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De-Dollarization Continues: China-Argentina Agree Currency Swap, Will Trade In Yuan
It appears there is another nation on planet Earth that is becoming isolated. One by one, Russia and China appear to be finding allies willing to 'de-dollarize'; and the latest to join this trend is serial-defaulter Argentina. As Reuters reports, China and Argentina's central banks have agreed a multi-billion dollar currency swap operation "to bolster Argentina's foreign reserves" or "pay for Chinese imports with Yuan," as Argentina's USD reserves dwindle. In addition, Argentina claims China supports the nation's plans in the defaulted bondholder dispute.
Having met 'on the sidelines' in Basel, Switzerland in July, Argentine and Chinese central banks agreed to a currency swap equivalent to $11b that Cabinet Chief Jorge Capitanich said could be used to stabilize reserves.. (as Reuters reports)
Argentina, which defaulted on its debt in July, will receive the first tranche of a multi-billion dollar currency swap operation with China's central bank before the end of this year, the South American country's La Nacion newspaper reported on Sunday.
The swap will allow Argentina to bolster its foreign reserves or pay for Chinese imports with the yuan currency at a time weak export revenues and an ailing currency have put the Latin American nation's foreign reserves under intense pressure.
La Nacion said Argentina would receive yuan worth $1 billion by the end of 2014, the first payment of a loan worth a total $11 billion signed by Argentina's President Cristina Fernandez and her Chinese counterpart in July.
In adition, Bloomberg reports
People’s Bank of China Governor Zhou Xiaochuan expressed his support for Argentina in its legal fight against holdout bondholders
* * *
Isolated, indeed... as China and Russia roam the world making friends with every nation that the US is "involved" with...
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Yipee. Yahoo. News is also Argentina pulled any kow-towing to corrupt US vulture funds/courts. Yippee.
Empires must crumble before they collapse.
Also China is creating the market depth that is required for the Yuan to become a reserve currency.
Ghost cities? Is this the "Depth" your refering too?
< Yuan for Juan?
< Yuan for the money?
The ghost cities are for WW3 resettlements. They are simply planning ahead, something the West is incapable of.
I wonder if China will be as nice when Argentina doesn't pay loans back, usually when deadbeats switch lenders the new ones find ways to force repayment....
Damn straight. Stiff the Chinese and you get a visit from the PLA.
...which is cannon fodder for any civilized (NATO) country.
Right now somewhere in ny one of the top gop donors (and zh contributor to boot) is sweating a bit..
You guys miss the point, the Chinese are spending a little to destroy dollar hegemony and get the USA off its back in Asia. If they lose money in Argentina its no big deal, its the endgame they are playing. That endgame is a USA dollar so weak that the USA Navy wont be able to afford to sail across the Pacific.
They could always get out and push...
The Yankee dollar is still king. And it will remain king for a long long time. Don't fool yourselves.
They trade Chinese pork for Argentinian beef, using Yuans.
China "loses" HOW?
.
Just like Afghanistan?
wow... scary...what is the PLA gonna do...model...practice at being an army...when is the last time china invaded anyone...fought decisively...wasnt korea..thats why the DMZ is there..its a play army..showcase for street parades and putting down the populace for the party
When was the last time Argentina won a war? England kicked their ass with one hand behind their back.
With the US the world got NEOcolonialism. With China the world is going to get some of that ol' time colonialism. All non-Chinese are scum to the Han.
For one Argentina can say STFU to the West and their Ponzi paper, and I do hope that Scotland see's this as a BIG PLUS to say STFU to the UK and say HELLO CHINA !
While ZH is incapable of even saying a good word about the US.
Oh yea? Listen, I hope all USA slaves have the ability to visit Curry Village, in USA California State park.
Nice place.
bangalore aka cheap disposable labour for us tech, may they all one day visit Curry Village lol
Listen, not that it any of your 'merican business but I solo'ed El Cap in 4:46, route: "The Nose" a C2 5.9 rating and 31 fucking pitches.
You? Ah, I understand. Too busy, confined to your fucking easy chair.
Let's give Seth a chance.
