India Takes A Leading Role In De-Dollarization

 

19 March 2023

Reuters reported last Wednesday that “India’s Oil Deals With Russia Dent Decades-Old Dollar Dominance”, which highlighted the growing tendency of those and many other nations using national or or third-party currencies to settle cross border trades thus sidelining the US$ which has dominated international trade since the 1970s. 

The dollar was adopted as the primary reserve currency for international trade in 1945, and the petrodollar was established became the medium for oil trades as a result of an agreement in 1971 between the USA and Saudi Arabia.

The growing use of national or third part currencies is something significant that everyone involved i  international trade or finance should pay attention to. We reported in our currency wars feature soon after Russia’s (ahem,) special military operation began that the West’s sanctions, imposed with the aim of destroying the Russian economy, “could erode the dollar’s dominance”. Naturally we were written off as crazy conspiracy theorists for holding such an opinion but ...

Lo and behold, that’s precisely what happened, with India of all countries accelerating de-dollarization through its non-dollar-denominated energy deals with Russia. 

Since India decided that supporting US / EU sanctions was not in its best interests, Russia has become India’s largest supplier of oil and over the past year has provided a whopping 35% of that country’s needs. India is also the world’s third-largest oil importer and fifth-largest economy. having recently overtaken the UK to occupy that spot. Their new energy ties, and particularly the growing de-dollarization dimension of their deals thus must have effects all around the world.

This refusal to support sanctions or openly demonstrate support for Ukraine does not signify any anti-American sentiment on India’s part since everything is purely motivated by the pursuit of that country’s objective national interests. Delhi had no choice but to distance itself from dollar-denominated energy trades  with Moscow due to Washington’s illegal sanctions on nations that trade with Russia. Its leaders were not going to plunge the world’s most populous country into an economic crisis just to please the Dementia Joe and his whacko administration by eschewing the import of discounted oil from Russia or sacrificing the revenue earned from its exports to Russia.

By defying American pressure upon it to unilaterally concede on those aforementioned objective national interests, India’s economy ended up growing at twice the pace of China’s, which contributed to catapulting that country to the forefront of the  global systemic transition to multipolarity

. India is now well placed to establish itself as the de facto leader the Global Global South in helping fellow developing countries balance between U.S. hegemony  and the  Sino-Russo Entente. However, in spite of claims made by Dementia Joe, Boris Johnson when he was Prme Minister, Emmanuel Macron and leaders of other NATO / EU member states that the world was closing ranks around Ukraine, emboldened by the stances of Russia and China (which has its own little contretemps with the Biden administration over Taiwan, while the EU's 27 member states, the USA, UK, Canada, Australia, Japan and New Zealand (for what its worth), are supporting Zelensky's futile war, the rest of the world seems happy with a 'business as usual' relationship with Russia.

Had India complied with the US’ illegal sanctions, then the New York Times wouldn’t have recently admitted that their sanctions failed as the West’s efforts to “isolate” Russia politically also had. It was largely due to India's truly independent grand strategy that this latest phase of the New Cold War

 didn’t end in the collapse of Russia's economy and the restoration of unipolarity, which would have been detrimental to India and every other developing country’s interests while you could have safely bet your life savings that the Americans would have taken advantage of the loss of Russian oil and gas exports to EU member states to well and truly shaft the major European economies.

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Net Zero Policy Could Cost American Taxpayers More Than $50 Trillion, Engineering Professor Warns

 

An experienced and respected Engineering Professor at Cambridge University, UK, has warned that the Biden administration's commitment to to decarbonising the US economy by 2050 is doomed to failure. Professor Michael Kelly, from the University of Cambridge in the UK, has previously studied the impact of Net Zero projects in the UK and his native New Zealand and has published articles and research papers arguing that the existential threat to humanity posed by climate change narrative has been vastly exaggerated to produce a climate of fear in order to coerce the public into compliance with policies that benefit the political, corporate and financial elites.  Prof Kelly has now turned his attention to the United States, where puppet president, Joe 'Dementia Man' Biden fronts an administration of far left extremists whose avowed aim is to turn Americal into a communist, one - party state..

Kelly's headline findings in his first report on the Biden administrations efforts abandon oil, gas and coal as energy sources is a stark warning for politicians around the world.

