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De-Dollarization Du Jour: Russia's Largest Bank Issues Yuan-Denominated Guarantees
The unipolar, dollar-dominated post-war world is shifting under Washington’s feet.
Leading the push towards multipolarity and de-dollarization are a resurgent Russia and China, the rising superpower. The demise of the Bretton Woods world order is perhaps nowhere more apparent than in the launch of the BRICS bank and the establishment of the AIIB. These new structures represent a move away from US-dominated multilateral institutions and their very existence suggests that a failure to adapt to economic realities and an inability or unwillingness to meet the needs of the modern world may soon drive institutions like the IMF into irrelevancy.
If the demise of the existing supranational economic order seems improbable, or if calls for its downfall appear at the very least to be premature, consider recent events.
While the US obstructs efforts to reform the IMF and give member countries representation that’s commensurate with their economic clout, and as the Fund itself bickers with the EU over aid to Greece, the BRICS bank (which hasn’t even officially launched) has offered Greece a spot at the table with some reports suggesting Athens may be able to contribute its paid in capital in installments while receiving aid in the interim.
China has pledged to invest some $50 billion in Pakistani infrastructure via Beijing’s Silk Road initiative and the AIIB. The money will fund power plants, roads, railways, and, perhaps most importantly, the Iran-Pakistan natural gas pipeline. The vast sum represents 53% more than the US has given Islamabad over the past 13 years combined. China is also set to invest an equally large sum in Brazil and is even considering the construction a railroad over the Andes, which would connect Brazil to China via the Pacific and ports in Peru. Meanwhile, lawmakers in Washington fight over whether infrastructure spending could have prevented an Amtrak derailment.
When considering the above, it’s important to understand that the BRICS bank isn’t simply a channel by which rising EM powers can ban together to project their growing influence in the face of the multilateral institutions which they feel have left them underrepresented. Similarly, the AIIB is more than a foreign policy tool that will allow Beijing to establish regional dominance.
Both institutions will serve to accelerate de-dollarization. Russia, for instance, has proposed the establishment of a BRICS alternative to SWIFT. China, meanwhile, is set to ensure that the yuan plays an outsized role in lending through the AIIB.
In yet another sign that Russia and China are set to work together to extricate themselves from a dependence on the dollar specifically and on Western financial institutions more generally, Russia’s largest bank has, for the first time, extended yuan-denominated letters of credit in concert with the Chinese Export-Import bank.
More, via Sberbank:
Sberbank issued its maiden letters of credit with financing from The Export-Import Bank of China for Baikal Bank’s client JSC Pharmasyntez.
JSC Pharmasyntez approached Sberbank about the possibility to finance letters of credit in yuan (CNY) for the import contract to supply pharmaceutical products worth more than 29 mln yuan.
The first LCs with financing from The Export-Import Bank of China have allowed the client to meet its current working capital needs while continuing to actively cooperate with Chinese suppliers.
The development of cooperation with The Export-Import Bank of China expands Sberbank’s possibilities to finance clients’ foreign trade with Chinese counterparties.
* * *
Recall that last October, Russia and China opened a $25 billion currency swap line, an effort which not only serves to bolster ties between Moscow and Beijing in terms of investment and trade, but which also helps to secure Russia against the financial strain imposed by Western sanctions.
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But when do the Russians and Chinese back their currencies with gold and silver?
1st rule of fight club : you do not talk about fight club.
2nd rule of fight club : you DO NOT talk about fight club.
Secret memo to house boy Obama from Fed Reserve banksters:
Must eliminate Putin, NOW.
And stop looking at his shirtless photographs.
All those steroids.
Vanity, thy name is... Putin.
An OWED to the Dollah....
Buy buy luv,
Buy Buy Happyness,
Hello SDR
Imf think Imf gonna cry...
An ode to six strings...in case you missed it last pass...
https://www.youtube.com/watch?v=lk1TSBW_368
World poll numbers seem to indicate that the people of the planet prefer the image of a leader on a horse rather than a golf cart.
