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Archive for the ‘Currency Wars’ Category

Why has Iran’s state oil company decided to dump the dollar?

Posted by seumasach on February 10, 2016

Sputnik

10th February, 2016

Tehran has taken revenge on Washington for years of US-driven economic warfare against Iran: the National Iranian Oil Company has announced that Iran will only accept payment in euros, not dollars, for its oil, F. William Engdahl notes, adding that Saddam Hussein had adopted a similar ‘petroeuro’ practice, prompting the US to invade Iraq.

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Iran wants oil payments in euros only

Posted by seumasach on February 7, 2016

PressTV

5th February, 2016

Iran indicated on Friday that it wants to settle payments for its new and outstanding oil sales in euros and not in dollars or any other currencies.

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Legendary hedge funds take on the Chinese central bank

Posted by seumasach on February 1, 2016

Here comes the showdown between the Western financial model and the Chinese one viewed through a Western prism in this article. This looks to me like desperate stuff from Soros and his speculator friends.

Zero Hedge

31st January, 2016

One month ago, we first revealed that for one prominent winner from the subprime crisis, Hayman Capital’s Kyle Bass, “the greatest investment opportunity right now” is to short the Chinese Yuan: as he explained “given our views on credit contraction in Asia, and in China in particular, let’s say they are going to go through a banking loss cycle like we went through during the Great Financial Crisis, there’s one thing that is going to happen: China is going to have to dramatically devalue its currency.” He even went so far as to give a timeframe: “we think it’s going to be in the next 12-18 months.”

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Gold in 2016

Posted by seumasach on January 10, 2016

Alasdair Macleod

Gold Money

7th January, 2015

Advance signs of a global slump in economic activity emerged in 2015

Furthermore, the dollar’s strength, coupled with widening credit spreads confirms a global tendency for dollar-denominated debt to contract. These developments typically precede an economic and financial crisis that could manifest itself in 2016, partially confirmed by the disappointing performance of equity markets. If so, demand for physical gold can be expected to escalate rapidly as a financial crisis unfolds.

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Iran, India dump Petrodollar

Posted by seumasach on January 10, 2016

Just the Beginning: Iran, India Dump Petrodollar, Settle Oil Payments in Rupees

Russia Insider

6th January, 2015

Iran and India have announced that they intend to settle all oustanding crude oil payments in rupees, as part of a joint strategy to dump the dollar and trade instead in national currencies.

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The Petroyuan cometh

Posted by seumasach on September 12, 2015

Launch Of Renminbi-Denominated Oil Futures Contract Imminent

Zero Hedge

11th September, 2015

Whenever one talks about the death of the petrodollar, the unspoken question lurking just beneath the surface is this: is the rise of the petroyuan just around the corner?

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Russia through the Saudi looking glass

Posted by seumasach on June 25, 2015

Nonetheless, Rashed sums up: “Of course, we shouldn’t read into any new developments outside political frameworks, because I can hardly imagine that Saudi Arabia has decided to turn against its alliances (with the West) – but it probably wants to get out of the narrow US corner and expand its options”.

The Saudis can downplay this as much as they want- the simple fact is that getting out of “the narrow US corner” is tantamount to ending the reign of the petrodollar

M.K.Bhadrakumar

Asia Times

24th June, 2015

The latest bunch of diplomatic cables released by WikiLeaks as part of the half a million files relating to Saudi Arabian Foreign Ministry contains a revealing document on an “arrangement of reciprocal support to the candidature of the Government of Russia to the Human Rights Council on the understanding that the Government of Russia would also extend its valuable support to the candidature of Saudi Arabia” in the elections to the body held in May 2013.

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Sino-Russian rapid rapprochement to undermine dollar

Posted by seumasach on June 21, 2015

Sino-Russian rapid rapprochement giving Western financiers the shivers

Sputnik

19th June, 2015

The Sino-Russian rapid rapprochement, accelerated by anti-Russian sanctions, gives Western financiers the shivers and prompts fears for the West’s economic fortunes and the future of the US dollar.

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Bank of China to help set London’s gold price

Posted by seumasach on June 18, 2015

Bank of China becomes first Asian firm to help set London’s gold price

Telegraph

16th June, 2015

A Chinese bank will become the first Asian firm in history to join a group of Western institutions that help set the price of gold in the London market.

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China establishes world’s largest physical gold fund

Posted by seumasach on May 25, 2015

Zero Hedge

24th May, 2015

While many eagerly await the day when China will finally reveal its latest official gold holdings, a number which when made public will be orders of magnitude higher than its last 2009 disclosure of just over 1,000 tons, or less even than Russia, China continues to plough ahead with agreements and arrangements to obtain even more gold in the coming years.

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The new multilateral financial architecture

Posted by seumasach on April 5, 2015

Gateway House

1st April, 2015

The announcement that major European powers will join the AIIB as founding members means the bank is now clearly accepted as a tangible game changer in the multilateral financial architecture. The formidable intentions of AIIB and the new transnational corridors project are both a challenge and an opportunity for India

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