wars for over ten years. Most international trade is still conducted in dollars, which means the buyer has to purchase dollars in order to make the settle the transaction, and that often means the sale is settled at a U.S.-controlled bank ... a situation which many nations feel Washington has exploited unfairly to preserve its global economic hegemony.

The established world order has come to the dangerous state it is curreently in, because the U.S. exerts uses its position of economic dominance via he dollar to exert political influence. To put it bluntly the U.S.A. has "weaponised" finance. Avoiding the U.S.ninvolvement in cross border transactions is complex and there's a lot of resistance to change particularly from US banks.

There are a number of new, rapidly developing tools and organizations to do this job, and more importantly there are new players with major resources and even bigger motivations that have committed themselves to make non-dollar-denominated trade easy, reliable and fast. And soon. For example, next time Israel attacks Hezbollah Lebanon, Iran could weaoponise the Strait of Hormuz to trigger a global economic and energy crisis.

Russia and China, two of the nations, along with Iran, that started the move to de dollarise world trade over a decade ago are leading, their BRICs trading bloc is likely to be the first major beneficiary of the new trading tools, and now Saudi Arabia has weighed in: SA has let the "price all oil sales in dollars" deal with the U.S. lapse.

This has now been reported in the U.S. and European mainstream media press , with all the appropriate consternation over likely impacts.

M.K Bhadrakumar (IndiaPunchline.com) has a new article out that covers the waterfront - the technologies, the big players, the Saudis, and the impact on the U.S. of de-dollarization. If you're new to the subject, this is a decent place to start.

As many critics have pointed out, everyone knows _why_ other countries are motivated to de-dollarize. The question is "what's the alternative?".

Alternatives get built when the motivation, resources, and capability thresholds are met. They've been met.

If the Saudis actually do start pricing in currencies other than dollars (remember, letting the deal lapse, and actually pricing their oil in different currencies are two separate events), and if China and Russia really do build the multi-currency trading system for BRICS, and remember they have already started the process by creating the 'petroyuan' to rival the global standard 'ptrodollar vehicle for ttrading oil futuresd, this is certin to bring to an end the "exorbitant privilege" of the U.S. as issuer or the global reserve currency.

And that will be a major, major change in the U.S.' situation.

For further reading, search "mBridge" and "BRICs". That'll provide much food for thought.

 

[ Currency Wars ] ... [ Culture Wars ] ... [ Middle East ] ... [ Ukraine ] ... [ free sppech murdered ] ... [ death of democracy ] ... [ New World Order ]

Will Commodities Be The New Reserve Currency As The Death Knell Of The Dollar Sounds?
Many respected economists and market analysts who favour the free markets approach concur that we are heading towards a new economic reality that will see the collapse of the US$ as the default reserve currency, to be replaced not by any other fiat currency such as the Euro or the Renminbi, but by a system in which  commodities are the primary denominator of value. Should this turn out to be the case we can expect an acceleration of the shift in geopolitical power from west to East.

We The Good Guys Versus They The Bad Guys Reporting Does Not Make Sense For The Ukraine Crisis
Mainstream media reporting of the conflict in Ukraine has disappointed. Perhaps I was naive to suppose that lessons might have been learned from the hits their print sales and online traffic rates took as a result of their handling the COVID pandemic But instead of focusing on the most obviously newsworthy aspect of the build up to and escalation of the war, Russia’s view of NATO expansion into Ukraine and even further to Georgia and Kazakhstan, news reports have simply demonised Russia and portrayed Ukraine as the good guys.

Europe's Depleted Gas Storage Might Not Get Refilled Ahead Of Next Winter
While mainstream news reporting of the conflict in Ukraine continues to pump out a torrent of anri - Russia, pro - war propaganda the catastropic effects of this war that could so easily have been avoided are not mentioned. Well why would warmongering governments admit they have inflicted an energy crisis, food shortages and soaring living costs on their people for no good reason ...

