India Joins Asian Dollar Exclusion Zone, Will Transact With Iran In Rupees

Tyler Durden's picture

Two weeks ago we wrote a post that should have made it all too clear that while the US and Europe continue to pretend that all is well, and they are, somehow, solvent, Asia has been smelling the coffee. To wit: "For anyone wondering how the abandonment of the dollar reserve status would look like we have a Hollow Men reference: not with a bang, but a whimper... Or in this case a whole series of bilateral agreements that quietly seeks to remove the US currency as an intermediate. Such as these: "World's Second (China) And Third Largest (Japan) Economies To Bypass Dollar, Engage In Direct Currency Trade", "China, Russia Drop Dollar In Bilateral Trade", "China And Iran To Bypass Dollar, Plan Oil Barter System", "India and Japan sign new $15bn currency swap agreement", and now this: "Iran, Russia Replace Dollar With Rial, Ruble in Trade, Fars Says."" Today we add the latest country to join the Asian dollar exclusion zone: "India and Iran have agreed to settle some of their $12 billion annual oil trade in rupees, a government source said on Friday, resorting to the restricted currency after more than a year of payment problems in the face of fresh, tougher U.S. sanctions." To summarize: Japan, China, Russia, India and Iran: the countries which together account for the bulk of the world's productivity and combined are among the biggest explorers and producers of energy. And now they all have partial bilateral arrangements, and all of which will very likely expand their bilateral arrangements to multilateral, courtesy of Obama's foreign relations stance which by pushing the countries into a corner has forced them to find alternative, USD-exclusive, arrangements. But yes, aside from all of the above, the dollar still is the reserve currency... if only in which to make calculations of how many imaginary money one pays in exchange for imaginary 'developed world' collateral.

On India's induction into the dollar unluck club, from Reuters.

An Indian delegation has been in Tehran this week discussing options for payment and the source said the decision to pay in rupees was made after a meeting there.

 

"The Central Bank of Iran will open an account with an Indian bank for receiving payment and settling its import," the source, who has direct knowledge of the matter, said, adding the new system will start "soon".

 

The source did not specify the name of the Indian bank. But other sources have said that Iran could open an account with India's UCO Bank as it does not have any interests in the United States.

Who's this India country anyway?

India, the world's fourth-largest oil consumer, relies on Iran for about 12 percent of its imports or 350,000-400,000 barrels per day (bpd) and is Tehran's second-biggest oil client after China. But Washington has snapped tighter financial sanctions on Iran and wants Asia, Tehran's biggest oil market, to cut imports in a bid to pressure the Islamic nation to rein in its nuclear ambitions, which it suspects are aimed at making weapons.

And, oh yes, we forgot Turkey -the (lately very pissed off) gateway to Europe.

Turkey and Iran said on Thursday they want to increase financial transfers and that work is underway to strengthen banking ties.

When the dollar fails, and currency are devalued, barter begins:

India Trade Secretary Rahul Khullar said this week that the Indian delegation to Iran would work around the U.S. sanctions to protect oil supplies and promote Indian exports.

 

The government source said Iran has agreed to step up imports from India which added up to some $2.7 billion in 2010/11 and including oilmeal, rice and tea.

 

"This will cushion them (Iran) to some extent from exchange rate volatility," the source said.

Ironically, and as has been stated here many times before, by enacting the proposed sanctions and embargo, the US, but mostly Europe is doing nothing but shooting itself in the foot, as it opens up a brand new pathway of not only outright defiance, and thus political brownie points domestically for the likes of China, of the US, but it will allow the "Asian dollar exclusion zone" to buy even more crude, at cheaper prices, while in the process it is forced to build closer monetary relations with its neighboring countries, relations that rely less and less on the world's increasingly less relevant reserve currency.

Asian support for U.S. sanctions is vital since the region buys more than half of Iran's daily crude exports. The European Union has agreed in principle to halting Iranian crude imports and could finalise the ban on Jan. 23.

 

China, Iran's biggest crude customer, has rejected the U.S. sanctions as overstepping the mark and defended its extensive imports from the second-biggest oil producer in OPEC.

Necessity may be the mother of all dollar-exclusive invention, but Obama is surely the father of necessity.

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
deflator's picture

You bitchez didn't think USD hegemony would last forever did you? Oh, just as long as your lifetime?  "oh thats better".

trav7777's picture

export land model means the death of the petrodollar.  This is the sign you should look for.

holdbuysell's picture

Come again? What's 'export land model'?

