The BRICS Bank marks a major step to de-dollarization, and a new monetary system. It should replace the Western-dominated “predatory casino scheme” that has contributed to world wars and “economic terrorism,” says former World Bank economist Peter Koenig.
“A ‘BRICS system’ would offer a healthy alternative to the highly indebted and defunct dollar system, where money is printed at will,” Koenig said in an interview with Asam Ismi of the Canadian Centre for Policy Alternatives.
A ‘BRICS system’ should be based on a new currency, which Koenig called ‘Bricso.’ Continue reading
We’re could very well be looking at the begining of the end of Pax Americana and a new chapter in the books of world history. If bets were to be placed on who the world’s next superpower would be, look no further than the EU, the world’s largest economy with the German Fourth Reich at the helm. Some say China and Russia, but the world still has major mistrust in both of them.
All the years of warnings were laughed at, but as the saying goes: Today’s jokes are tomorrow’s reality. The United States is about to be hit with One Clenched Fist.
China will re-open the old Silk Road as a new trading route linking Germany, Russia and China
April 08, 2014 “ICH” – Russia has just dropped another bombshell, announcing not only the de-coupling of its trade from the dollar, but also that its hydrocarbon trade will in the future be carried out in rubles and local currencies of its trading partners – no longer in dollars – see Voice of Russia
Russia’s trade in hydrocarbons amounts to about a trillion dollars per year. Other countries, especially the BRICS and BRCIS-associates (BRICSA) may soon follow suit and join forces with Russia, abandoning the ‘petro-dollar’ as trading unit for oil and gas. This could amount to tens of trillions in loss for demand of petro-dollars per year (US GDP about 17 trillion dollars – December 2013) – leaving an important dent in the US economy would be an understatement. Continue reading
The Swiss-based ‘bank of central banks’ says a hunt for yield is luring investors en masse into high-risk instruments, “a phenomenon reminiscent of exuberance prior to the global financial crisis”.
This is happening just as the US Federal Reserve prepares to wind down stimulus and starts to drain dollar liquidity from global markets, an inflexion point that is fraught with danger and could go badly wrong.
“This looks like to me like 2007 all over again, but even worse,” said William White, the Bank for International Settlement’s former chief economist, famous for flagging the wild behaviour in the debt markets before the global storm hit in 2008. Continue reading