More Nations backing Away From The US$
Russia Just Sent out a Message NATO Should Better Listen To
The key paragraph from the latest official Russian naval doctrine is that Putin and his military advisers have sent a clear message that NATO encroachment is unacceptable. To be honest, there is nothing earth shattering in this, The Daily Stirrer and many other alternative media news and analysis sites have been warning for about two years that Obama's foreign policy was making conflict inevitable.

De - dollarization Moves Ahead - Once Again We Told You So,
What Putin Wants
China Warns U.S. to Stop Its Ukrainian Proxy War Against Russia
The World Rejects USA Attempt To Manipulate Venezuela
India's Ruling BJP Party Crushed In Regional Poll
Another Conspiracy Theory Becomes Fact: Oil Collapse Is All About Obama's Proxy War With Russia.
G77 Nations vow to destroy petrodollar and America’s New World Order
American Dollar Dumped
Iran's Oil and the US Dollar
Money From Rock Better Than Money From Air

There Is Only One Way Ukraine Can End The War
As Ukraine's much hyped counterattack has failed to achieved the and momentum that hoped for by American and NATO leaders including President Volodymyr Zelensky who admitted it was "slower than desired", and a range of soldiers interviewed by BBC and Sky News television reporters t on different parts of the long (probably too long given the depletion of Ukrainian military manpower,) frontline have blamed minefields laid by Russian troops for that delay. Well as is often said, in any wartruth is the first casualty.

Gigantic Nova Kakhova Dam in Ukraine Blown Up - Each Side Blames The Other As The War Grinds On
A day after Ukraine's much-heralded counter-offensive appears to have failed, almost before it had even begun, a major dam in the Russian-occupied region of Kherson is suddenly bombed, prompting mass evacuations as floods spread across the region. Both sides accuse each other of the attack that puts tens of thousands of homes at risk and might even threaten the safety of Europe's largest nuclear power plant.

Washington Leaks Show Ukraine Has Lost The War (And Expose The Dishonesty Of Western Governments And Media)
The leaked U.S. intelligence documents recently published in western mainstream media have exposed the extent to which pro - war propaganda suggesting Ukraine was winning the war is now seen to be a US & NATO led effort to weaken Russia and effect regime change. It looks more likely some western governments are facing regime change as citizens, tired of sky - high energy costs, soaring food prices, and of being lied ...

Russia Will Never Recover From War In Ukraine Claim Zelensky Fan Club As Russia Continues to Crush Ukrainian War Effort
An inside page headline in yesterday's (1 April 2023) Daily Telegraph claims 'Russia will never recover from this devastating collapse,' though the article below it does not quite make clear exactly what collapse the writer is talking about. The Telegraph has been unashamedly pro Ukraine, Zelensky worshipping and Russophobic in its coverage since day one of the war and the article was not an April Fool joke

Zelensky Admits Ukraine Already Ran Out Of Ammo
The US-led West’s Mainstream Media (MSM) began reporting more accurately on the military-strategic dynamics of the NATO-Russian proxy war in Ukraine since the start of the year, but the true test of their comparatively improved integrity will be whether they raise awareness about Zelensky’s latest damning admission. In an interview with Japanese newspaper Yomiuri Shimbun, he candidly told his interlocutors that “We do not have ammunition. For us the situation in the East is not good.”

Dollar Dominance Will Be The Biggest Casualty Of War In Ukraine
While the mainstream news cycle focuses on Ukraine and speculation about when the strategically significant city of Bakhmut, beseiged by the Russian army for months now, will actually fall, with Ukrainian defenders vowing to fight to the last man but gradually being forced into a smaller and smaller area of the city centre, in the more significant economic war Russia, China and Iran, backed by India, Saudi Arabia and many other African and South East Asian nations are pushing ahead with moved to dump the US dollar as the global reserve currency

Ukraine: Who Is Winning And Losing In The Economic War
One year ago today, to provide a legal framework for Russian military support to Donetsk and Luhansk which would take the form of a military incursion into Ukrainian territory on February 24, the Russian President Vladimir Putin had signed executive orders to recognize the Donetsk People's Republic and the Lunhansk People's Republic as independent countries

Talk of Sending Fighter Planes to Ukraine Is Madness
President Zelensky’s warmongering speech to the UK Parliament yesterday unequivocally and unashamedly made the case for starting World War 3 in order to polish the oversized ego of this little clown with the piano playing penis when he demanded that Nato-grade fighter jets to be sent to Ukraine.