Oh regional Indian's picture

INDIA!!! FTW! 

Well, let me tell you all this, given that India is totally controlled puppet state, with former IMF folks in charge of everything, means that the world is being weaned off the petrodollar.

9 years ago, such actions brought war and hell-fire (iraq). Now? A newsarticle?

The writing is on the wall. the BRIC Wall perhaps?

ori

CompassionateFascist's picture

You are mistaken. Khaddafi just attempted to drop dollar. He had no nukes, so we killed him and took over. Iran, no nukes - yet - so Isramerica will attack precisely to stop this flight from dollar via nukes.  

GiantVampireSquid vs OWS UFC 2012's picture

Exactly, fucking stupid Iran, dropping the dollar in election year.

Manthong's picture

Ah, nothing that four aircraft carriers can't try to fix.

And maybe it's time to bring back something that we have not heard for over three years..

"We support our troops but we don't support their mission'"

Or is that improper with this Messiah-In-Chief running things?

CompassionateFascist's picture

Thank god there's only 3 (2?) there now. I wouldn't try it w less than 6. Actually, I wouldn't try it at all. But what to do? Don't do it, eventual dollar collapse. Do it, (probable) immediate dollar collapse.

Fukushima Sam's picture

A circle of pearls should contain this menace!

Manthong's picture

Then watch for IMF to evolve into the Super CB with fractional reserve debt money (SDR) creation authority.

JW n FL's picture

 

 

http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=22230

RBI releases First Financial Stability Report Says Limited Risk to Financial Stability, but Monitoring Required on an Ongoing Basis

As announced in the Annual Policy Statement of April, 2009 the Reserve Bank of India established a Financial Stability Unit in August, 2009. The Second Quarter Review of Monetary Policy in October, 2009 made specific mention of a periodic Financial Stability Report (FSR) for India to enhance transparency and augment confidence in the financial system. The Financial Stability Report (FSR) published today is the first of these reports and is an attempt at institutionalising the implicit focus and making financial stability an integral driver of the policy framework.

In general, the Financial Stability Reports will focus on reviewing the nature, magnitude and implications of risks that have bearing on the macroeconomic environment, financial institutions, markets and infrastructure. It will also assess the resilience of the financial sector through stress tests. It is hoped that FSRs will emerge as one of the key instruments for directing pre-emptive policy responses to incipient risks in the financial system.

The FSR will be a key supplement to the evolving institutional arrangements in the coming months. The specific composition and the role of the proposed Financial Stability and Development Council (FSDC) is yet to crystallise. But the role of the Reserve Bank in any future arrangement, as regards financial stability, will continue to be critical.

This inaugural report details the prevailing financial system in India and also gives some background on past financial stability initiatives.

 

http://www.oenb.at/en/presse_pub/period_pub/finanzmarkt/finanzmarktstabilita/financial_stability_report.jsp

http://www.oenb.at/en/img/fsr_22_f_tcm16-242306.pdf

The OeNB’s biannual Financial Stability Report provides regular analyses of Austrian and international developments with an impact on financial stability. In addition, it includes studies offering in-depth insights into specific topics related to financial stability.

 

Dec 2011

 

JW n FL's picture

 

 

http://www.hkma.gov.hk/media/eng/publication-and-research/quarterly-bulletin/qb201109/E_halfyear.pdf

Apart from credit growth, the surge in renminbi deposits in Hong Kong was another important factor behind the fast growth in foreign currency deposits. Renminbi deposits rose from RMB314.9 billion at the end of December 2010 to RMB553.6 billion at the end of June 2011, reaching 18.4% of total foreign currency deposits. The growth in renminbi deposits was mainly driven by a net increase in renminbi receipts by corporate customers through cross-border trade settlement. Renminbi trade settlement conducted through Hong Kong banks reached around RMB800 billion in the first half of 2011, more than doubling the 2010 total.

 

JW n FL's picture

 

 

Norman T L Chan: Hong Kong – an offshore renminbi business centre

Speeking points by Mr Norman T L Chan, Chief Executive of the Hong Kong Monetary Authority, on the Regulatory Requirements for the Adjustments to Renminbi Risk Management Limit and Net Open Position, Hong Kong, 17 January 2012.