“The cost to 2050 will comfortably exceed $12 trillion for electrification projects, and $35 trillion for improving the energy efficiency of buildings. A work-force comparable in size to the health sector will be required for 30 years, including a doubling of the present number of electrical engineers. The bill of specialist materials is of a size that, for the USA alone, is several times the global annual production.”

Professor Kelly warns that politicians are not thinking through the scale of the project they are pursuing.

“It’s clear that no country has the manpower, the materials, or the money to deliver Net Zero. It cannot be attempted without establishing a command economy, and even then it would fail. This is a fool’s errand.”

Michael Kelly: The Feasibility of a Net Zero Economy for the USA by 2050 (pdf)

 

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Election Victory For Dutch Farmers Protest Party Should Trigger A Political Earthquake In The EU

Picture: Screen grab from France 24

 

As reported in this blog's news roundup yesterday (and by France 24, which should silence those people always eager to dismiss us a just a bunch of conspiracy theorists,) the Netherlands faced a political earthquake this week as a farmers’ protest party won key elections, throwing the government’s environmental policies into disarray’.

The Farmer-Citizen Movement (BoerBurgerBeweging or BBB) was founded only four years ago as a protest pary for the purpose of drawing attention to the economically and socially damaging effects of 'Green' policies being implemented by the EU and The Netherlands government. Like most protest parties the BBB remained in obscurity until  a wave of protests earlier this year against Prime Minister Mark Rutte’s plans, in line with EU diktat, to cut nitrogen emissions created by livestock numbers and confiscating farms, as we reported last year. Now it is set to become the biggest party in the Dutch upper house of parliament with 16 or 17 seats. 

What makes this development even more significant is the importance of agriculture, and particularly dairy produce, to the national economy. Are angry Dutch farmers spearheading an uprising against the elites? Their determination in face of what amounts to theft of their generations-long livelihoods has proved it is possible. In the face of increasingly dictatorial and borderline tyrannous action by governments in the liberal democracies we can only hope other countries will now follow suit and throw out the traditional two and three party political hegemonies that have for the past fifty years served the wealthy elites of well and the less privileged majorities so badly.

Questions should now be asked about how the EU, and the supine governments of most member states, thuought they could get away with pursuing this action, not only against the Dutch farmers, for there have also been protests against the attack on farming in France, Germany, Italy, Spain, Poland and Belgium that we know of. 

At the same time the Brussels bureaucrats are ignoring the farming disaster on the Spanish coast, where a large proportion of fertile land is covered in poly tunnels so that the supermarkets of northern Europe can be supplied withfresh, out-of-season vegetables and fruit all the year round. Fertilizer has to be added to enrich the soil because forced production of crops has exhausted the soil. There is now growing consensus that there will be another water crisis in the region this summer, not bleause of climate change but because the aquifers have been drained to irrigate these crops.

The BBB victory is obviously a step in the right direction. But the way this political party is being funded has started to circulate on the interwebs. It is said this party is being funded by a company called ReMarkAble (it is lettered like that). 

It is correct that Remarkable does have connection with a big pharma company, Bayer, which also  also has links with agricultural industries as a major producer of pesticides, herbicides, fertilisers etc.

What is being done by the Dutch government in collabouration with the EU is criminal, but not unique. This kind of out unaccountable tyranny is happening because of the apathy of the general public blinded and misdirected by years of scaremongering propaganda .

This tyranny is visible in the US right now with Biden promising the banks that the US taxpayer will act as lender of last resort in the financial crisis we have reported earlier this week. Because we all pay tax one way or another \Dementia Joe's reaction to the crisis will involve a massive transfer of wealth from the poorest in society to the elites. For those families we read of every day in the news who are struggling to put food on the table it is adding insult to injury.

These people won't be removed from power through the ballot box though. To achieve that people will have to follow the French example and get out in the streets and protest, lawfully but noisily. We must make enough noise and create enough drama to ensure mainstream media cannot ignore what is going on nor Big Tech censor it..

The whole system is one built on tyranny and always has been. Only now, thanks to the internet and alt_news web pages are the general public being allowed to see clearly the contempt the elites have for the people who provide wealth and luxuries for them. Now We The People get to see the reality that has been concealed from them throughout their lives.