Ukraine End Game: As Bakhmut Falls Real Reporting Vies With Propaganda In Western Media
Ever since Russia crossed the Ukrainian border and launched its 'Special Military Operation' almost a year ago now, everyday in western news media we have watched, heard and read that Ukraine was winning the war - Russia was losing ten soldiers for every Ukrainian casualty, Russian troops were incompetent brutes, Russian military hardware did not work and the Russians were running out of missiles, bullets and everything else.

Status Report On That War Thing In Ukraine: Nordstream to Bakhmut, electricity and water - December 2022

In the wake of attacks on the on the Stream pipelines, that effectively halted the flow of natural gas which German industry, commerce, agriculture and society relies on, and the terrorist attack on the Kerch Bridge, US Secretary of State Antony Blinken gloated that the attacks were a “tremendous opportunity” to weaken Moscow [...] And shortly after news of the Nord Stream sabotage broke on mainstream media, gas supply companies in the USA were offering to supply Europe with shipments of Liquid Natural Gas carried by supertanker to be sold to European nations at vastly inflated prices.

Who Blew Up The Nordstream Pipeline
So whodunnit? Sabotage of undersea gas pipe will escalate tension and move the world closer to nuclear war, but who is behind it, Russia in a bid to put more presure on Europe, Ukraine in an attempt to drag NATO into direct action, or the USA using a CIA false flag event to advance its own agenda.

Russia Ukraine Dirty Bomb Claim - Some Reality
As the situation in Ukraine gets more desperate with casualty numberrs mounting, half the national infrastructure in ruins and Russia upping its game in response to US / NATO military assistance privided to the neo nazi nutters in Kiev, a false flag event seems the only way to provide an excuse for direct US intervention. And the USA has a track record for fgalse flag events ...

Who Blew Up The Nordstream Pipeline
So whodunnit? Sabotage of undersea gas pipe will escalate tension and move the world closer to nuclear war, but who is behind it, Russia in a bid to put more presure on Europe, Ukraine in an attempt to drag NATO into direct action, or the USA using a CIA false flag event to advance its own agenda.

An Energy Crisis In Tandem With A Food Crisis On Top Of An Economic Crisis And A War. This Cannot End Well
As politicians in North America and Europe try to deflect from their own failure that have contributed to the current plethora of crises by blaming Russia and Vladmir Putin for all the current problems, while the war in Ukraine is a contributory factor in each, the real blame lies closer to home.

Swedish Media Outlet Publishes Leaked U.S. Document On How to CRUSH Europe Economy via Ukraine War Effort
Swedish news organisation Nya Dagbladet has published a leaked top secret US plans to use the war in Ukraine and an induced energy crisis to destroy European economies. The report claims the RAND Corporation a defence and foreign policy think tank founded by military aircraft maker Douglas has the official aim of improving policies and decision-making, is the source of its evidence.

Has Putin Has Pushed Europe Into Economic Depression, Hyperrinflation and Currency Collapse?
Though it was entirely predictable and indeed had been expected for some time, the news over the weekend that the Nord Stream 1 pipeline which feeds gas from Russia to northern Europe via The Baltic route had been shut down completely by The Kremlin in retaliation for the continued financial and military support given by NATO and EU member states to Ukraine in the conflict with Russia. The European Commission, governing body of the EU, immediately put the community on something close to a war footing, ...
Continue reading >>>

Is Russia Selling Its Oil To The World Through An Obscure Egyptian Port?
As this blog predicted when NATO and EU member states shot themselves in the foot by reacting to Russia's invasion of Ukraine with sanctions that prevented Russia from selling oil, gas and vital raw materials to the countries that needed them most, the NATO and EU member states, the Russians have had no problems finding alternative customers for their gas and oil and no problem getting oil into the world's commodity markets through the back door.

