Away From Dollar: Russia, China to Create Entirely Different Gold Market

Sometime in the short-term of mid-term future, China and Russia will come out and say “We have all (or most) of the world’s gold. We will now make the rules.”

This also could be the “event” that a lot of experts are talking about regarding late September and early October crisis predictions. Former Reagan advisor, Martin Armstrong predicts October 1st, 2015 (2015.75) as a turning point in world history, for example.

Ironically, this article comes from a state-run source, which could be the Kremlin’s own way of dropping a hint.

 

While key Western banks are artificially restraining gold prices to breathe life into the diluted and devalued dollar system, Russia, China and other emerging economies are involved in “the genial move” to establish an entirely different gold market, F. William Engdahl underscores.

Key central banks, particularly the Federal Reserve and Bank of England, and Western market players have long been accused of clandestine gold price manipulating aimed at preserving the dollar’s role “as world reserve currency primus,” American-German economic researcher and historian F. William Engdahl writes.

“The COMEX gold futures market in New York and the Over-the-Counter (OTC) trades cleared through the London Bullion Market Association do set prices which are followed most widely in the world. They are also markets dominated by a handful of huge players, the six London Bullion Market Association gold clearing banks — the corrupt JP MorganChase bank; the scandal-ridden UBS bank of Zurich; The Bank of Nova Scotia — ScotiaMocatta, the world’s oldest bullion bank which began as banker to the British East India Company, the group that ran the China Opium Wars; the scandal-ridden Deutsche Bank; the scandal-ridden Barclays Bank of London; HSBC of London, the house bank of the Mexican drug cartels; and the scandal and fraud-ridden Societe Generale of Paris,” Engdahl narrated.

Furthermore, Western banks are issuing numerous paper “gold-futures” and other speculative contracts which are in fact disconnected from real physical gold.

Russian lawmaker wants to outlaw U.S. dollar, calls it a Ponzi scheme

MOSCOW — Predicting the imminent collapse of the U.S. dollar, a Russian lawmaker submitted a bill to his country’s parliament Wednesday that would ban the use or possession of the American currency.

Mikhail Degtyarev, the lawmaker who proposed the bill, compared the dollar to a Ponzi scheme. He warned that the government would have to bail out Russians holding the U.S. currency if it collapses.

“If the U.S. national debt continues to grow, the collapse of the dollar system will take place in 2017,” said Mr. Degtyarev, a member of the nationalist Liberal Democrat Party who lost in Moscow’s recent mayoral election.