Michelle O has the concession on steroids.. she has better biceps than that dweeb of a husband. No wonder Obama married her.. as close to a dude as he could get without uting Reggie in a skirt.
And what makes you think she is NOT a dude?
https://www.youtube.com/watch?v=gvuulZPbfBg
And that's how it will be done my friends, without a single shoot fired!!
Putin likes what he sees over in China. A totalitarian state which adopted capitalism, but has ultimate control. Thus, he has masterfully transformed Russia into a similar model...slowly, yet deliberately. It fits his mindset, and he is going to pursue this transformation until total political control has been cemented. I don´t doubt for a minute that he is all in with the Chinese, and he will sink or swim based on it´s profitability. For the Chinese Communists, it is a symbiotic relationship without much risk. It needs the natural resources from Russia, as well as international political alliies, to feed it´s domestic machine and keep it´s billion+ population content, thus securing their power long term. But let´s be clear. In this relationship, China is the Batman and Russia is the Robin.
The formation of AIIB and the BRICS coallation, as well as the various other measures that have taken place to avoid using the dollar in international trade, is proof positive that there is a plan underway to force an eventual transition. China has been effective in brokering currency swap arrangements amongst it´s trading partners...the Australians for example being a fairly recent one, as well as Britain. China has been pursuing these type of deals wherever and whenever it can. It´s agenda is becoming more and more clear...we are the alternative...the Plan B. It´s writing on the wall, easy enough for anyone with half a brain at all to interpret. Of course, as with any mission, the journey is paved with risks, and if this mission is to succeed, the dollar must fail for China to rise.
It is a fact that no fiat currency has ever survived in the history of the world. None. The dollar won´t. The euro won´t. But, unlike the past, almost all of the nations of the world are up to their necks in debt, and those debt levels just continue to pile up; day after day, month after month, and year after year. Even more nightmarish, the total amount of derivatives underlining the current world economic system is well over a quadrillion dollars...and climbing. We all know the current system can blow apart at any time and is literally being saved on a daily basis with unprecidented manipulations. Even though the BRICS nations (although it´s mostly China pulling most of the burden) have already created alternative financial institutions and exchanges, the big question is, when the Great Reset is triggered, and the current system vaporizes in a quadrillion dollar fiscal fireball, can these new fledgling banks and exchanges survive the blast? Are they truly insulated from collateral damage and capable of "taking charge" in a world thrusted into a fiscal dark age?
Will it be enough, that in the midst of worldwide economic chaos, China just invites the press over, busts open the vaults in Beijing, tells the world they have 15k tons of gold (or more), and declares the gold backed renminbi to be the new reserve currency, and states they are ready to start shipping renminbi to all those willing to accept it? And the last question is: Do we, those being the survivors of the Great Reset, want totalitarians to be in charge of our new fiscal world? Well, if the answer is no...it will then be very obvious which group of young humans ends up being the next generation of the damned.
Putin likes what he sees over in China. A totalitarian state which adopted capitalism, but has ultimate control. Thus, he has masterfully transformed Russia into a similar model...slowly, yet deliberately.
It is truly amazing how your Cognitive Dissonance makes you not even consider that the same is true for the US, just different puppeteers.
LOUNA - FIGHT CLUB
https://www.youtube.com/watch?v=-sdPd7tdTh0
You have 1.5 B people happily working for strips of paper and you propose to start paying them in real money?
That's going to seriously impact the amount of money you get to spend on yourself.
Which might give you some idea of when it is going to happen.
So Tuesday next week then?
You can do better than this... I think... /s
I'm not so sure this isn't some HUGE long term trap being laid by the Chinese. If you have debt instruments that are denominated in yuan and they come out and annouce that thier currnecy is backed with gold, the yuan will appreciate massively compared to other currencies not backed in gold (rubles, dollars, etc), and your debt letter just got hideously expensive.