Jingoistic Western Triumphalism Will Not End The War In Ukraine Or Cripple Putin, But It Is Crippling Western Nations

As the war in Ukraine grinds on and Russia steps up its economic war against the west and in particular The European Union, claims made recently by the idiotically 'woke' leaders of Europe's main economic and military powers that the West has a once-in-a–generation chance to severely weaken Russia’s capabilities, both militarily and geopolitically, look increasingly hollow. Putin's critics have cited 'Western unity' as one of the main reasons why Russia will be economically destroyed and politically humiliated when the Ukraine's military finally claim victory.

Currency Wars - Russia calls on BRICS to ditch US dollar

This blog reported organised moves by certain eastern nations to replace the US$ as the global reserve currency over ten years ago. Since then we have monitored developments in the so - called Currency Wars as they unfold, including China's launch of the Petroyuan as a rival to the Petrodollar, plans to return to a kind of gold standard economy to stabilise global trade in the face of increasing political instability and the unsustainable debt burden of the USA, and the rise of cryptos, digital currencies.

And as we write this note, things are hotting up:

from "RT, 18 December 2023

The sustainable development of financial relations and settlements within the BRICS organization is very important for all member states, Russian Finance Minister Anton Siluanov has said.

The statement was made at the Russia-China Financial Dialogue forum in Beijing on Monday, where Siluanov met with his Chinese counterpart, Lan Foan.

The BRICS group of emerging economies – which currently incorporates Brazil, Russia, India, China, and South Africa – has been discussing ways to facilitate payments in local currencies between member countries. The bloc aims to reduce their reliance on the US dollar and the euro for accelerated growth.

“We need to further develop financial cooperation within the BRICS countries. Here we see opportunities ... to develop a payments system that would be independent of the infrastructure, which does not always fully fulfill the goals of individual countries,” Siluanov stated.

“Therefore, the sustainable development of financial relations and settlements on the BRICS platform is important for us, and we believe that it is necessary to work out such issues, and today we will consider a number of them,” he added.

READ MORE: BRICS overtaking G7 in economic might – Bloomberg

Russia and its trade partners among developing nations, including fellow BRICS members, have started to switch to alternative currencies in mutual trade, after sanctions effectively cut Moscow off from the Western financial system. A growing number of nations are turning to national currency settlements in trade.

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German Member of the European Parliament (MEP) Christine Anderson last week delivered a speech to the Citizens Initiative in which she excoriated the World Health Organization, calling it a group of "globalitarian misanthropists" who she - and a group of seven other MPs, have vowed to dismantle in order to oppose the WHO supplanting democratically elected governments.

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 ...

The Demise Of Dollar Hegemony: Russia Breaks Wall Streets's Oil-Price Monopoly
Significant moves in the global chess game have just rendered the huffing and puffing of warmonger Obama meaningless and will break Wall Street's monopoly in controlling oil markets. The move is part of Vladimir Putin's long-term strategy of decoupling Russia’s economy and especially its very significant export of oil, from the US dollar, in effect ...

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.

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.

EU and US talk of war with Russia
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 ...”

This Is Why The US Just Lost Its Superpower Status According To Larry

The True Debt Disaster America Faces - Only A Fraction Of Government Debt Is Known To The Public
Politicians and the media talk about the $17 trillion debt the US Government owes to creditors. They are lying, the $17 trillion is a fraction of what america owes. The real figure is $200 trillon. And Obama's loonytoons economics are driving that up at an accelerating rate.

U.S. versus Russia War: Top Russian Politics Scolar Stephen Cohen Tells The Truth
We have been blogging for four years about the US drive for war, provocation of Russia in Syria, Iraq, Ukraine and elsewhere made it obvious. But I'm just a news junkie with a strong sense of curiosity and have wondered why the US seems set on this course. Good to see experts like Stephen Cohen, a prominent expert on, Russia are coming onside.