* * *

The development of Hong Kong as an offshore RMB business centre achieved encouraging results in the past year. Trade settlement using RMB reached RMB2 trillion; RMB deposits almost doubled; and total issuance of dim sum bonds exceeded RMB100 billion. I am very confident that the trend of solid development will continue in 2012. With the continued growth in both turnover and depth of the offshore RMB (CNH) market in Hong Kong, the Hong Kong Monetary Authority (HKMA) considers that conditions are now ripe to appropriately relax certain regulatory requirements on the RMB business of banks in Hong Kong. First, on the regulatory requirements of the RMB net open position, the HKMA has decided to raise the limit for RMB net open position, from not exceeding 10% to not exceeding 20% of the bank’s total RMB assets or liabilities. Second, currently the HKMA requires each Participating AI to maintain the sum of RMB cash or balances with the RMB Clearing Bank and the People’s Bank of China, Shenzhen branch, at no less than 25% of its total RMB customer deposits (referred as RMB risk Management limit). The HKMA has now decided that Participating AIs can include two more types of RMB assets, namely “RMB sovereign bonds issued in Hong Kong by the Ministry of Finance of China” and “RMB bond investment through the Mainland interbank bond market”, in the calculation of this limit.

http://www.bis.org/review/r120119a.pdf

 

Looks like all those Muni's are going to be rolled onto the banks balance sheets..

 

The Muni, State and National Bond Market just got covered in China.

offloading the Bonds to the Banks Frees up how much cash? Buy more Gold and Silver to trade to Iran for a discount on Petro Purchases?

 and while the World is burning bridges that lead to America.. our Government still is exporting wealth to all corners of the Earth.

America has been gutted and is now not only being gutted.. but as well being shown the door by these 3rd World Countries.

So America has been Gutted by short sighted Duly Elected Government Officials..

and now those same Duely Elected Lobby Whores who sold America for pennies on the dollar.. are cutting America Throat with regard to America’s reserve currency status.

One day people will wake up and look around and ask what happened? where did it all go? why did the U.S. Government do what NO standing Army in the World could do (at the time)... destroy America.

Mean While Washington DC does NOTHING to improve the Quality of Life or service the aging infrastructure of America.. instead Wall Street spends Trillions in China taking that once backwards farmer nation Vertical.

India? we provided the monies to the nuclear power who's new bestest friend is Iran.. and has been for a good little while!

so was it Russia or India or a bit of both who got Iran up and going with its Nuke Program? or was it Turkey and France?

it doesnt matter!

Our Country is being driven by short sighted, quarterly bonus seeking bottom feeding trash!

and they have a 0% FED Window to draw down from to fund their ongoing and never ending lobby of short sighted profit seeking.. all the while those who have a clue and are screaming STOP! are considered Terrorists.

Where the FUCK? is the NSA or CIA or any of them? no one inside those offices are smart enough to see America being destroyed?

they are just smart enough to prosecute "We the People" and make sure to over look Wall Street is only covered by Civil Liabilities!

Dumb Fucking Sheep are the cause of this.. because they are not smart enough to grasp what is right under their noses. The facts, actions.. are ignored in favor of swill spewed in heavy rotation by Wall Street owned media..

 

K C Chakrabarty: Crisis preparedness in interconnected markets –

prevention is better than cure

Keynote address by Dr K C Chakrabarty, Deputy Governor of the Reserve Bank of India, at

the Programme on Crisis Preparedness in Interconnected Markets, jointly held by the Centre

for Advanced Financial Research and Learning (CAFRAL) and the Toronto Centre, Canada,

Hyderabad, 16 January 2012.

http://www.bis.org/review/r120117e.pdf

 

Road Hazard's picture

Believe me, there are plenty of sheep to go around. Why aren't the citizens of Germany dragging Merkel around by her hair towards the gallows? Why haven't the citizens of Greece gone full out rebellion and torching every government and bank building in sight? The citizens of the USA aren't the only ones sitting by being complacent as their leaders destroy their economies.

 

Ahmeexnal's picture

The UK is also dumping the dollar and trading with China in yuan:

http://www.cs.com.cn/english/ei/201201/t20120113_3208217.html

 

 

LONDON - A growing number of British retailers are paying their Chinese suppliers in yuan.

"Businesses have been talking about the possibility of paying in local currency since the yuan's peg was relaxed in June 2010," Sam Ford, head of Risk Solutions at Barclays Capital, told China Daily in an exclusive interview.