Doltish
China trump card = de peg the yuan from the dollar and peg it to gold with convertability.
who'd ever thought we'd see the day where the govts. of both russia and china exhibit more concern for their country than the ussa? we are such a pathetic sell-out; it is a loathsome and embarrassing position for its citizenry.
I guess it will all sort itself out in due time, but something tells me the average american will pay the biggest price, and what that will lead to there's no telling. it will definately begin bad, very bad, and that will go on for quite a while until perhaps some true statemen come forth and try to right the ship. but I seriously don't expect that in my lifetime.
I knew this would happen. There will be no NWO. People, who thought NWO would win, underestimated the power of identity and also racism. Both Russia and China are very old civilisations, therefore their identitites are much stronger than that of a young state called the USA. Besides, there is that issue of racism. Anglo-zionist elites are very racist towards Russian and Chinese elites. They will NEVER consider them their equals. And this will be the fall of Anglo-zionists. The elites in China will want to keep their power, not to share it with Anglo-zionists, who look down on them so much. The Chinese have their pride, as an old civilisation. And the Russian elites, who stayed (or returned to) Russia have finally consolidated around Putin, because even they realized that they will never be considered equals by Anglo-zionists. These Russian and Chinese elites are wise powerful people (unlike very stupid Western powerful elites), who realised that you will only have real and lasting power, when you have a home, where you belong. All kings, all emperors, all wise rulers have known this for centuries. Without a strong home country as a basis, you are just a nobody - and this is true even for oligarchs! The stupid Anglo-zionists will discover this the hard way - they will loose their power, because they destroyed the basis, on which that power rested - a strong Western country called Britain and then the USA, and now even the entire strong Western civilisation. All of these are now becoming too weak. They have cut the tree branches right under themselves exactly the same way as once the Romans did in their dying Roman Empire. When you look at it, the world is always the same. It is impossible to abolish all nation states or even entire old civilisations (like China, Russia, Iran). The Anglo-zionist Globalism or NWO is a very similar idea to communism - and that is why it does not work, because it is contrary to human instincts and logic. By weakening some nation states (like in the EU) and even the USA itself, they inadvertently empowered other nation states. You can see it in the Middle East. By destroying Iraq, they empowered Iran. By weakening their own state (the USA), they empowered China etc. People are always the same and that is why the history keeps repeating. This time the repeated history could be called the Fall of the Roman Empire 2 (i.e. the Anglo-zionist Empire).
But when do the Russians and Chinese back their currencies with gold and silver?
Very soon. And you will be very surprised.
Grandmaster Putin's Golden Trap (Part III)
Only the Russian language, I'm sorry.
Yipppeee. Movin movin movin keep them banksters squirming. Putin.
Next patents and copyright. Yeeeeehaaaaa.
Big one there...big one USPTO is a den of thieves, I have personal experience.
In fact, if there is a good attorney amongst the regulars here, I have SUCH a juicy case to dig into. My own personal experience with the USPTO.
BIRRIONS have been made....fraudelently...
ORI I have 62 and counting. I work with a number of patent attornies and can recommend one if you like on the East coast.
Thanks Doug. There is an email in my profile. Please feel free to drop a line or connect me directly.
62! Mr. Inventor. You might enjoy this, my own Ensign/Radical Innovation Website: http://squareandc.net
Appreciate the offer...
De-dollarization is a slow process. Most countries [and their banks] still KowTow to Uncle Sam and the Fed.
To the MIC you mean, without that extortion, it would already be over.
When you say 'Kow Tow' you mean 'Suck cock' right?
Instead of, "They're jealous of our freedom" ... maybe it should be "They're jealous of our cocks?"
I haven't thought of that angle before.
The dollar has been swriling the toilet bowl for a long time now.
Capt. Jack and company have done a great job at speeding up it's demise. As did the assholes Bernake & Greasepan.
All fiat eventually fails, it's the nature of the beast.
The day of reckoning is fast approaching. Banksters Inc. will ride this beast all the way to it's death.