Ok Seth, why don't you enlighten us on why we should be hip hip hooraying for the good 'ol U.S. and the mighty greenback. Tell us what this the formerly United States of America has done over the last few decades that warrants accolades.
Tell us quick or you will be consumed by the God of Oblivion.
Whoopee doopee, you can climb a hill. Look at me, look at me!
What do you do that it useful for society?
Listen, I worship the USA Rockefeller's every day. And as of late I drop to my knees and light a candle at my "OBAMA SHRINE", and say a Nobel-Keynesian prayer for the "World Order"!
Do you have any idea the level of physical fitness, skill and mental endurance is required to accend El Cap solo? Its an impressive accomplishment. I don't know what else the guy can do but someone that has the mental and physical capacity to do that is not likely a complete dumb-ass. Just sayin'.
"While ZH is incapable of even saying a good word about the US."
That's not the problem. It is the cheering of other, equally bad or in many cases even more corrupt regimes that is the problem. The NWO types want disarray, a breakdown of national borders, and the ushering in of a new currency. So rah, rah'ing every other corrupt fascist regime that supposedly flips off the U.S. corrupt fascist regime is cheering on our own destruction. What these countries are really doing is flipping off the American people in favor of the oligarchs who control all of the fascist regimes.
I think both are a problem Rand, but on the whole, I agree. Those trashing the US should take a good hard look at the alternatives. There are plenty of real dictatorships out there, and too few friendlies.
Cheering for the enemy in terms of seeing the home team destruction is not the same as cheering for the enemy to come take over. I tend to cheer for the opposition only because I have hope of a better tomorrow by real Americans standing up and making it happen.
You can call me an idiot if you want. How else do you think we can see a better tomorrow in the US? Voting?
Good question. I think government tyranny has passed a tipping point. Some sort of confrontation is inevitable, but it's important to clearly identify friend or foe.
I think the real split is between producers and parasites, although all sorts of racial, ethnic, and regional crap will get in the way. One of the deepest divides is urban versus rural. You're not an idiot, but the solution will not come from outside. You are asking the right questions, and I think you will find more allies than you expect, often in unexpected quarters.
You can say that again. (tyranny) When the leadership is saying things like the founders of this nation would not be welcome in todays military, well, think about that for a second. The founders of the nation are no longer welcome in the nation they founded. Who exactly is the enemy? I don't want to live in Russia or China. I want to live in the American Republic. That fabled land we heard about in elementary school. It isn't even about me really, it is about my kids.
As for producers and parasites, I tend to believe that if the ball started rolling in the right direction, those problems would sort themselves out. Although I don't kid myself about how many bulldozers would be needed to bury the bodies.
.
Such as?
Seriously, what has the US done this year that you would consider good or right or moral?
Bueller?
Nothing good to say about Obama AIPAC-USA. Americans are idiots addicted to O-TV and O-Hollywood. Your viewership keeps you a slave so keep watching.
A good word just to comfort and reassure you? Unfortunately the US has debased itself to the level of a cesspit...nothing good to report on anymore, only nauseous odors. I am sure most of the critics are heart broken about this... but truth and conscience should prevail. Will i sell my soul to Satan simply because he invites me to dinner from time to time? hell no, if i know he's a drug dealer or pedophile, i'll definitely be informing the cops!
@sethstorm: "While ZH is incapable of even saying a good word about the US."
Do you have ADD, suffer from Selective Amnesia or are you a Troll? The reason I ask is, because this site on going on CONSTANTLY about:
- The Fantastic Declaration of Independence
- The Constitution - we used to adhere to in Congress, Executive branch and Supreme Court
- The Bill of Rights - we used to adhere to
- The Four Freedoms - we used to adhere to
- Honest Money - we USED to have and can have again
- Values of Self-Reliance and sense of Community... we used to have
- Safe streets and neighborhoods... we used to have
- Real Capitalism - where companies and banks were allowed to fail
- Anti-Trust laws - we used to use to break up destructive monopolies
- Declaration of War was made by Congress, not by Executive fiat, using weasel word in place of "war"
- Citizen Privacy we used to have
- When getting on a plane was almost like getting on a bus: Fast & Easy!
