OPEC Threatens To Kill U.S. Shale

 

The Organization of Petroleum Exporting Countries will once again become a nemesis for U.S. shale if the U.S. Congress passes a bill dubbed NOPEC, or No Oil Producing and Exporting Cartels Act, Bloomberg reported this week, citing sources present at a meeting between a senior OPEC official and U.S. bankers.

The oil minister of the UAE, Suhail al-Mazrouei, reportedly told lenders at the meeting that if the bill was made into law that made OPEC members liable to U.S. anti-cartel legislation, the group, which is to all intents and purposes indeed a cartel, would break up and every member would boost production to its maximum. Continue reading

Europe’s “Geopolitical Identity”

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MUNICH (Own report) – At the Munich Security Conference last weekend, the power struggle between Berlin and Washington openly escalated to an unprecedented level. US Vice President Mike Pence reiterated his ultimatum that Berlin and the EU immediately renounce their political and economic projects, which are not fully in accord with US policy, pertaining particularly to the Nord Stream 2 pipeline and the Iran nuclear deal. German Chancellor Angela Merkel rejected the US demands. In view of the dispute with Washington, German Foreign Minister Heiko Maas declared at the Security Conference that “Europe” faces the “crucial question” whether it will be “the subject or the object of global policy in the future.” It must, therefore, “transform geo-economic capital into geopolitical capital” to become “a cornerstone of the international order” and “develop its own geopolitical identity.” Maas is expressing his demands, at a time, when the EU’s Iran policy is about to fall apart and the European power base needed for Berlin’s ambitions is crumbling.

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Leaked Wikileaks Doc reveals US Military use of IMF, World Bank as “unconventional” weapons

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WASHINGTON – In a leaked military manual on “unconventional warfare” recently highlighted by WikiLeaks, the U.S. Army states that major global financial institutions — such as the World Bank, International Monetary Fund (IMF), and the Organization for Economic Cooperation and Development (OECD) — are used as unconventional, financial “weapons in times of conflict up to and including large-scale general war,” as well as in leveraging “the policies and cooperation of state governments.”

The document, officially titled “Field Manual (FM) 3-05.130, Army Special Operations Forces Unconventional Warfare” and originally written in September 2008, was recently highlighted by WikiLeaks on Twitter in light of recent events in Venezuela as well as the years-long, U.S.-led economic siege of that country through sanctions and other means of economic warfare. Though the document has generated new interest in recent days, it had originally been released by WikiLeaks in December 2008 and has been described as the military’s “regime change handbook.” Continue reading

De-Dollarization Accelerates: Iran Unveils Gold-Backed Cryptocurrency

 

Four banks in the Islamic Republic of Iran have developed a gold-backedcryptocurrency called PayMon, financial news website Financial Tribune reported on Jan. 30.

According to the article, the crypto asset has been developed in cooperation with the Parsian Bank, the Bank Pasargad, Bank Melli Iran and Bank Mellat. Iran Fara Bourse, an over-the-counter (OTC) cryptocurrency exchange, will reportedly list the new cryptocurrency. Continue reading

Medvedev turns against the dollar – Rosbalt

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Russian Prime Minister Dmitry Medvedev explained the determination of the Russian authorities to minimize the use of the US dollar in foreign trade due to the consequences of the aggressive and “stupid” economic policy of the United States. He said this today, speaking at the Gaidar Forum in Moscow.

The prime minister recalled that the Russian authorities are striving to expand “the use of the ruble and other currencies in foreign trade agreements”, in addition, in recent months have “seriously reduced” the investments in US Treasury bonds (Treasury bonds U.S). Continue reading

Russia De-Dollarizes Deeper: Shifts $100 Billion To Yuan, Yen, And Euro

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Russia is continuing to ramp up its efforts to move away from the American dollar.  The country just shifted $100 billion of its reserves to the yuan, the yen, and the euro in their ongoing effort to ditch the dollar.

The Central Bank of Russia has moved further away from its reliance on the United States dollar and has axed its share in the country’s foreign reserves to a historic low, transferring about $100 billion into euro, Japanese yen, and Chinese yuan according to a report by RTThe share of the U.S. dollar in Russia’s international reserves portfolio has dramatically decreased in just three months between March and June 2018.  The holding decreased from 43.7 percent to a new low of 21.9 percent, according to the Central Bank’s latest quarterly report, which is issued with a six-month lag. Continue reading

America Frozen Out of World Trade

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Yet another trade agreement excludes the U.S.

A new trade agreement that covers more than 13 percent of the world economy, accounting for 15 percent of global trade, was ratified by its first six countries on December 30. The Progressive Agreement for Trans-Pacific Partnership (cptpp) will cover 500 million people.