You will know the world is dumping its dollars when you see Boeing Aircraft and aircraft engine manufacturers are flush with more orders than they can handle.
we have been betrayed by our demcratically elected treasonous leaders. i would diss the brenton woods dollar denominated monopoly too. as long the achademia churns out keynsian followers doom is the outlook. war, velvet glove fascism, and king like rulers are the only outcome unless the war is lost...
Democratically elected?surely you speak in Jest.
US hegemony will not be destroyed, it will be sidestepped. Permanent US Global domination is a favorite fantasy of the Project for a New American Century types, but get real. That arrangement served no one but us, and it should come as no surprise that the rest of the world is now setting up new arrangements---in trade, in politics, in banking---that allow for a multi-polar, cooperative world. Future historians will note that the US was rendered irrelevant by its own failed policies, not conquered by foreign aggression.
you may be correct in that so far russia has been smart enough to not engage in our aggressive actions. China may well see the folly too. but these neocons see no bounds to their provocations, so, i agree but put an astrick to that...
Sidestepping US "authority" / aka opting-out = USA jew bankers cry like babies getting circumsized and molested for the first time = they then sic the MIC attack dogs on your country/population/ideology/monetary system/industry as a warning/lesson to others.
but china says fuck off by ignorance and russia has enough firepower to sabor rattle right back .but some day it will go hot, for the reasons you mention. underestimating the enemy is a bullies ultimate weakness...
But how do they pay for it?
...slowly and then all of a sudden.
Just as the USSA de-industrialization was a multi-generational coordinated effort, I'm still calling Kabuki.
As Quigley said, either by agreeing with or by force, there will be 1 world government.
It's happened, it's here.
All that's left is the final shock treatment for the anesthetised.
JH15
Fuck that piece of shit 'paper' with a pyramid and an eye on it, fuck it all the way...piece of shit that it is!
Ok, ok, take it easy! It's still worth $0.13 from when it was first issued.
more like $ .02
or less compared to purchase good farmland
delete
clearly one cannot trust the usa. not with gold, not with cash, not with stocks or bonds. if i were a foreign gubbermint i would definitely prefer to bank with china as they (probably) won't use their position to exert strongarm policy tactics, bullying, or outright theft. usa banking is a military protection racket and skimming operation, not banking as per se.
Not remotely. Because iocane comes from Australia, as everyone knows, and Australia is entirely peopled with criminals, and criminals are used to having people not trust them, as you are not trusted by me, so I can clearly not choose the wine in front of you... [/Vizzini]
De-dollarization represents something else - an assault on the mostly Jewish-European bankers who own the regional fed banks, and on military and financial support for Israel via Uncle Sugar.
Consequently, it is an assault on Transnational Zionism.
This will sound how it will sound to you, but Transnational Zionism may be regarded as another superpower - a parasitic one which aims to remake the middle east - just not.primarily with Israeli blood.
As the dollar loses power, a major false flag designed to start the next major war grows more and more likely.
If the.American government were not a slave to Zionism, it would not be in syria or iraq.
Or ukraine.
So, is the winner SatanRedShield or LuciferRottenfellar?
Or are they 2 sides of the same coin?
https://youtu.be/MUhDoFxxhYE
+++
Excellent observation.
"just not.primarily with Israeli blood..."
Masterly understatement the CP. Ideally they want all of the blood spilled to be that of goyim, fighting one another to - unknowingly - further the Yinon Plan.
transnational zionism is international gangsterism. if interpol had any real authority they would go after them, but something tells me the gang owns them too.
we keep hearing about this supposed white dragon alternative that can take them down, but it seems more like controlled opposition to me as I never see those fellows do anything concrete. but fulford keeps singing their praises, mr fantasy himself.
"It is not the end, but it is the beginning of the end." -an appropriate quote?
an appropriate misquote maybe.