- When banks didn't ask "50 questions" about your money
- When cops looked and acted like cops, not like the Seal Team 6
- When a drone was a male bee, not an obscenity out of a Terminator movie
- When we used to think that the FBI were the Good Guys, and the CIA was 'cool'
- When no one heard of the NSA, because they were just some DOD guys listening in on Commie comms
- When we use hundreds of thousands in jails, not millions
- When the President was accountable, to the point where he could get his sorry ass impeached
- When we used to have an Immigration Dept and a process that actually sort of worked
- When we had health insurance or an education we could afford, without bankrupting ourselves
- When we had jobs where Dad was the sole bread winner, and Mom worked for extra money
- When you could retire at 65 and not live on dog food
- When Israel was a foreign country, not the Overlord of our Foreign Policy or our President
...
Are you seeing a pattern here, or shall I continue? Shall I type slower, so you can keep up?
The point is.. somewhere along the line (while we were working, playing, or sleeping) the MFers hijacked/stole our Government -- and WE WANT IT BACK!
+1776
III
Listen, and listen well! If your hopes and dreams are invested into the US Do-lar then you are a fool.
Let me be clear, "ZEROHEDGE" is the leading innovator for all currency news! Get it!? If you are pro-USADollar then you are like the USA Africans. Fools being used by your captors.
Yea, yeea, my brother. If you think the do-lar is here to stay and will not collapse in value you will soon discover your USA-RDA of nutrition in the dirt that you will be sleeping in. Eat well my 'merican friends.
If you don't "DO THE BITCOIN" then you will greatly regret this ominous warning.
I'm kind of over the back and forth thing here, but I'll comment just for the sake of old times. I don't believe the dollar is here and here to stay. Quite the opposite. The dollar has been debased -- intentionally -- by those seeking world domination. The Fed works in dollars, but it is controlled by those who could give a flying fuck about the dollar. Thus, its policies. ZH is indeed on the cutting edge of reporting on the coming demise of the dollar. Unfortunately, I'm no longer convinced that I agree with what the Tylers believe is the real cause, or the solution.
Having just finished the first four episodes of season eight of "The Trailer Park Boys" (thank you Netflixs), I am looking to move all my net worth into Ricky's "Hash Coins". This could become the new World's Reserve Currency.
From episode one titled "Money can suck my cock":
https://www.youtube.com/watch?v=ARHHUdS5iZc
< Yuan for my baby?
Yuan for the money, Two for the show... Don't step on my Blue Suede shoes.
Three to get'a ready now go cat, go!
those cities are for the Americans that are leaving so they feel like home. I talk to a lot of people saying they are leaving but those of us caught in 08 can't get out of this shit we call a country . sad to say I am ashamed of all the debt we have run up and will never pay back
Agreed. This is a nothing burger.
The Yuan is still pegged to the dollar, within a narrow band. When and if China has a real currency which can stand on it's own, this may be an issue. Much of the apparent strength of the yen is simply due to the fact that no one trusts China, or their complete bull shit financial data.
"Strength of the yen" ?
Against the Peso ARS yes but not against much else.
It still has purchasing power when it shouldn't. That's the point. Even in comparison with other fiats, the yen sucks.
kaiserhoff, You're damned right!!
The yen sucks as much as the "a bug in search of a windshield"
Kind of akin to "ghost inflations stats?" or maybe "ghost unemployment stats?" or "transperent government?" or how's about "equal rights?" or let's go back to "weapons of mass destructions?" or maybe we can go to "exceptionalism???" or let's take a walk through ghetto Detroit ot let's take one peek at the real and actual "homelessness USA??'
Depth?
Be very careful in your concept of "ghost"
So many "ghost" appearances. Like maybe "ghost" bank balance accounting? Or "ghost" assests? Or "ghost" reforms? or maybe "ghost" Main Street stimulus?
What depth are we speaking of? Depth of debt? The depth of truth? Depth of deception and lies?
That applies moreso to China and Russia than anyone else.
Today is Mooncake day in China. Crumbles for all.