But it is only in recent weeks that the talk has turned into trades for Barclays' clients, Ford added.

According to Barclays Capital, the investment banking division of Barclays PLC, more British retailers are paying in yuan to achieve cost savings of up to 8 percent.

With the yuan having appreciated at least 7 percent against the dollar since June 2010, Chinese suppliers commonly embed a "buffer" into dollar-denominated contracts to guard against further yuan appreciation.

"There was a growing number of companies switching to yuan for trade settlements in the third quarter of 2011, showing that businesses are now more comfortable with this payment method," Michael Vrontamitis, regional head of product management of Northeast Asia at Standard Chartered Bank PLC, noted.

.

.

.

Fashion retailer H&M is considering yuan payments. The company buys one-third of its products from China, its most important source.

Nils Vinge, head of investor relations at the Sweden-based retailer H&M Hennes &Mauritz AB, said: "At present, H&M pays all its Asian suppliers in US dollars. The deregulation of the yuan creates opportunities for us to pay our Chinese suppliers directly in their local currency. We are now investigating this opportunity."(CHINA DAILY)

g speed's picture

thank you JW  I read and re read your posts-- You are an asset to ZH and fight club  +

DanDaley's picture

"why did the U.S. Government do what NO standing Army in the World could do (at the time)... destroy America."

Cloward and Piven, baby...the mohammedan-in-chief's playbook. It's his sworn mission to bring the US down, all the way down!  All of this is no accident.

Freegold's picture

I' m looking out for freegold to happen. It's just a matter of time. It will happen.

Gold, go get you some :)

Troll Magnet's picture

shit...all ya bitchez better stock up on some gold and silver before too late because they ain't takin' our fiat trash soon!! go get some, bitchez!!!

crazyjsmith's picture

Dammit, does this mean we have to kick the whole worlds ass now?

Do we have that many drones? No, but we have Team America, let's go get them dollar terrorists!!

i-dog's picture

The "Axis of Evil" will soon include every country outside of NATO ... and a few inside NATO as well, if any choose to drop out of the EZ ... LOL

Tompooz's picture

NATO is sooo 1980s. It should be disbanded.  Or just reduced to the US and the UK.

living on the edge's picture

The true "Axis of Evil"

USA, Great Britain, France and Israel.

john39's picture

going to be a painful day when the american sheeple wake up and figure that out.  most will probably spontaneously combust before the realization fully manifests.

tarsubil's picture

Hey, I didn't. Actually, I'm not wondering if the end is near anymore as I know it is near and I've never been happier. The truth shall set you free.

WonderDawg's picture

If I am able to be completely objective about the current state of Planet Earth, an interested observer, so to speak, with no preconceived notions or emotional attachments, I would probably think that the Americans are the assholes in the room. Of course, as an American (or anyone from any nation/society/culture), I have biases that have been programmed into my consciousness since my brain began cognition, so it is extremely difficult to be objective. I WANT America to be what I was programmed to believe it is, but it gets increasingly difficult to believe that it will be, or ever was, for that matter, the pristine example of democracy and righteousness.

prains's picture

Dawg, you're correct, USA inc never was,never will be,anything about truth,righteousness or democracy. many around the world have always known this but we also know there are many within USA inc that can lead the way out of this mess, their voice has yet to be heard on a large enough scale.

WonderDawg's picture

Right, but those biases that are so deeply ingrained are why friends and family look at you like you're a fringe lunatic when you point out the inconsistencies between reality and what we were programmed to believe.

akak's picture

Oh, you mean I'm not the only one who gets that deer-in-the-headlight look from acquaintances, friends and relatives when I try to wake them up from their brainwashed, corporate-media-induced slumber, and try to undo at least a small fraction of their government-school lobotomization?

It's no wonder no civilized aliens have ever bothered to contact humanity ---- we are, as a species, demonstrably insane.

WonderDawg's picture

No, you're definitely not the only one, akak. I think alot of us here are doing our part to influence those in our inner circle to take off the blinders. We've all gotten "the look". It's a small consolation to know that we'll be validated, and probably soon. In the meantime, keep on shining the light.

FEDbuster's picture

When a gallon of unleaded gas and 2% milk are each $10./gal. the sheeple will be in full panic mode, but it will be way too late by then.  