My bust!! The actual quote by Churchill is:
“This is not the end. It is not even the beginning of the end. But it is, perhaps, the end of the beginning.”But the quoted misquote is more accurate for current circumstances.
@r101958 - Not a misquote. It's YOUR quote. Awesome!
You've got it wrong. It's "now this is not the end. It is not even the beginning of the end. But it is, perhaps, the end of the beginning."
In any event I've always thought it to be one of the most ever-rated and virtually meaningless quotations ever.
It could be said that Russia & China are fine to slowly 'hang' the current Western-dominated paradigm - after all, why destroy things when it is not necessary...? However, I think it would be safe to suggest that an alternative/back-up plan is likely already in the works, or perhaps even close to fruition, that addresses the necessary (~coordinated~) economic and military response, should panicked Western leaders see fit to exercise hasty options geared towards thwarting/stopping this alliance from doing further damage to the current unipolarity.
I think they call that nuclear war, when the original plan gets totally botched.
The SCO was founded back in the 1990's and you believe they are only now formulating
plans ?
Updating maybe.
The Russians and Chinese don't take a shit without a plan.
The Russians play chess, the Chinese play Go, and the US plays with itself.
Worse we play with the English...
I don't see how China and Russia can fail, because the US is subsidizing their success.
With much the same result as the USAF attacking Kronos?
Competing fiats? Now that's original, especially since it's being brought to us by none other than The Han, the inventors of fiat on paper. Wake me when the conversation turns to The Competitive Note Issue and The Free Banking Alternative.
In the meantime, this reminds me of a scene from The Right Stuff wherein Johnson wanted reassurance from von Braun that the US would indeed win the space race, to wit: "Our Germans are better than their Germans!", claimed von Braun without hesitation. Imagine something similar from the management of Ded Shield's western hemispheric division to its henchmen at The Squid/Morgue, and their response: "Our non-Gentiles are better than THEIR non-Gentiles!"
I think both sides are to confident. That's kinda scary. Just a matter of time to see if gold and silver holds its promise of safety no matter what the economy is like and currency destruction.
I'm holding both just in case.
Any day with movement towards reality is a good day. It sucks for us Americans 'cause we benefit from the bullshit, knowing that, I still choose reality.
I feel like the doctor is saying "we're gonna need to take your leg" it sucks to hear, but it's the right thing.
Likely short term bullish for the dollar as the yuan/ruble fix begins to attain volacity the dollar will slow, decreasing its demand and raising its price.
I expect a 2% bump in the dollar this week then watch it fade another 10% coming the next several weeks.
SOUL GLOW WILL KEEP YOU POSTED MARC TO MARKET
:)
New Russian trade and arms deal with Iran will avoid all use of the Dollar. Already deals have been done where barter is used to avoid any dollar use. Russia and China both understand better than I do that teh dollar is the source of most of America's military and economic world power. It is impossible to imagine the giant world dominating US military and Financial Services industry without dollar hegemony, dollar as THE world reserve currency, the dollar as currency of settlement for all world trade. Minus the power of Money Printing, in order to maintain the military, the US Government would have to double taxes overnight, or else begin a 50% forced reduction in the entire military and intelligence forces. This is a fact, verifiable by all the evidence!
Obvious. Also obvious why the BRICS want to run the same scheme. Who wouldn't want to control The Spice? I say, something like Foochow/Scottish banking wasn't ever perfect, but as we've seen, we've done and no doubt will do much, much worse.
"He who can destroy a thing, controls a thing."
Being so weak as to have to rely upon barter in order to avoid using the dollar is not something to be bragging about.
Russia sells almost all of it's gas using the dollar. It's own resource sold in a foreign currency.
Putin should have known that the SWIFT system would be used as a weapon but he did not prepare. The claims that Russia has an effective alternative to SWIFT are false. At least for now. Russia can do trade with a few countries outside the dollar but only a few.
