The more Washington lashes out in anger at those who will not bow to the unipolar world order, the more the rest of the world fights back. As the launch of its Yuan/Gold-settled oil futures looms, China is escalating its de-dollarization scheme further by seeking a bilateral rial-yuan agreement with Iran.
The Chinese government has taken steps to promote the international use of its currency, the renminbi, which will diminish the dollar’s role in international trade, according to a report from the Brookings Institution.
The steps China has taken to internationalize the renminbi have been gaining traction and the currency now represents the fifth-most important payment currency in the world. Continue reading →
The IMF yuan reserve currency approval ensures that the days of the dominance of the U.S. dollar are coming to an end.
“China’s [yuan] is ultimately destined to replace the U.S. dollar as the world’s primary reserve currency, while China’s central government bond market will become the world’s primary reference market for fixed income,” Jan Dehn, head of research at Ashmore Group, wrote in a research note. Continue reading →
It’s almost certain a yuan reserve currency will become reality 11 months from now, triggering a foreign currency shift of as much as $2 trillion – an existential threat to the U.S. dollar’s status as the world’s primary reserve currency.
Last week, Bloomberg reported that International Monetary Fund (IMF) officials have told Chinese officials that the yuan will join the organization’s basket of reserve currencies “soon.” Continue reading →
After another wild week of trading in global markets, today one of the top money managers in the world told King World News that China is preparing to shock the world.
Stephen Leeb: “Someone from the IMF just said that the chances are 99 percent that China will get approved for reserve currency status. If they do (get approved), how long before China says, ‘Now that we are approved as a reserve currency, now that the world can trade with the yuan, we want to put a little more backbone in our currency, how about backing part of our currency with gold?’ That is definitely going to happen, Eric… Continue reading →
The renminbi could overtake the leadership of the US dollar as an international trade currency with China’s creation of the Asian Infrastructure Investment Bank (AIIB) and its energy alliance with Russia, writes the Beijing-based Reference News. Continue reading →
China is promoting greater use of the yuan in global trade, investment and as a reserve currency
China’s currency, the yuan, ascended to a higher global status in 2014, with the value of cross-border payments by the currency accounting for 23.6 percent of total cross-border payments, according to a report on the globalization of the yuan released by the People’s Bank of China, the country’s central bank, on June 11.
Data from the Society for Worldwide Interbank Financial Telecommunication shows that the yuan became the second most used currency in trade finance—letters of credit and collections, the fifth most popular payment currency and the sixth most used foreign exchange currency in the world in December 2014. Continue reading →
– Russia “bought gold” for “diversification” – Russian Central Governor Nabiullina – Russian central bank prefers gold bullion to euros or dollars – Russia points out that other countries have a “bigger share of gold in their reserves” – “Can’t imagine a situation where bitcoins would be considered a reserve currency” – On bitcoin – sees “mobility”, “expediency” and “low cost” but may regulate
The Russian Central Bank Governor told CNBC this morning that Russia has bought and will continue to buy gold bullion for “principles of diversification.”
In an interview with Geoff Cutmore of CNBC, Elvira Nabiullina was asked 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 →
A top financial advisor, worried that Obamacare, the NSA spying scandal and spiraling national debt is increasing the chances for a fiscal and social disaster, is recommending that Americans prepare a “bug-out bag” that includes food, a gun and ammo to help them stay alive.
David John Marotta, a Wall Street expert and financial advisor and Forbes contributor, said in a note to investors, “Firearms are the last item on the list, but they are on the list. There are some terrible people in this world. And you are safer when your trusted neighbors have firearms.” Continue reading →
China’s leadership will soon usher in bold reforms to support a domestic consumption-driven economic model, and globalizing the renminbi as an alternative store of wealth to the US dollar is at the center of the strategy.
The scathing commentary published by China’s state-owned Xinhua news agency calling for a ‘de-Americanized world’ was undoubtedly music to the ears of many in the developing world. The article – published during the recent fiscal deadlock – accused Washington of abusing its superpower status by engaging in unwarranted military conflicts, engineering regime changes with impunity, and mishandling its status as the issuer of the world reserve currency by exporting risk abroad. Xinhua’s commentary also called for drastic reforms of the IMF and World Bank to reflect the growing muscle of the developing world, and most significantly, “the introduction of a new international reserve currency that is to be created to replace the dominant US dollar.” Continue reading →
The dollar’s role as the world’s leading reserve currency is at risk because of the political impasse in the United States, which has raised fears of a debt default, European Central Bank policymaker Ewald Nowotny said.
“If it really comes to a collapse, no one knows exactly what will happen. One expects that there are chances to postpone the effects but by the end of the year at the latest it will be rather dramatic,” Nowotny told Austrian broadcaster ORF in an interview aired on Saturday. Continue reading →
The Fed will very likely never ‘taper’. If so, there will be a bond sell off which would quickly spiral out of control. Quantitative easing, or QE, will be permanent until it eventually causes a collapse.
The ‘day of reckoning’ is indeed coming. The question is not if, but when.
On Sept. 15, Canadian billionaire Ned Goodman spoke at the Cambridge House regarding the U.S. dollar, and the state of the Western economies. In his nearly eight minute speech, the 75 year old CEO of Dundee Capital Markets and Chancellor of Brock University painted a picture of the upcoming change in reserve currency control by the U.S., and how the dollar will soon be replaced as nations around the world rush to get rid of their currency reserves.
Ned Goodman: In my view, the dollar is about to become dethroned as the world’s de facto currency. I’ll tell you how I came to that conclusion so quickly… the new President of China, Xi Jinping, his first visit on the day of his becoming President, was at his request to meet with Mr. Putin. And he immediately made a deal with Mr. Putin to get all the oil that he needs, which he can buy in Renminbi.
We’re headed to a period of stagflation, maybe serious inflation, but stagflation for sure, and the United States will be losing the privilege to print at its will, the world’s reserve currency. A period that’s going to be very inflationary, and I can tell you that before that happens, it is likely that it is going to get quite ugly. – Ned Goodman, Cambridge House Continue reading →
Having South Korea on the list should send a dire message as to how bad of a situation the United States is in. As each day passes, we’re heading towards what looks like complete destruction of the US dollar and collapse of the economy — and at an exponential rate.
First came the shocking news from South Korea. They are planning to reduce their holdings of U.S. dollars as reserve currency in favor of the Yuan and Chinese equities. From an investment relationship, this sounds prudent but runs very contrary to the once unique relationship we held with South Korea. The fact that the government might prefer Chinese stocks to U.S dollars says a great deal. This is setting the stage for what we have described as Phase Three, a direct attack on the sovereign credit of the United States and the U.S. dollar as global reserve currency. We outlined the plans in detail in our book (www.secretweapon.org) and have covered the issue extensively in previous blog posts. We knew that Iran was turning against the dollar. But South Korea?
We should also note that we are losing favor in the Middle East as well as Asia. The Dubai Police Chief gave an important speech in which he faulted the United States for allying with the Muslim Brotherhood. In response, he used his influence to suggest that the Gulf States turn to China and even Russia. He described a chief threat to Gulf State Security as ECONOMIC in the form of unemployment. This was after he proclaimed U.S. policy the number one threat in the region. And, he shared that China’s economy was a better ally than America. Dubai has been a rock of stability in the region but now considers the United States more of a threat than an ally. He is speaking of economic terms and we are losing the economic war globally.