@ OC Sure, You must be a British lol.... true it's mooncake festival now, 3-day public holidays in China, of course a piece of delicious mooncake for everyone
crumble (n): 'A baked fruit pudding topped with a crumbly mixture of flour and fat (and possibly other things, e.g. oats)', usage: Brit
+1 up vote you
btw in celebrating the MoonFestival, China’s #Yutu (Jade Rabbit) lunar rover sends full-color photographs of moon surface, take a look at the beautiful pics here: https://twitter.com/cctvnews/status/508243262788734976
.
Yes, because clearly Imperial China and Imperial Russia are the two entities which run the world.
The world will not tolerate a new reserve currency. They have seen the unlimited power the USA has acquired by this means.
Gold will function quite well as the new reserve. The price will need to be 30 times higher than it is now.
Thats not such a stretch if you look at the way gold jumped between 1971 ($35) and 1980 (+$850).
This time the jump will happen quickly as some central bank just announces it 'needs' a 'lot' of physical gold.
The next day whoever can deliver say...100 tons...sets the price.
Get physical now. Paper will be cashed out in dollars which will lose all value when gold jumps.
Yes Argentina pulled in their right to have jurisdiction on their sovereign debt. Away from the 2 vulture funds who bought at pennies/dollar and then demanded 100%.
Guatamala? Supreme Court just told "Monsanto" (we will patent all food in the world with GMO) to frig off.
Yes yes and yes...NOW hopefully people on this planet can boycott EVERY SINGLE PRODUCT of Japan until they get the message that slaughtering other sentient beings (whales/dolphins) cannot be disguised anymore as "ghost scientifictic research"
That is a big ghost. The ghost of Japan. Well maybe Fuko disaster lies go further but not by much.
"MADE IN JAPAN'...I will never buy again.
Argentina = 'Vaca Muerta' = 660+ BILLION barrels of oil ....AND, 1500+ TRILLION cu.ft. natgas
(this is all anyone who reads ZH, re: Argentina, needs to know....trust me....been there; done that)
YES WW!
"...Yes yes and yes...NOW hopefully people on this planet can boycott EVERY SINGLE PRODUCT of Japan until they get the message that slaughtering other sentient beings (whales/dolphins) cannot be disguised anymore as "ghost scientifictic research..."
The notorious Taiji's annual dolphin slaughter just kicked off on Sep. 1st, 2014 in the town of Taiji, north-west of Japan.
Search for more about Taiji's massacre...
On a more serious note. Treaties need to be dismantled. Too many lawyers in this world making billions dismantling human rights to favour??(pick your poison).
Think it was Gautamala that threw out the "Monsanto Clause" as well??
Hard to keep up on this snake coiling and spewing it's filth.
This brings an interesting axiom into view.
If the yuan is widely accepted as a trade medium... What's to stop other bankrupt countries from bailing on "$ debt obligations" and signing new trade & credit pacts with the PBoC?
I like the fact that there's counter balance in global trading, but the PBoC balance sheet, is off the fucking chart!
Serious question Yen. Could you expand on that "off the chart?"
Most of us have trouble following Asia especially China.
I hear a few horror stories of people trying to deal with the main land, but it's hard to know what to make of that.
The PBoC balance sheet is approx $8.3 trillion,(2x) the Fed. balance sheet. Chinas' economy and GDP are roughly the same as the U.S.
I see nothing but stag/inflation in Chinas' future. China needs to freely float the yuan,( let it appreciate) and bring down it's balance sheet.
The PBoC won't do that though. China will offshore it's jobs to Africa and South America, just like the U.S. did to china over 30 years ago, thus creating the same conundrums we face in the U.S. with much higher debt loads.
Thanks. Good, concise summary.
I thought they were in Africa only for oil and minerals. Lots of people have tried manufacturing there. It will be a steep learning curve;)
The Chinese will probably end up getting their asses kicked, but it won't be for lack winding down all those excess F/X reserves they have.
I saw a long sleeve shirt in store that was made in Kenya. I'd say it was made in a Chinese factory. If the Chinese can do what the British never could, it'll be surprising.
Germany didn't outsource their manufacturing, and China is not going to either.
China just needs to cover it's naked silver shorts and force silver and gold to the stratosphere, a strategy it WILL incorporate the very 1st time they don't get their next shipment of the real stuff, meaning the USA doesn't have any more to send them.