It is China who is pressing and effectively pursuing dedollarization and alternatives to SWIFT.
tHEIR DEAL WITH brics , TURKEY , IRAN ARE NOT IN DOLLARS NOT SURE ABOUT LATIN AMERICA AND ITS NOT A BARTER TRADE THEY USE THEIR OWN CURRENCIES EXCEPT ONE BARTER DEAL WITH IRAN REST THEY USE THEIR OWN CURRENCY . DE-DOLLARIZATION IS A GRADUAL PHENOMENON . dOLLARS EARNS RUSSIA MORE EARNINGS THATS WHY THEY SELL IN DOLLAR . rUSSIA HAS CREATED SWIFT LIKE PARALLEL INSTI. NOW . MOREOVER RUSSIA WAS GIVEN CHAIRMAN SEAT IN SWIFT BANK. DID YOU FORGET THAT ?
Integration of world economies goes beyond bankers of any sort .. starting with Brits and the Rhodes crowd to Rockefeller .. JP Morgan et al .. the end of Bretton Woods was in the cards from the end of the Cold War on .. CFR . Trilateralists .. Atlantic Council . Group of 30 .. and other insider groups a.. laong with some central banks have been working on the final step toward planetary govt. for a hundred years .. in 2007 Bush II signed a framework agreement with the EU to combine US and EU into a economic and security partnership .. went under the radar .. not approved by congress except guys like Richard Lugar who helped fund the secret group located at the Commerce Dept .. Commerce clause. one of the worst things the Founders gave us .. those who blame bankers for everything are being short sighted. ever think the bankers are also puppets . the real power still lives in the royal houses of Europe and their toadies.. the Quen of England is still the richest person on earth .. blame the bankers arll you want . big mistake . because the bankers represent something bigger . they only do the funding for that bunch which is hte spawn of the devil himself .. http://eu-un.europa.eu/articles/en/article_6987_en.htm April 30, 2007 he annual EU-US Summit at the White House in Washington, DC on Monday 30 April will mark the adoption of a new framework for promoting transatlantic economic integration. The two-hour Summit, followed by a working lunch, will also deal with a full agenda of other issues such as Kosovo, working together to support the Middle East peace process, tackling climate change, and boosting energy security through the search for sustainable new resources and credible energy efficiency measures. The EU side will be asking the US to extend its Visa Waiver Programme to citizens of all Member States so that EU citizens, like American ones, can cross the Atlantic freely. Then there is uber insdier Georgetown prof. CArroll Quigley .. http://www.amazon.com/Anglo-American-Establishment-Quigley-Carroll/dp/09... Quigley exposes the secret society's established in London in 1891, by Cecil Rhodes. Quigley explains how these men worked in union to begin their society to control the world. He explains how all the wars from that time were deliberately created to control the economies of all the nations. BLAME JEWISH BANKERS ALL YOU WANT BUT YOU ARE MISSING THE BIGGER PICTURE . WHICH MAKES ME WONDER WHO POSTS THAT STUFF AND THEIR AGENDA.
I think you're right in everything you say even to the point of not exclusively blaming Jewish bankers. No doubt that the globalist NWO Project is not confined to Jews. However Jews are massively over-represented in every organization that pushes the Project as well as in every movement that furthers it. Here I'm referring to mass immigration to White lands, miscegenation, anti-nationalism...in fact in undermining every institution that supports discrete ethnic entities. Except their own, of course!
gold trade note, then the basket of gold backed ccy's. Under a dollar demise scenario (which is happening as we speak) to legitimize a ccy you have to have it asset backed when the reserve ccy (faith has been lost). US will come out with it deep storage BS as nations reject the USD and they need to come up with a new one. Things are getting fun.
"Then again, although Navy war games often disallow this reality, the very fact that the American Navy is the most powerful to fight a specific type of naval engagement practically guarantees that a future opponent will be so rude as to play a different game.
Yet, the Navy projects into the future a force structure that really is an updated version of what fought in the Pacific in the 1940s, and which was really untested in the Cold War. The alternative force structure hinted at here would equip the Navy possibly for the next 30 to 40 years.