Australia, Canada, Japan, Mexico, New Zealand and Singapore will be joined by another four countries that have already signed but not yet ratified the agreement. Vietnam joins on January 14, while Brunei, Chile, Malaysia and Peru will join the deal 60 days after completing the ratification process. Continue reading

De-Dollarization Spreads: Why These 5 Nations Are Backing Away From The Buck

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The past year was full of events that inevitably split the global geopolitical space into two camps: those who still support using US currency as a universal financial tool, and those who are turning their back on the greenback.

Global tensions caused by economic sanctions and trade conflicts triggered by Washington have forced targeted countries to take a fresh look at alternative payment systems currently dominated by the US dollar. Continue reading

What Would The End Of OPEC Mean?

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The Organization of the Petroleum Exporting Countries – the oil market institution that has exerted an unyielding power over the price of crude for nearly 60 years – is now in deep crisis. The latest OPEC meeting in Vienna offered new insights into the cartel’s raging civil war that is tearing it apart and threatens to ultimately make the cartel irrelevant.

In a two-year period since the group of 15 major oil producers formed an alliance with Russia, OPEC’s smaller members have been marginalized, their voices have been diminished and Saudi Arabia seems to prioritize its partnership with Moscow above all else. An unlikely partnership between Saudi Arabia and Russia is causing dissension within OPEC, with one of the oldest members announcing it would withdraw from the organization in January just days prior to the talks. With Russia tightening its grip over OPEC’s decisions and the United States officially reaching net oil exporting status in late November for the first time in decades, even if only briefly, the new world oil order is now dependent on three energy superpowers: Saudi Arabia, Russia and the United States. Continue reading

China Intensifies Efforts to Topple U.S. Dollar

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‘The pace of expansion has been explosive’ for China’s new yuan-denominated oil futures contract.

Less than a year after China launched an oil futures contract denominated in the Chinese currency, the contract is beginning to be embraced by global commodities traders.

The Chinese Communist Party has long desired to see the United States dollar sidelined and the Chinese currency, the yuan, take on a more central role in global finance. The latest major push toward that goal came on March 26 when China launched a new oil futures contract on the Shanghai International Energy Exchange denominated in yuan. Now the contract is finding increasing acceptance among multinational commodity traders, which could threaten the dollar’s position. Continue reading

Russian Central Bank Preparing for SWIFT ‘Nuclear Option’

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Smaller banks have been encouraged to establish secondary arrangements for processing bank card transactions.

Preparing for new U.S. sanctions “early next year” that will likely target Russia’s access to the SWIFT international banking system—something that was just described as a “nuclear option” against Moscow just earlier this week—the Bank of Russia has urged the country’s smaller banks to prepare for a “worst-case scenario.” Continue reading

Chinese Ambassador Warns of ‘Dire Consequences’ Over Trade War

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As the world’s leaders prepare for Buenos Aires G20 Summit, Cui Tiankai hints all-out war could be looming.

Although both sides are going to this week’s G20 summit in Buenos Aires hoping for a deal to end the escalating trade war between them, Chinese and U.S. officials have conceded such a deal is highly unlikely despite the looming signs of dire consequences if they fail to do so. Continue reading

U.S. Declares War on Russia’s New Middle East Order

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Treasury Department details how Russian, Iranian companies funneled oil to Syria to fund Hezbollah, Hamas.

This afternoon, the Treasury Department’s Office of Foreign Asset Control laid out an elaborate network through which the Central Bank of Iran funneled cash through Iranian and Russian companies to buy Iranian oil that was then shipped to Syria for the purpose of propping up the Syrian government and the terrorist organizations Hezbollah and Hamas. Continue reading

The Biggest Threat To Dollar Dominance

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Russian oil exporters are pressuring Western commodity traders to pay for Russian crude in euros and not dollars as Washington prepares more sanctions for the 2014 annexation of Crimea by Moscow, Reuters reported last week, citing as many as seven industry sources.

While it may have come as a surprise to the traders, who, Reuters said, were not too happy about it, the Russian companies’ move was to be expected as the Trump administration pursues a foreign policy where sanctions feature prominently. This approach, however, could undermine the dominance of the U.S. dollar as the global oil trade currency. Continue reading

China Is Beating the US in the Rare-Earths Game

For more information regarding China and the rare earths situation, see the following previous articles:

 

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It’s time for the administration to use its powers to preserve America’s access to vital defense materials.

How to view China’s recent threat to limit domestic production of rare earths, those 16 elements that make our cellphones and smart bombs work? It’s the latest move in a game that began before the United States realized it was even playing, that has grown more complex than U.S. leaders realize, and that is nearing a very unfortunate ending. Continue reading