That day the world will return to the gold standard, subsequently the currencies of the world will reset to a value based on REAL ASSETS, and the dollar will be worthless.
Wouldn't that be like Target telling WalMart how much to mark up their inventories.
The yuan doesn't float in order to keep China's exports cheaper than America's.
America is like the angry giant who is about to fall off the bean stalk.
Then those countries will end up experiencing a governmental change that disrupts it.
Yen Cross, I've said it a couple of time before, and I'll say it again:
The USD used to be about 70% of global currency in action, and has slipped to just under 60%. When the USD drops to <50% (to 49%), it's... "TILT - Game Over" for the game of GRC.
Thank you for playing. Please deposit more real money.
Because congress and white house have to keep insolvent bank lobby affloat, until USD dies.
Natural law:
The value of something is in its scarcity.
If congress tells the Fed to innundate the world with USD, then nobody wants USD.
US Military won't be able to provide food, clothing and shelter to soldiers as well as energy for the equipment.
Pentagon wants dollar scarcity
US Treasury wants dollar collapse
Who wins?
Answer: The one who uses bullets to assasinate the other side.
Who's got more bullets, Pentagon or US Treasury?
Both Russia and China are rushing to avoid USD for as long as Obama is still in power.
Devil is in the manipulations.
The world would bless a return to honest markets of supply/demand. True or not? I can not pinpoint when this ceased yet.
We can discuss/speculate but when it falls apart it's really going to fall apart. So? Liars you know who only gaurantee your bankruptcy?
"congress and white house have to keep insolvent bank lobby affloat"
"Pentagon wants dollar scarcity
US Treasury wants dollar collapse"
IMHO, You aren't making a great deal of sense today...
1. WHY would the US Treasury want a dollar collapse?
2. WHY would the Pentagon want dollar scarcity and yet fly pallet loads of fresh cash into foreign combat zones.
3. WHY would the State Dept. get involved in sending dollars to Egyptian dictators or funding and recapitalizing foreign Central Banks such as in Afghansitan?
Do You conceive that the bureaucrats managing the various departments of the Untied States government all think that their fiefdoms exist in vacuums without association with or interdependence with one another?
Can You display any evidence that such hardened disparate views on monetary policy exist within the varying levels and sectors of the bureaucracy?
Your post seems rather contradictory and ...ridiculous. Congress is flooding the system with Treasury 'debt' that is never meant to be paid down, simultaneously allowing funding of the unfundable -including unfundable MIC programs- and allowing the banking cartel to leverage this phoney 'debt' into real asset aggregation.
I cannot perceive any disharmony amongst the bureaucratic fiefdoms where easy money and zero accountability are concerned.
Disharmony is the normal state of human kind.
Humans do not get along for a long time
US treasury is owned by Bank lobby. A strong dollar would be a margin call on derivatives
Pentagon is owned by Military complex. To maintain that whole structure, strong usd is needed so world would keep using it, so military feeds itself
I understand you have a problem with ruling elite, which is fine, a lot of people do.
Elite is never monolithic. They war each other over control of real assets. Sometimes they get along, sometimes they don't.
Right now they don't
EKM,
When I read your views, it reminds me of Jim Rickards' views on the various scenarios that might play out. One of those scenarios is the SDR, but Rickards thinks chaos is the more likely scenario, resulting in chaos. Since he's consulted for the defense industry and DoD/Pentagon(?), it's interesting to think he views it the way you do in that the SDR scenario is not likely to happen as a result of the defense side preventing it. Does he know this? No idea, but an interesting thought to entertain.
As a far-flung question, then, is there a DHS vs. US Military scenario in the cards, where the DHS sides with the treasury/guv?
Rickards is actually saying now that SDRs will be enforced.
I do not agree.
And there won't be any chaos.
Just few insolvent oligarchs becoming poor.
I used to agree with Rickards, but no more. There is "No F in Way" that the SDR will be accepted by the world.
The SDR consists of only the 4 currencies with sky-high national debt, an aging population and dwindling or vanishing resources: USD, EUR, JPY, GBP.