The other night in the debate Ron Paul mentioned "there will be a day when the dollar loses it's reserve currency status and then there will be real problems".  Guess we will just have to save that clip for "Ron Paul was right 2012" on You Tube.

disabledvet's picture

"Allies in Evil" sounds so much better.

Bolweevil's picture

So, we need to start a land war with China then just mosey on over to India when we're done. Easy breezy.

4horse's picture

ruh roh

spooks . . . deep in the derring scooby doo doo of hindo whodo all the way to bim-bom-bay

too chabad lubivitchers went to alla that trouble training'n'timing only to again be heard, as on 9/11, celebrating as tv reports confirmed targeting some of India’s top anti-terrorist officers. . .including Hemant Karare, who were in the process of investigating an explosive case of terrorist activities by army officers and politicians . . . yet among the first murdered, most incredibly, was actually this top Anti-Terrorist Investigator himself, Hermant Karare. It is very strange that these exceptionally experienced men would so easily be killed. Some reports say they were ambushed. It was at the time that the news of these men’s demise was announced that sounds of celebration came from the Chabad office.

Karkare, 54. . .had returned to his state cadre after a seven-year tenure with the Research and Analysis Wing, Indian external intelligence agency, in Austria. His death is likely to affect the probe into [his ongoing investigation of]the Malegaon blast.

http://www.nowpublic.com/world/nariman-house-story

occidental's coincidentals, 50-1: Nariman House, a Chabad Lubavitch Jewish center in Colaba known as the Mumbai Chabad House, was taken over by two attackers and several residents were held hostage . . . and both perpetrators were killed. Rabbi Gavriel Holtzberg and his wife Rivka Holtzberg, who was six months pregnant, were murdered with four other hostages inside the house by the attackers.
 
According to radio transmissions picked up by Indian intelligence, the attackers "would be told by their handlers in Pakistan that the lives of Jews were worth 50 times those of non-Jews."

One Of The Handlers Headley Posing As A Jew?

The question is, who is David Headley/Daood Gilani, CIA Spy, Al Qaeda Spy, L-e-T Spy or ISI Spy?

David Headley planned the Mumbai Terror Attacks for more than two years...Headley’s "cover" was an "immigration service business" in Chicago, owned by co-conspirator Tahawwura Hussain Rana. This business provided the means to forge travel documents and smuggle other terrorists from country to country. Headleyposing as an American Jew while making video recordings of targets  frequently traveled to Mumbai to plan the attacks by paramilitary murderers. He scouted the targets and was in Karachi during the attack. But David Headley also had been an agent for the Drug Enforcement Agency. His ability to travel freely and train with L-e-T has raised suspicion about Headley being a CIA agent. The Mumbai attacks were certainly a False Flag operation, the blame initially going to another "Al Qaeda" affiliate L-e-T. But . . . David Headley and his involvement in 26/11 is being concealed by Pakistan and by the US Government.

http://my.firedoglake.com/frank33/2010/07/06/yes-conspiracy-theorists-mumbai-2611-was-a-false-flag-attack-led-by-us-spy-david-headley/

 

 

 

edit: in light of, what, that little jimmie rodgers . . . !

Once I get
to Bim-bomb-bay
You can bet
I will stay
to Bom-bim-bey
That's where I'll settle down with chabad as the house
On the kill on the way to Bim-bomb-bay
I'll settle down with habad as the house
On the kill on the way to Bimbombey

Jing-a-ling-a-lie oh (jing-a-ling-a-lie oh)
Jing-a-ling-a-I say (jing-a-ling-a-I say)
Jing-a-ling-a-lie jing-a-ling-a-lie
Jing-a-ling-a-I say-ay-ay
Lying all the way to mum-bom-bay 

http://www.youtube.com/watch?v=bH23Bik-6uo 

Kaiser Sousa's picture

"shit...all ya bitchez better stock up on some gold and silver before too late because they ain't takin' our fiat trash soon!!"

fa shiggidy my niggady...

GoodMorningMr.VanRumpoy...'s picture

Gaddafi dropped the dollar but what got him killed was his push to move to a gold backed dinar.

 

India, and china Russia et al, are just moving from federal reserve fiat to their own fiat.

 

The elite are powefulful and have no real emotional ties to the west, the countries they were born and raised. They are globalists. But, They speak fondly of China, it's what they want to use as their new base. Soros, lieberman etc. Even Jim Rogers has begrudingly moved to Hong Kong. Not because he likes what's happening to the west and what will continue to happen, but he knows the elite love China's "state capitialism" and he can't stop them from turning it into their crown jewel.