Does It matter If The Dollar Is Replaced?
"Without delving too deeply into Austrian economic and capital theory, just let me point out that money printing disrupts the structure of production by fraudulently changing the “price discovery process” of capitalism. Capital is allocated to projects that will never be profitably completed. Bubbles get created and collapse and businesses are suddenly damaged en mass, thus, destroying wealth. (Zero Hedge)"

What the BRICS plus Germany are really up to in the Currency Wars?
The move led by Russia and China to dump the Petrodollar has escalated into a currency war, not the kind of war we assciate Obama with but give him time. Some wars as in Ukraine, by proxy are not going so well. Others, like the one against Islamic State aka ISIS aka ISIL in the middle east are going worse. Disintegration of The American Economic Empire is manifesting itself in moves by wannabe global players towards creating a multipolar world ...

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.

U S Regional Bank First Republic Crashes As America's Banking 'Crisis In Confidence' Becomes Contagious
Shares in America's First Republic Bank's crashed when the New York stock market opened for trading this morning. The crash was triggered by a statement issued on Sunday night that sought to ease investor worries about the bank's liquidity situation in the wake of the failure of Silicon Valley Bank. Shares in the San Francisco based regional bank are down 60% on last week's close.

Negative Interest Rates - Final Nail In The Coffin Of Neoliberalism? Negative interest rates, in plain terms a situation in which we pay bankers for holding our money, are the latest ruse of politicians and economists to make uis start spending our investments and savings, thus kickstarting the global economy thy have screwed up.

Pupils Shut Out Of School Because They Refuse To Wear Gender Neutral Uniforms
Overshadowed somewhat by the idiocies in Parliament this week as Remain supporting, democratically elected MPs try to overturn the democratically expressed wish of the people and keep the UK in The Fourth Reich politely known as the European Union, the idiocy of politically correct, far left authoritarianism in education goes on...

The Elite’s Scheme to Eliminate Cash And Impose Negative Interest Rates
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Elites Losing The War On Cash? Sweden U-Turns On 'Cashless Society' Agenda
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War On Cash. If You Want To Buy A Car Or Appliance From A Friend For Cash, You Will Not Be Able To.

A geopolitical move by the globalist control freaks that began as a seemingly innocuous hypothetical discussion several years ago now appears to have become a deep state / corporate policy backed by a propaganda campaign involving some of the most powerful commercial and government agencies in the industrialized world. Throughout this omnibus web page we have called it the War on Cash.

De-Dollarization Accelerates: Russia Launches SWIFT-Alternative Linking 91 Entities

Among the information revealed in The Great Leaks of 2013 were the documents that exposed the extent to which NSA and GCHQ had been secretly 'monitoring' the SWIFT payments system and recording details of cash flowing between nations and organisations. It appears the revelation was the last straws for Russia, China, and other sovereign nations ...

A Republic Always Decays Into Oligarchy. Here's Why
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Even The BIS Is Shocked At How Broken Markets Have Become.
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New Global Crisis Imminen, New Geneva Report Warns

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Cashless Society - The Resistance Begins Here
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Currency Wars Versus The Gold Standard

 

We Boggart Bloggers have reported that although the battle lines in NATO's proxy war in Ukraine are drawn along the border between Ukraine's Russian speaking eastern provinces and the western part of the country there is another battle being fought on the economic front as Russia, China and their allies manoeuvre to replace the US$ as global reserve currency. American trade policy in  banning of Chinese technology, notably of Huawei, the world leader in G5 mobile technology is n intended not just to suppress competition to American technology but also to discourage inward investment to China. And Russia's invasion of Ukraine (following extreme provocation by Ukraine with support from the NATO powers it must be said,) gave the US government an excuse to cut Russia out of global currency markets.

That action, along with other economic sanctions set in train a series of events and rebounded badly on the West, particularly EU member states as misguided 'green energy' policies imposed by Brussels had made the EU heavily dependent on imported gas from Russia for domestic fuel and electricity generation. In the short term the rouble soared in value when Putin responded to western energy sanctions by setting his own payment terms. But since then, the rouble has declined as the US Federal Reserve has massively increased America's national debt in order to prop up the struggling dollar.