Yeah [ROTFLMAO], like that's gonna make people in the BRICS or Developing world want to line up: Confetti Currency. Good one, Rickards. How much are the Fed or Wall St paying you for this story? [LOL]
Jim Rickards, I’ll wager you a nice dinner that what WILL happen is that… The USD will get dethroned as King Dollar: No more GRC for you! It will get demoted to a Regional Reserve Currency (RRC). Along with the Real, it will be an RRC for the Americas.
Agree with the first part of your assessment. The world will not take SDR as is, as long as the BRICS are a counterbalance to US hegemony.
That's why the US is working hard to undermine the BRICS individually, or distance them from each other. To wit:
Russia: US tried Chechnya and Ukraine, Pussy Riot and all around faggotry. If it wasn't for Putin, it would have worked. Medvedev is an Atlanticist, he would have let the West in and lost the farm.
India: Modi is pro-West dressed as nationalist.
China: US backing of Japan's Abe and new aggressive constitution.
Brazil: The candidate tipped to win the election (Marina Silva), who only got on the ballot because the airplane carrying Eduardo Campos "misteriously" fell out of the sky, is a Soros agent and has already coome out saying she wants Brazil to realign to the US. Spying and all-around bullying notwithstanding.
China doesn't bomb and set up dictatorships and then rape the country economically like England and the U.S.They work out a deal in terms of commodities.In return they build infrastructure,schools,hospitals,roads and ports and their people train the locals.It's a different philosophy in order to supply the homeland with stable resouces and food.In Argentina they have this plan and Russia will build the nuclear reactor as well.That is why China will win against the modern Rome.Their education is free.
Fixed that for you.
Only more subtiele.
A very simple read of the history of contact between China and the West will fully aquaint you with different point of view. Chinese regarded Western diplomats/traders as barbarians and as such, confined them akin to an infectious virus.
I think the view has not shifted much in tone.
Given that their innovations center around theft and criminal actions against Western nations, the feeling is mutual. The June 1989 massacre only confirmed that they were interested in whitewashing despotism.
The first US leader to reject China (ex Taiwan), and all its empty promises, will be the one that finally has their head on right.
@ sethstorm,
"China sets up dictatorship-friendly countries and then rapes the country economically like England and the U.S.
Fixed that for you."
Please please do not STORM the Zero Hedge board with all your SETH, err SH*T...
you're free to live in delusion, yet you shouldn't speak out against the realities, esp. not here!
Many former citizens of Tibet, Nepal, and the Indian Kashmir would disagree.
Yet the overwhelmingly many more will surely agree.
Precisely agree to the Herdee's remark at #5191729
You mean imploding scocialst shithole Argentina will trade in Yuan? Mabe they should just trade in toilet paper.
Barter.
Commodities for toilet paper from China
Not barter. Bartertown.
Who's the bunny?
Not really. It is ahift away from IMF rape and pillage...a shift away from corrupt judges in NY having any say in the right of unregulated vulture funds holding a nation hostage.
It is a nation of people telling the US courts, IMF and "exceptionalism" to frig off. They found someone else to play with on more equal terms.
It should be a basic concept that the victim of rape should not be put on trial but that the rapist should be held accountable.
Sounds like Argentina needs to look at the Falklands War and know what happens when you try to stand up to the US.
Then let me know when China gets put in the dock for doing that to every single First World country through economic warfare and preference treaties.
Makes sense. China has goods to trade. NYC just has more debt.
The Empire is falling apart one region after another without even a shot fired by China's PLA.
I love it. Soon it will only be USA & their stooge you know
the other country that had an inkling to behead people the Japanese.
To accept the USD that is.
Or it will be all the hellholes versus all the civilized countries - provided that the US hasn't taken care of showing said hellholes their place.
You seem to ignore, on purpose I must point out, the Empire's blame in turning such places into hellholes.
So go fuck yourself.
Edit: Regardless of the fact that your talmudic ass is oblivious to such notions. The Empire has some karmic debt to be paid.
Did I say go fuck yourself?
Music to my ears. King Dollar is out lived it's deserved life span. Right now Dollar Hegemony and King Dollar enable an out of control gang of Washington DC madmen to create war, to lie, steal, loot and cheat. To destroy our constitution, to deploy armies of cops and government thugs to wage war on us. To spend 50 billion dollars to spy on every American 24/7. To arm Al-Qaeda and Kiev Nazis. To roam the world using printed King Dollars to wage imperial wars across the globe.