 

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Top News Stories - 16 March 2023

 The Daily Stirrer brings you our selection of the day's top news stories from around the Web. Obviously some of these are from mainstream media but we try to find the important news that the mainstream will not cover because it challenges the propaganda narrative of the globalist movement.

 16 March 2023

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'What the f--- happened?': Shocked Dutch farmers' protest party celebrate surprise win

Farmers-Citizen Movement is projected to become the equal largest party in the senate, in a blow to Mark Rutte's four-party coalition 

by James Crisp, Telegraph

Caroline van der Plas’s Farmers-Citizen Movement is projected to win 15 seats in the senate, from none before the vote: Credit: Sem van der Wal/EPA-EFE/Shutterstock

A farmers' protest party angered by new green laws triumphed in shock Dutch election results, prompting its leader to ask: “People, what the f--- happened?”

Caroline van der Plas’s Farmers-Citizen Movement (BBB) is projected to become the equal largest party in the senate, taking 15 seats from none before the vote.

The Left-wing GroenLinks/PvdA is also expected to win 15 seats, in the wake of months of turbulent farmer protests against government plans to cut nitrogen emissions.

Mark Rutte, the centre-Right Dutch prime minister, insisted his coalition government would survive, after its four member parties lost eight of their combined 32 seats in the 75-seat senate ... Continue reading >>>

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'Bailout or Bust'? European Bank Risk Rises As Credit Suisse Stock Tumbles After €50bn Bung

Yesterday we reported the first stage in the inevitable collapse of Swiss banking giant Credit Suisse. Last Friday saw the total failure of the Silicon Valley Bank, the 16th biggest bank in the United States. The biggest bank failure since the 2008 financial crisis. And according to the financial markets news feeds we see, this could be just the start of something much bigger.

Overnight the Swiss National Bank bunged €50 billion plus some small change in fresh liquidity to the collapsing retail bank  Credit Suisse. And even that was not enough to prevent collapse as CS share values have continued to tumble on European, American and far eastern stock markets today. And in the USA where the crisis began last week with the collapse of Silicon Valley Bank on Friday and three other bankers went bust in the days that followed, worries about the stability of the banking system continue to grow.

By Sunday, the Silvergate Bank and Signature Bank had joined SVB in full collapse. All three are now safely under Federal Deposit Insurance Corporation (FDIC) control.

The FDIC has taken the unusual step of fully guaranteeing all deposits kept with the SVB – meaning the federal government will give taxpayer money out to compensate every SVB customer.

But the damage didn’t stop there. Naturally, this put pressure on other regional banks, with two more – First Republic Bank and PacWest Bank – coming close to collapsing themselves, following mini-runs. Neither is yet out of trouble.

The 's activity in the financial markets saw Wall Street’s 4 biggest banks lose over 55 billion dollars in value. Bank stocks around the world are sliding in value.

As of this morning Credit Suisse’s stock is at an all-time low, sparking a sell-off of stocks all over the world.

Yet while fears for the solvency of other EU banks grew and caused further panic throughout the finance sector and among corporate businesses which run on debt and fear their credit cards may be cancelled at any moment, European Central Bank chief Christine Lagarde announced a 50bps (half a percentage point,) increase in the European default lender's base rate. Required to explain the move at a time when Credit Suisse is on the verge of collapse and every incremental rate hike by the ECB makes keeping deposits at the bank that much more difficult, Legarde  explained: "Inflation is projected to remain too high for too long", therefore the Governing Council today "decided to increase the three key ECB interest rates by 50 basis points, in line with its determination to ensure the timely return of inflation to the 2% medium-term target." 

ECB  press releases also stated "the elevated level of uncertainty reinforces the importance of a data-dependent approach to the Governing Council’s policy rate decisions, which will be determined by its assessment of the inflation outlook in light of the incoming economic and financial data, the dynamics of underlying inflation, and the strength of monetary policy transmission."

That said, the ECB was quick to note that "the Governing Council is monitoring current market tensions closely and stands ready to respond as necessary to preserve price stability and financial stability in the euro area."