But Russia and China have not been standing still, Putin appointed one of his advisers, Sergei Glazyev, to design a trade settlement currency, initially for the Eurasian Economic Union. Simultaneously China was making deals with oil exporters and importers to use the Yuan as the default currency for settling oil contracts, thus beginning an assault on the 'Petrodollar, which has been the standard currency in which oil was traded since the early 1970s. 

It is believed that the plan for a gold backed BRICS (Brazil, Russia,India, China, South Africa) international currency was extended at the recent BRICS summit last month. China’s yuan is a component in the IMF’s SDR, a hard-won privilege which might have been threatened if it backed gold as a trade settlement medium. India has a history of Keynesian monetary policies and is keen to develop trade links with the US and its allies, as demonstrated by its hosting of the G20 meeting last weekend and its prospective free trade agreement with the UK. These partners may fear that the consequences of implementing a gold standard might be destabilising for the global currency system before the BRICS alternative is ready to step up.

There is bound to be spreading dissent in NATO this winter as energy shortages begin to bite, in fact the process has already started in Germany where the domestic economy is in freefall without any help from the political incompetence of world leaders. The most recent salvo on the energy front in the war  coincides with the onset of winter in the northern hemisphere. Russia and Saudi Arabia , the two biggest oil exporters, have jointly been squeezing oil supplies, pushing crude prices above the G7’s price caps as a means of giving the finger to Joe Biden's handlers who had given strict orders that oil supplies were not to be cut. One area where supply line shortages will hurt the Europeans more immediately is heating oil, which is also regarded as the proxy for diesel prices having increased in dollars by nearly 50% in the last quarter alone.

The importance of diesel is that logistics in Europe and America are almost entirely dependent upon it. No diesel and no freight can be moved by rail or road, not to mention by sea. On top of earlier OPEC+ cuts of 2 million barrels per day, the latest cuts of 1.3 million barrels per day cuts in oil output by Russia and Saudi Arabia are bringing pressure to bear on the supply of distillates (of which diesel is one) and Russia also plans to cut its diesel exports by a quarter, partly due to refinery maintenance (allegedly) and partly to divert supplies to its domestic economy. While the EU’s gas reserves are relatively full at 90% of capacity, it is not nearly enough to see the EU through the winter. From December onwards, there will be a scramble for more supplies. And the end of the agreement on Black Sea grain exports will put further pressure on food prices as well.

Russians are aware that effect of American monetary policy,  whether intended or not, is undermining the true value of their oil, something they have been powerless to correct without binding the price of oil to gold. In spite of that it is a mistake to assume this bid to establish a gold standard is a result on the war. In our currency wars page Russia’s motivation to take control of energy values was behind its proposal for a new BRICS gold backed currency and that it was part of a two-step plan.

The first step was to send a signal to markets that the era of the fiat dollar was over, justifying the second step which was for Russia and China, followed by other nations in the BRICS camp to evolve their own currencies onto gold standards as a protective response to a declining dollar. But China was not going to take the offensive against the dollar, and the Keynesian Indians were not convinced.

Russia will take the BRICS presidency next year, so we can assume that the new BRICS currency has not gone away. Meanwhile, if Russia is to use the oil weapon against the West, then it must put the rouble onto a gold standard again as a matter of urgency (it was on a gold standard until Khrushchev devalued the rouble in 1961). If Russia prevaricates on this issue, then Putin’s legacy to be a latter-day Peter the Great will be destroyed by his own currency.

The possible consequences of a Russian gold standard

In the middle of a war, usually a government suspends its gold standard. This would suggest that Russia can only consider a gold standard after its special operation in Ukraine is over. But the modern equivalent of a gold standard, the currency board, has been successfully established in modern times in nations with far worse budget deficits than Russia. Russia was in the fortunate position of a budget deficit of only 2.3% of GDP last year, despite military spending. This year, military spending has soared, and at a guess the deficit will be about 5% of GDP this year, but government debt to GDP will still be about 20%.