Strip America of King Dollar, and we would have to stop the wars and stop the spies and begin to generate wealth through business, industry, agriculture, technology to deal with energy issues, and begin to employ our people to work and produce. As it is, King Dollar allows the USA to employ tens of millions of highly paid taxpayer paid bloodsuckers in government jobs to war monger, spy, destroy our freedoms and generally rape and loot America and the world. King Dollar is due for execution,.
What Jack said.
yep, jack's good
Jack isn't paid in dollars.
.
I don't understand. Care to expand on your statement?
What, he works for Peanuts!? Are you whacko, Jacko? ;-)
Yep, it's due. Real soon. lead/food/water and a serious case of balls.
And we all eat dog food and live happily ever after.
Bah!
the west could be great if it could
stop exporting usury and debt. the problem
is the west's money system forbids it,
freakin' math god damn it.
WWIII when the petrodollar becomes in serious danger. Time is not on it's side.
Regime change to a US-friendly government in ...3...2...1...
My attempt to reconcile the above cunt's deference to civilised world has returned !Null
USA: Materialistic nihilism and sexual perversions fuelled by debt and destruction; Has murdered more inocent children in the last 50 years than any other country;
England: Throwback Imperial homeland run by pedophiles. instrumental in starting both world wars and that aberration maskerading as a state known as Israel; As well as creation of the House of Saud.
Australia: Anti-intellectual wasteland. Playground of the CIA.
End NATO. Stop Loyd Blankfein.
End the BRIC, save the civilized world.
How perfectly 'american' to express both an idea and its exact opposite in the same breath.
...except when the contradiction exists solely in your head.
Look at the average First World country's citizens and the equivalents in places that befriend the PRC. Civilized means that:
These few, but important points of distinction are the difference between US civilization, and PRC barbarism.
Nice of you to mix one or two half truths with the fantasies on which you base your narrative.
If you return a positive on that thesis, please send me your protocol. I'd gladly use it anytime I need to cook a conclusion.
you live in such a nice fantasy world, i envy you. You really think USA doesnt have corruption? Spending 4 trillion on fake "wars of terror" isn't corruption? Cheyney directly benefitting from those same fake wars isnt corrption for you? Wow, your world is beautiful rainbows and unicorns. Nice to be you.
Not to mention borrowing $20 trillion (by 2020) that WILL NEVER BE REPAID.
Such an honorable, uncorruptable nation. Ooh la la!
Ask him about his opinions on Israel. The answer will tell you all you need to know about his allegiance to Empire and capacity for doublethink.
New highs in Argentina's Merval Index +10K
ZH usually is ahead of the curve, but lately there is more dogma and tunnel vision than acceptable. Here, Argentina de-dollarized more than a year ago - although its people still have not. In addition, "de-dollarization" requires solvency for it to receive respect.
...and the people won't. yRMB is toilet paper anywhere you go while the dollar isn't.
If you measure it in yuan or dollars, bankrupt is bankrupt.
If the world Keeps it simple.. the Term Currency swap... can simply mean, 3 cargo ships of raw materials in return for 1.5 cargo ships of consumer goods or Food.. :)
It could be a round about way of saying vendor-financing which becomes a problem when someone says " I ain't paying."
Bullish on guacamole bitchezzz!
No surprise here. Remaining defunk currency countries shall follow.
Still it is swaps in dollars. Until another currency takes the lead it is still based in DOLLARS no?
A solid read on what the new Bretton Woods system might look like and the potential timing of its rollout. I like how JC Collins cites the actual actors involved in the transition (IMF and BIS) to come to the stated conclusions.
http://philosophyofmetrics.com/category/sdrs-and-the-new-bretton-woods-2/
@ holdbuysell
thanks for the link to the 10-part series on the coming new Bretton Woods :-) interesting reads, philosophyofmetrics is a cool site for any sane, inquiring mind
July.
That would explain Argentina's hubris/confidence/defiance.
Not surprised China stepped in. If not China, then Russia would have....
The US just doesn't seem to grasp the Chess moves being made....
