In These New Times

A new paradigm for a post-imperial world

Posts Tagged ‘dollar collapse’

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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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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Europe’s banks seek gold repatriation

Posted by seumasach on September 15, 2015

US Gold Reserves Bottom Out as Europe’s Banks Seek Financial Independence

Sputnik

14th September, 2015

European Central banks keep demanding the return of their gold bullion from the vaults of the Federal Reserve Bank of New York, reducing the gold stockpile kept under the streets of Manhattan to its lowest level in decades; economist Lew Rockwell is convinced that the move is an indication that Europe is desperately striving for independence.


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What would happen if everyone joins China in dumping Treasurys?

Posted by seumasach on August 27, 2015

Zero Hedge

26th August, 2015

On Tuesday evening in “Devaluation Stunner: China Has Dumped $100 Billion In Treasurys In The Past Two Weeks,” we quantified the cost of China’s near daily open FX operations in support of the yuan. 

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Dollar no more

Posted by seumasach on May 3, 2015

Sputnik

30th April, 2015

In early 2014, Justin Yifu Lin, the former World Bank Chief Economist, blamed the dominance of the US dollar for global economic crises and said it should be eliminated as the world’s reserve currency. According to Lin, the solution would be to replace the national currency with a global currency.

In the recent months, several countries, including Russia, China, India and Turkey, have decided to ditch the US dollar in their foreign trade, often paying for products in gold or other agreed on currencies.

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China launches a gold exchange

Posted by seumasach on September 23, 2014

China set to win Asia gold pricing race with new exchange

Times of India

18th September, 2014

SINGAPORE/SHANGHAI: China launched a gold exchange open to foreign players for the first time on Thursday, putting the world’s top bullion buyer on track to win a race to set the benchmark price in Asia.

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France lashes out against US dollar

Posted by seumasach on July 9, 2014

…calls for ‘rebalancing’ of world currencies

RT

7th July, 2014

The French government wants to break the monopoly the dollar has on international transactions after the country’s largest bank, BNP Paribas, was slapped with a record $9 billion fine and a 1-year dollar trading ban.

 

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France’s Noyer says BNP may prompt shift away from Dollar

Posted by seumasach on June 13, 2014

France’s Noyer Says BNP May Prompt Shift Away From Dollar

Bloomberg

11th June, 2014

Bank of France Governor Christian Noyer said the U.S. investigation into BNP Paribas SA (BNP)’s dealings with sanctioned nations may encourage companies to stop using dollars in international transactions.

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Money and credit and the current backdrop

Posted by seumasach on April 30, 2014

“Today’s markets would react negatively to any major expansion of central bank Credit from the likes of Brazil, Russia, Turkey, India, Indonesia or South Africa. This market dynamic provides a huge competitive advantage to developed central banks, markets and economies. Increasingly, this competitive advantage along with the destabilizing global role of Federal Reserve “money” are sources of heightened global animosities. More than ever before, EM economies see developed “money” printing as a force for rising inequality”. 

In other words, the ability of Washington and London to “quantitatively ease” is an imperial privilege. However, there is one crucial distinction between this and past forms of imperial exploitation: QE is also impoverishing, through inflation, the whole US and UK populations, outside the 0.01 % elite.

Doug Noland

Prudent Bear

27th April, 2014

Trouble brewing

Over the years, money and the “Moneyness” of Credit have remained focal points of my Macro Credit Analytical Framework. From my perspective, money is fundamentally defined by perceptions. “Money” is a financial claim perceived as safe and a liquid store of nominal value. Understandably, this definition is troubling to monetary purists. Yet in the spirit of Ludwig von Mises and his notion of broad money/“fiduciary media,” my view of contemporary “money” is focused on an array of financial claims and their functionality. 

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