SHRAGS's picture

He chose not to move to Chinese cities like Hong Kong or Shanghai due to the high levels of pollution causing potential health problems for his family; hence, he chose Singapore.  wikipedia

 

Jim Rogers lives in Singapore.

 

old naughty's picture

Both Shanghai and Hong Kong ARE cities in China (now that the latter is repatriated) but, please do not equate Hong Kong to Shanghai...They still have quite a few years left from the 50.

blindfaith's picture

 

 

 

I used to have great respect for Jim Rogers.

NOW, however, I think he borders on one of the most dangerous ex-pats one could imagine.  He does more to hurt and damage his former America and it's recovery then any one I can think of.  He profits from every economic downturn he can help create and influence.  He is no friend of America or Americans, make no mistake about that.  One day he or his children will want to crawl back like the deserting coward he is.  He is NO hero.

zilverreiger's picture

he doesnt want to be a hero, he doesnt particularily care about america

xela2200's picture

I wouldn't call him a deserting coward, but he reflects a common expat mentality. I sometimes go to different forums to check out how expats are doing in other countries. It is always the same US bashing. What else do you expect? If the US doesn't go down in flames, then that means that they are WRONG. Uprooting families, selling a home, etc was all for nothing. The funny thing is many also complain how their local country can take lessons from the US or Europe in many instances (customer care, banking, utilities, security, cleanliness, etc). There is even a guy starting some american colony in Chile. I think the coolaid is included in the price.

The truth is the US is FAR from becoming a third world country. Trust me, I come form a third world country.

tmosley's picture

Yeah, stupid expats wanting to be free!  They should just submit to one system or another and shut up about it and never try to improve anything!

i-dog's picture

So true. America was originally settled by protestants fleeing religious persecution by the Micks in (primarily) 6 European countries (England, Ireland, Scotland, France, Germany and Holland). Those "brave, freedom-loving" pilgrims were "saints and heroes" ... while the expats removing their families from the thieving clutches of the criminal gang in D.C. today are apparently "cowards". Go figure.

The real cowards are those deer stuck in the headlights ... too gutless to move and just "hoping" for a "change". LOL.

xela2200's picture

On the contrary, staying and fighting in your own way the system is not submiting. Running away is giving up. The problem is that we now live in a world economy filled with near by villages. I would almost dare to say that world government already exists to an extent. It is not like you can get on a boat spend 3 months crossing the atlantic and be isolated from the world. Those days are gone. Sorry no more mayflower guys.

AustriAnnie's picture

Many expats are actually helping by removing their money from the clutches of our gov't.

Many expats actively participate in online discussions, education ,etc, and try to fight for the same cause, they just happen to be across a line in the sand when they do it.  I'm always amazed at the psychological effect of a border.  Americans in another place can still participate in trying to bring about change.  To suggest that expats are running away and giving up is a little flawed IMO.  I think many expats are the ones who deeply feel the pain of what is happening here.  

Nobody is so critical of people who escaped other countries and came to the U.S. to avoid circumstances in their home countries.  In fact, they are praised for their foresight in getting out while they could.  Many expats have simply gone where they could get a good job opportunity and a higher standard of living.  I don't believe that makes them un-American or cowardly.  

Clearly voting at the polls has done nothing for these people.  Some choose to vote with their feet.  And take the would-be tax dollars with them.

 

jerry_theking_lawler's picture

plus Singapore is a beautiful city/state!

jerry_theking_lawler's picture

plus Singapore is a beautiful city/state!

ucsbcanuck's picture

yeah, just don't expect freedom of speech.

Or dissent.

Or a functioning parliamentary opposition.

Oh, and nepotism. Not in Singapore! The country where the current PM is the son of the former PM, and was groomed to take over from a young age.

Luckily though, the current PM, like his old man, is very smart. He was interviewed on Inside Job.  

smb12321's picture

Why visit other forums for anti-American views?  Many posters have long ago passed into la la land where the  West is evil personified and such paradises as Libya, Iran and N. Korea are defended/praised.  It reminds me of the old Soviet propaganda where the stale Marxist society was held superior to America.  As my dad used to say, "Son, it's not a crime to be stupid for god's sakes why must they advertise it?"  lol