Projected advances in sensor technology, as Greenert noted, will "make stealth difficult to maintain above and below water." So, too, will the increasing range and precision of hypersonic weapons and the disabling stealth of deniable cyber-attacks. At that point, going into the 2050s and 2060s yet a different force structure and battle concept will be required.
One thing is certain, however. The aircraft carrier will not be the relevant weapon in the second half of the century. Continued overinvestment in them only ensures that the nations and possibly non-state groups that understand the future will be the ones that control the waves."
http://theweek.com/articles/557433/navy-risking-everything-fatally-flawe...
Anybody remember how long ago I was talking about Letters of Credit in Yuan?
Well, here's Johnnnnnny.
This really doesn't have anthing to do with Sberbank and Export Import Bank of China.
This is just putting the WalMart (and the Global Economy) on notice that the rest of its Christmas 2015 purchases that haven't shipped yet, might require LCs demoninated in yuan.
When an exporter is afraid of losing the order to another factory (exporter), he will let the importer choose the currency the LC is paid in.
When an importer is afraid of the losing the price he's got and the production capacity of his exporter's factory, he will let the exporter determine the currency he wants to be paid in.
WalMart falls into the latter category.
All of this begs the question: since February 2014, what consortium has been buying the dollar and what will happen in the currency market when dollars are sold to buy yuan?
"This is just putting the WalMart (and the Global Economy) on notice that the rest of its Christmas 2015 purchases that haven't shipped yet, might require LCs demoninated in yuan."
China won't do that because it would drive the value of the Yuan up which is what they don't want. Its what congress wants.
Squid
Absolutely.
If the value of the yuan goes up and the value of the dollar goes down, that is a situation China wouldn't have liked 10, 12 years ago.
But face it squid, as far as currency trading goes, we are in terra incognita.
Who'd have thought 14 months ago that the US would have wanted the dollar to go ballistic.? The Chinese may have found an excellent reason to make the yuan more valuable, while driving down the dollar.
Quien sabe?
Are Russian and China in on the game???
Like.. Are they actually attempting to setup a dollar attentive and end the Anglo-American hegemony or is it all for show to occupy the masses???
What's the consensus on this in zerohedge?
The way I see it there are 3 possibilities:
1. BRICS want to be in the club , and all of this pivoting away from dollar is done in order to blackmail the West/IMF into including them in the SDR basket of currencies.
2. BRICS want to simply create an alternative to IMF/SWIFT without dismantling the current status quo.
3. BRICS, and in particularly Russia and China are gradually positioning themselves for a grand economic/financial/cyber war with the West, aiming to bring down the dollar and change the balance of power
Honestly, I don't see how option 1 would be of any benefit to any of us and the common people. Option 2 could potentially be good as it would actually mean real competitive financial markets, but it is not stable and good turn into option 1 or 3 very easily due to lack of trust. Lastly option 3 is best because it could mean an end to all that is corrupt, BUT how do we know the BRICS won't setup another more despotic and rigged international financial system. And then there's also the possibility of escalation to shooting war which would essentially screw everyone over!
Option 1 would be prefered by all, once the US veto is gine the change
could be progressive. 2 & 3 mean WWIII.Sooner rather than later.
And the yuan is artificially pegged too what?
Drum roll...
The almighty Dollar.
You forget GOLD
China has 2 much gold
Chinese should declare Yuan's dependency away from dollar & now set on gold.
The earlier the safer.
And BRICS should operate like IMF with a basket of currencies (Yuan, Rouble, Rupee, Real, Rand) all these dependent on Gold.
Also BRICS should have a new system like UN because the UN is already comproised by Satan America (a puppet of US only)
And similar to International Court of Justice, BRICS should have a World Court of Justice and it should evaluate & pass judgements on the actions taken by immoral America & its puppet allies (Europe, Japan, Australia etc) because their only purpose is to loot other nations.
That will start a new golden age in the history of mankind.