It also said that "the euro area banking sector is resilient, with strong capital and liquidity positions"  and added that "the ECB’s policy toolkit is fully equipped to provide liquidity support to the euro area financial system if needed and to preserve the smooth transmission of monetary policy."

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Ukrainian Official Says Kyiv Doesn’t Have the Resources for a Counteroffensive

by Dave de Camp, Anti-War.com

A senior Ukrainian government official told The Washington Post that Kyiv doesn’t have the resources to pull off a big counteroffensive in the coming months as Ukraine is lacking skilled troops, munitions, and other equipment.

“If you have more resources, you more actively attack,” said the official, who spoke to the Post on the condition of anonymity. “If you have fewer resources, you defend more. We’re going to defend. That’s why if you ask me personally, I don’t believe in a big counteroffensive for us. I’d like to believe in it, but I’m looking at the resources and asking, ‘With what?’ Maybe we’ll have some localized breakthroughs.”

The official said Ukraine doesn’t have “the people or weapons” to pull off a counteroffensive. “And you know the ratio: When you’re on the offensive, you lose twice or three times as many people. We can’t afford to lose that many people,” the official said.

The Post also spoke with a Ukrainian battalion commander who went by the name of Kupol and detailed the grim situation on the frontlines. Kupol said his battalion previously withdrew from the town of Soledar, which is near the eastern city of Bakhmut, and came under Russian control in January.   ... Continue reading >>>

 

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Credit Suisse On The Brink, Which Bank Will Go Next?

For the past few days we have been focused on the banking crisis in America, with Silicon Valley Bank, Signature Bank and First Republic Bank went into administration as rising interest rates, falling bond yields and defaulting borrowers combined to make them insolvent. It was always clear this crisis was not going to be limited to America but may be a surprise to people not involved in finance or investing is Swiss retail bank Credit Suisse. Swiss bankers are traditionally known for their cautious approach to lending mess so how did one of their leading banks, and one designated in previous crisies as too big to fail get into the impending mess.

The exposure of Credit Suisse to far too much dodgy debt has been known for a long time, in fact shareholders in the bank have been asked to bail it out several times. This time however, the distressed bank’s biggest shareholder, Saudi National Bank (SNB), which is 37% owned by the kingdom's sovereign wealth fund, has publicly ruled out further investment for the bank.

Shares of Swiss banking giant fell by more than 20 percent and the cost of insuring its bonds against default soared on Wednesday when SNB, its biggest shareholder said it would “absolutely not” provide additional support.

The decline brought shares to an all-time low. Concerns about the bank’s health and stability have been weighing on the stock for three months.

The most recent sell-off appeared to be triggered by remarks from the chairman of Saudi National Bank, the biggest shareholder of Credit Suisse, when asked if the Saudi bank was open to further capital injections.

“The answer is absolutely not, for many reasons outside the simplest reason, which is regulatory and statutory,” Chairman Ammar Al Khudairy said in an interview with Bloomberg TV.

SNB's announcement that it is not prepared to flush any more money down the toilet that is Credit Suisse is just about the worst news stockborkers and bond traders could have been given with markets already in a blind panic following several bank runs and resultant bank shutdowns.

A couple of paragraphs quoted by Zero Hedge in their writeup of the situation explain how this has led to “the cost of insuring the bank's bonds against default in the near term to distressed levels.” 

"One-year credit default swaps for the embattled Swiss lender were indicated at 835.9 basis points on Tuesday's close of business, based on pricing source CMAQ. Other pricing sources point to a further rise on Wednesday, while a level of 1,000 would indicate serious concern," Bloomberg said. 

Credit Suisse’s CEO was on the stump defending the bank and its capital ratios today, but that doesn’t mean much in an investing environment where any hint of negative performance can immediately trigger a collapse of share prices and market capitalisation.Take these examples of recent attempts to reassure investors:

“I would ask everyone to stay calm and to support us just like we supported you during the challenging times,” Silicon Valley Bank’s CEO said just days before the bank was taken over by the FDIC.

“Signature Bank, a New York-based, full-service commercial bank, announced today updated financial figures as of March 8, 2023 and reiterated its strong, well-diversified financial position and limited digital-asset related deposit balances in the wake of industry developments,” Signature Bank wrote in a PR just 3 days before it was also taken over by regulators.