How does an 11 B loan qualify as a currency swap? Did Argentina write China a post-dated check or something?
To me, it seems more like a store coupon good only at Mao-Mart. Since China's economy is allegedly growing at a steadily torrid 7.5% annually, why do they need to finance their competition's most deadbeat customers?
Mao mart. Love it
China is building military bases all over china. Prince from blackwater is running logistics for the Chinese now. Ebola has now spread to the west of Africa, and America just dusted off the mono clonal anti-body books that have been archived for the last one hundred years.
Whatever happened to the Monroe doctrine?
This is a currency swap arrangement that had been in the works a long time. As I have observed, the ICBC has opened branches in every major Argentine city. This is very helpful to Argentina, but really Argentina had most of the cards in this game, as China needs Argentine soy more than Argentina needs Chinese electronics (though, as a resident of Argentina, I admit that Chinese electronics are very, very important to life here).
So can we now stop with all the Wall-Street generated propaganda about currency crises, plummeting foreign reserves, and every other bit of Elliot-Wall-Street propaganda about Argentina. In effect, overnight, their foreign currency reserves increased, effectively, by $11 billion. Also, BTW, there is about $10 Billion US in soy stockpiled in granaries all around the country. That is really money... not funny-money fed-dollars. There is no crisis here. There is no crisis on the horizon, and I suspect that everyone will see any further reports of this type as the propaganda that it is.
Hopefully, now, the economy in Argentina can begin growing again, as it has clearly slowed and probably been in a mild recession since the first quarter of 2014 as an extension of bank-credit in the past few years pulled demand forward and fueled the already-bad inflation. Now... if only Kirchner would stop trying to legislate bank lending (because the U.S. does) and stop trying to regulate every aspect of large business (because the U.S. does).
GO BRICS!!
Is this fucking ground hog day? I could have swore this already took place two years ago! Remember BRICS?
Now the Chinese can get screwed by Argentina.
More BRICS in the WALL (St) let loose.
A virus called juice (like Ebola) has infected the American Economy , banks , govt, F-B-I, N-S-A, C-I-A and ruling the whole world with an Iron fist smashing other nations one by one, looting their Gold ,Oil & other resources.
Lets abandon the infected dying US led economy where all best goods (& services & scientists) go to USA and its allies and others get only few paper printed currencies.
Thumbs up to BRICS , let us say No to West led vampirisim , we have goods & services , why we give it up for pittance only to let our govts toppled and looted again & again.
GTH WEST.
It will say more precisely if one may pinpoint the deadly venom that causes the Mother Of Problems in the Planet Earth.
ALL those NATIONS controlled by the ZOG, especially the main bogeyman for about the last seven decades, are indeed turned into the trouble makers, the serial rapists of the world.
The bogeymen play out as the savage killer Rottweilers when they're strong, but they'll eventually be dumped when the behemoth godly parasites have sucked out all the blood from the victim's blood veins.
Too funny.
I dont' think doing anything with Argentina proves anything.
What would prove something is if the Chinese extended credit to Argentina.
BTW, Pay your bills Cristina, you are better than that. :)
China exports money, exports fiat, as the US does.
From monetary/economic point of view it is not good.
From geopolitical point of view excellent, the more, the better.
De-dollarization started in the U.S.
This is just another effort unseat America as the worlds most dominate nation. For many proud Americans who see the world from the unenlightened and possibly undefendable position of the United States having a right to be in control it is both threatening and frustrating to see control slip away.
It is threatening to think the country might quickly fall to the position of a second rate power mired in debt with many of the options we have come to see as our right suddenly ripped away. It is frustrating that in many ways the country has become its own worse enemy guilty of political inaction and squandering its power through a series of bad choices and missteps. More on this shift in power and our best response in the article below.
http://brucewilds.blogspot.com/2014/06/americas-struggle-to-stay-on-top....
When I was a kid, and designated "captains" were picking members of a team to play some self-"organized" sport, it was always the booger-pickin' girly boy who got picked last.
Today, I guess Argentina kept jumping up and down in front of a China happy to stick a thorn in the arse of USA's American Hemisphere: "Pick me, pick me!" So now they don't have to be last.