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Archive for the ‘Currency Wars’ Category

Iran, Iraq consider using local cash in mutual trade

Posted by seumasach on November 20, 2018

PressTV

18th November, 2018

Iran says it is discussing a plan with Iraq to switch to dinar in trade instead of the US dollar.

The announcement was made by Iran’s Ambassador Iraj Masjedi who said the plan had been devised in response to recent US sanctions that restricted Iran’s access to the greenback.

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Saudi Arabia gets a friend in need – Russia

Posted by seumasach on October 24, 2018

M.K.Bhadrakumar

Indian Punchline

22nd October, 2018

It goes without saying that oil has been central to military power and economic life in modern history. Control of oil has been a key source of power and policy in the Cold War. There was even a top-secret US government plan to ravage the Middle East oil industry in the event of the former Soviet Union gaining control of it. The CIA called it the “denial policy”. It was hatched in 1948 during the Berlin Blockade – whereby, oil wells would be plugged, equipment and fuel stockpiles destroyed, refineries and pipelines disabled to ensure that the USSR never got hold of the Middle East’s oil resources.

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EU, UK, Russia and China join together to dodge US sanctions on Iran

Posted by seumasach on September 29, 2018

“What really matters is the fact that the leading nations of the EU have joined the global heavyweights — Russia and China — in open defiance of the United States. This is a milestone event. It’s hard to underestimate its importance. Certainly, it’s too early to say that the UK and other EU member states are doing a sharp pivot toward the countries that oppose the US globally, but this is a start — a first step down that path. This would all have seemed unimaginable just a couple of years ago — the West and the East in the same boat, trying to stand up to the American bully!”

Strategic Culture

28th September, 2018

The UN General Assembly (UNGA) in New York is a place where world leaders are able to hold important meetings behind closed doors. Russia, China, the UK, Germany, France, and the EU seized that opportunity on Sept. 24 to achieve a real milestone.

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Europe finally has an excuse to challenge the dollar

Posted by seumasach on September 26, 2018

“Creating “a defensible banking architecture” may well be the end goal for the Europeans, China and Russia, anyway. Iran is only a convenient pretext: the nuclear agreement is one of the few things that unite the EU, China and Russia against the U.S. But working to undermine the dollar’s global dominance isn’t ultimately about Iran at all. In his recent State of the European Union speech, European Commission President Jean-Claude Juncker called for strengthening the euro’s international role and moving away from traditional dollar invoicing in foreign trade. China and Russia have long sought the same thing, but it’s only with Europe, home of the world’s second biggest reserve currency, that they stand a chance of challenging American dominance.”

Bloomberg

25th September, 2018

With more and more European companies fleeing Iran following the re-imposition of U.S. sanctions, it may be tempting for Americans to write off Europe’s efforts to save the Iran nuclear deal. It would be wiser to resist the temptation.

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The global financial system is unraveling…

Posted by seumasach on September 5, 2018

On the one hand, we can expect to see defaults on dollar debt. On the other, dollars held abroad will be used to prop up falling currencies- for example, China may support the Turkish Lira- or used to buy gold or commodities.

And No, the U.S. Is Not immune

Charles Hugh Smith

Of Two Minds

4th September, 2018

Currencies don’t melt down randomly. This is only the first stage of a complete re-ordering of the global financial system.

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Iran sanctions, emerging markets and the end of dollar dominance

Posted by seumasach on August 30, 2018

Brandon Smith

Birch Gold

The trade war is a rather strange and bewildering affair if you do not understand the underlying goal behind it. If you think that the goal is to balance the trade deficit and provide a more amicable deal for U.S. producers on the global market, then you are probably finding yourself either confused, or operating on blind faith that the details will work themselves out.

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Turkey’s crisis and the dollar’s future

Posted by seumasach on August 27, 2018

Alastair MacLeod

Mises Institute

22nd August, 2018

 

Last week’s collapse of the Turkish lira has dominated the headlines, and it is widely reported that this and other emerging market currencies are in trouble because of the withdrawal of dollar liquidity. There are huge quantities of footloose dollars betting against these weak currencies, as well as commodities and gold, on the basis the long-expected squeeze on dollar liquidity is finally upon us.

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Putin’s wedding trip seals marriage of convenience with Merkel

Posted by seumasach on August 25, 2018

Pepe Escobar

Asia Times

25th August, 2018

It was supposed to be a low-key, traditional Austrian wedding until Vladimir Putin pulled up in a black limo. The bride was Austrian Foreign Minister Karin Kneissl, a top energy analystand former professor at the Diplomatic Academy in Vienna and the European Business School in Frankfurt.

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Time has come for Russia to finally ditch US dollar

Posted by seumasach on August 25, 2018

RT

24th August, 2018

Russia will definitely respond to Washington’s latest sanctions and, in particular, it is accelerating efforts to abandon the American currency in trade transactions, said Deputy Foreign Minister Sergei Ryabkov.

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Challenging the dollar: China and Russia’s plan from petroyuan to gold

Posted by seumasach on October 5, 2017

“The reason the dollar plays such an important role in the world economy is due to the following three major factors: the petrodollar; the dollar as world reserve currency; and Nixon’s decision in 1971 to no longer make the dollar convertible into gold. As is easy to guess, the petrodollar strongly influenced the composition of the SDR basket, making the dollar the world reserve currency, spelling grave implications for the global economy due to Nixon’s decision to eliminate the dollar’s convertibility into gold. Most of the problems for the rest of the world began from a combination of these three factors.”

Federico Pieraccini

Strategic -Culture

If we were to identify what uniquely fuels American imperialism and its aspirations for global hegemony, the role of the US dollar would figure prominently.

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The Almighty dollar against the Great Petro-Yuan Temptation

Posted by seumasach on September 19, 2017

GEAB

17th September, 2017

Qatar, North Korea, the Baltic Sea, risk of a World War III… and all the military ranting mentioned in the media lately, are issues going hand in hand with the programmed and imminent advent of the catastrophic scenario for the dollar as a unique world reference currency: the Petro-Yuan will be in place at the end of the year. More than a petro-currency, it will be a petro-gas-gold-currency! The West is thus preparing to switch to total anachronism with this founding act of the 21st century multipolar world. 2014-2017: here we are, at the end of a three-year exacerbation period of tensions on all front lines (West against the rest of the world) and we are witnessing the up-coming end of the dollar’s reign over the world and over all financial systems and their related economic activities. Sanctions, blockades, proxy-wars, direct military threats… the question is whether the current clash of arms is really a warning sign of an Nth suicide of the West whilst hoping in vain to stop time, or whether the solution conveying power is on the verge of carrying away all possible resistance.

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