And now, today: "We have strong capital ratios, a strong balance sheet," said Credit Suisse Chairman Axel Lehmann, dismissing rumours that the bank was trying to negotiate terms of a bail - out with the Swiss government.

Earlier this month, while speaking at the Financial Sector Conference in Saudi Arabia, Lehmann said government assistance "isn't a topic" for the lender as the Swiss bank sought to shore up confidence among shareholders and clients.

This may come as a surprise to some, but the Chairman may have 'misplaced' the truth.

The Financial Times reports that, according to three people with knowledge of the talks, Credit Suisse has appealed to the Swiss National Bank for a public show of support.

Credit Suisse also asked for a similar response from Finma, the Swiss regulator.

“It is looking inevitable that the Swiss National Bank will have to intervene and provide a lifeline,” said Octavio Marenzi, analyst at Opimas.

“The [Swiss National Bank] and the Swiss government are fully aware that the failure of Credit Suisse or even any losses by deposit holders would destroy Switzerland’s reputation as a financial centre.”

This latest news comes on top of a report that the ECB has asked EU lenders to disclose their exposures to the Swiss lender, a person familiar with the matter told the Financial Times.

Finally, Bloomberg reports that the US Treasury says it's monitoring the Credit Suisse situation, and is in touch with global counterparts.

Officials at the Treasury Department are working closely with European regulators, said one of the people, who spoke on condition of anonymity.

As we wait for the next bank to collapse I can only quote the words of a wise and articulate man I once worked with, when he was told 'government experts' were being brought in to supervise the multi - million £ project we were working on as it was of national importance."

He said: "We're fucked, I'm fucked, you're fucked, we're all fucked. We're fucking fucked."

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German Health Minister Admits Serious Side Effects From Covid-19 Vaccines, Flips Official 100% Safe Narrative

 

posted by Dr. Dickie Hart, 15 March 2023

German Health Minister Karl Lauterbach doesn't wear a face mask prior to the weekly cabinet meeting at the Chancellery in Berlin, Germany, Wednesday, Feb. 1, 2023. (AP Photo/Michael Sohn)

Official data shows published by the German government shows that more than 330,000 COVID vaccine recipients in German have reported damage from Covid-19 vaccines, and many of them, including young people, suffered serious side effects. In the light of these figures Federal Health Minister Karl Lauterbach (SPD), who has throughout the pandemic been notable for his aggressive promotion of mass vaccination and draconian lockdown policies, has been forced to acknowledge that the incidence of serious side effects from these vaccines in unacceptably high, after he had denied for two years that there were any cooncerns about the vaccines. “That’s right: 1 in 10,000. That is the frequency of serious side effects,” Lauterbach said in an interview with public service broadcaster ZDF’s “Today Journal” on Sunday. “These fates are absolutely disturbing. To be honest, I feel very sorry for the people. Some of the vaccine damage is likely permanent. However, the drugs for treating ‘post-vac’ are not yet available and the health insurance companies’ claims for coverage are very limited. So I understand the people who complain,” he said. Immediately after making these commments Lauterbach was questioned about a comment he tweeted in 2021, in which he said that vaccination was “free of side effects.” In response Lauterbach grew evasive, saying, “That was an exaggeration I once made in an unfortunate tweet.” Lauterbach is known for his enthusiastic pushing of mass vaccination during the pandemic and the coercive measures he pushed through to make life difficily for people who refused the untested, experimental clotshot, but the health minister stated during his interview last week that he did not see any failure on the part of the Ministry of Health. He also stated repeated the misinformation planted by vaccine makers that severe side effects are rare. “So, that no false impression sticks: Severe vaccination damage, based on data from the Paul Ehrlich Institute or the European licensing authority, is on the order of less than 1 in 10,000 vaccinations. So it’s not that vaccine damage is that common,” said the health minister. He is being disingenuous here, prior to the hoax pandemic any drug found to cause serious side effects at that rate would be withdrawn very quickly. German citizens and medical professionalson social media were quickly on Lauterbach's case, with professor Stefan Homburg referencing a Weltwoche article in his post: “Pharma, authorities and Lauterbach knew it beforehand: heart damage in children, thrombosis, cerebral hemorrhage, damage to reproductive ability. After Pfizer was sued, the public now has the evidence. Homburg, who works at the University of Hanover, continued by writing, “Yesterday, Karl Lauterbach confirmed in an interview that he was ‘all aware’ of the registered vaccination damage." Damning stuff but will Lauterbach be forced to resign or will he use a variation on the classic German excuse, "I vass only following ze science." RELATED:

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Market Panic As US Banking Crisis Spreads

 

 

"It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning. " Henry Ford.

by Phil T Looker, 14 March  2023

After the dramatic collapse of Silicon Valley Bank (SVB) at the end of last week, the biggest US bank failure since 2008, governments and regulators around the world are running around in headless chicken mode, trying to find a way to avoid a descent into turmoil throughout the banking sector and head off any further bank runs as depositors get their money out while they can.

Already, with regional bank First Republic following SVB into insolvency, panic in the market has seen a third  bank in the US fall into the arms of regulators: New York-based Signature Bank, with assets of $110bn, was seized on Sunday night, becoming the third largest bank failure in US history.

In the US, the Fed on Sunday guaranteed all SVB deposits and launched an emergency lending facility, while President Joe Biden pledged to do “whatever is needed” to protect deposits.

After the dramatic collapse of Silicon Valley Bank (SVB) last week – the biggest US bank failure since 2008 – governments and regulators around the world are scrambling to avoid a spiral into turmoil and stem contagion.

Already, panic in the market has seen a second bank in the US fall into the arms of regulators: New York-based Signature Bank, with assets of $110bn, was seized on Sunday night, becoming the third largest bank failure in US history.

 US central bank, The Federal Reserve, guaranteed all SVB deposits on Sunday and launched an emergency lending facility, while President Joe Biden pledged to do “whatever is needed” to protect deposits. We can excuse Dementia Joe of course, but every senior banker, accountant, economist and political policy maker ought to be fired if they don't know what is needed. The question that needs to be asked is why these wombat felchers did not do what was clearly needed, long ago.

What confuses global policymakers so much?

The banks create the money first, and then they have to get it back again. Global policymakers don’t notice the claim on future spending power piling up in the banking system.

At 25.30 mins in the video linked below you can see the super imposed private debt-to-GDP ratios.

https://www.youtube.com/watch?v=vAStZJCKmbU&list=PLmtuEaMvhDZZQLxg24CAiFgZYldtoCR-R&index=6

The banks create the money for loans to buy assets. They do this by turning a claim on future earnings into an asset. As a business banking manager for a major UK bank I created £millions by lending my clients money. Every £ I loaned made the bank £1 richer. The assets sit on one side of the balance sheet and the loans on the other. If anyone defaults the bank can repossess that asset to recoup the money. Everything balances and the system is fine, unless the person negotiating the loan miscalculates the risk and lends money secured against a worthless asset.

Central bankers provide easy money to prop up the markets by issuing treasury bonds at low interest rates. Everything is still fine. Central banks stop providing easy money to prop up the markets. Borrowers can no longer borrown more to cover their interest payments on existing loans. Asset prices fall and suddenly a bank's liabilities are greater than its assets. Nobody wants to buy debt when the debtor cannot pay the interest due and black holes start opening up in the banking system.

The effects are far reaching, Bank credit effectively brings future spending power into today.

Private and corporate banks create the money supply.

https://www.bankofengland.co.uk/-/media/boe/files/quarterly-bulletin/2014/money-creation-in-the-modern-economy.pdf

Money and debt come into existence together and disappear together like matter and anti-matter. Bank loans create money and debt repayments to banks destroy money. Bank loans create 97% of the money supply

Bank loans create money and debt repayments to banks destroy money. What does this mean in the real world?

Bank credit effectively brings future spending power into today. They create the money out of nothing for you to spend today, and you make the repayments in the future. When you make the repayments, this destroys money. Interest is the charge you pay for the service of borrowing your own money from the future.

Early success can be achieved at the expense of an impoverished future. Global policymakers just don’t notice the claims on future spending power piling up in the banking system.

Obviously what needs to be done to get us out of the boom and bust cycle is a reform of the regulatory system to ensure that loans are properly secured against real assets with real value and not against fairy dust.

This concludes lesson one of our Banking for Wankers course. 

 
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