Anything other than ball-park numbers for the Russian economy are difficult to come by, and the volatility of the rouble is a further analytical hazard. But some of these numbers are not substantially different from where Britain was economically in 1816, when a return to the gold standard was planned — the exception being her estimated debt to GDP number, which at nearly 200% was ten times that of Russia today. Therefore, there is no reason why Russia cannot put the rouble onto a gold standard immediately.

In doing so, the objective is simple: to ensure that the purchasing power of circulating credit retains its value in terms of goods and services with as little fluctuation as possible. It would allow savers to accumulate credit balances in their bank accounts, and for businessmen to calculate the profitability of their investments with greater certainty. With income tax currently at a flat 13% rate and corporation tax at 20%, in these conditions economic progress will advance surprisingly rapidly. And there is every reason to expect Russia would quickly become an economic counterweight to the sheer power of China, rather than living off the depletion of her natural resources. It is necessary not just for Russia to distance herself from the fate of the western fiat currency system, but also for President Putin’s legacy.

The method of ensuring monetary stability is equally simple: to bind credit denominated in roubles to gold, which both in law and naturally is the money of the people. It is the highest form of credit, there being no counterparty risk. It’s purchasing power in the general sense has held steady through millennia. Importantly, it removes the currency from political control and dollar influences. It allows for the creation and destruction of credit determined solely by the needs of the Russian people, both as businessmen and consumers.

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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.

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The Demise Of Dollar Hegemony: Russia Breaks Wall Streets's Oil-Price Monopoly
Significant moves in the global chess game have just rendered the huffing and puffing of warmonger Obama meaningless and will break Wall Street's monopoly in controlling oil markets. The move is part of Vladimir Putin's long-term strategy of decoupling Russia’s economy and especially its very significant export of oil, from the US dollar, in effect ...

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.

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 ...

The Demise Of Dollar Hegemony: Russia Breaks Wall Streets's Oil-Price Monopoly
Significant moves in the global chess game have just rendered the huffing and puffing of warmonger Obama meaningless and will break Wall Street's monopoly in controlling oil markets. The move is part of Vladimir Putin's long-term strategy of decoupling Russia’s economy and especially its very significant export of oil, from the US dollar, in effect ...

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.

EU and US talk of war with Russia
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?

This Is Why The US Just Lost Its Superpower Status According To Larry Summers
As more and more countries flock to join the Chinese led Asian Infrastructure Investment Bank after Britain, France Australia, India and other traditional US allies defied Washington to associate themselves with China's initiative, conservative economic pundit Larry Summers once a contender for the chairmanship of the Federal Reserve delivered a sharp rebuke ...

The True Debt Disaster America Faces - Only A Fraction Of Government Debt Is Known To The Public
Politicians and the media talk about the $17 trillion debt the US Government owes to creditors. They are lying, the $17 trillion is a fraction of what america owes. The real figure is $200 trillon. And Obama's loonytoons economics are driving that up at an accelerating rate.

U.S. versus Russia War: Top Russian Politics Scolar Stephen Cohen Tells The Truth
We have been blogging for four years about the US drive for war, provocation of Russia in Syria, Iraq, Ukraine and elsewhere made it obvious. But I'm just a news junkie with a strong sense of curiosity and have wondered why the US seems set on this course. Good to see experts like Stephen Cohen, a prominent expert on, Russia are coming onside.

Does It matter If The Dollar Is Replaced?
"Without delving too deeply into Austrian economic and capital theory, just let me point out that money printing disrupts the structure of production by fraudulently changing the “price discovery process” of capitalism. Capital is allocated to projects that will never be profitably completed. Bubbles get created and collapse and businesses are suddenly damaged en mass, thus, destroying wealth. (Zero Hedge)"

What the BRICS plus Germany are really up to in the Currency Wars?
The move led by Russia and China to dump the Petrodollar has escalated into a currency war, not the kind of war we assciate Obama with but give him time. Some wars as in Ukraine, by proxy are not going so well. Others, like the one against Islamic State aka ISIS aka ISIL in the middle east are going worse. Disintegration of The American Economic Empire is manifesting itself in moves by wannabe global players towards creating a multipolar world ...

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