In These New Times

A new paradigm for a post-imperial world

Posts Tagged ‘new financial architecture’

Brics move to unseat dollar as trade currency

Posted by seumasach on March 27, 2012

FIN 24

25th March, 2012

SOUTH Africa will this week take some initial steps to unseat the US dollar as the preferred worldwide currency for trade and investment in emerging economies.

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India presses for BRICS bank

Posted by seumasach on March 20, 2012

Asia Times

21st March, 2012

MOSCOW – India’s proposal to set up a bank of the BRICS nations (Brazil, Russia, India, China and South Africa) will top the agenda at the summit of the group in New Delhi on March 28.

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From European Chaos to New World Order

Posted by seumasach on November 10, 2011

An Interview with Franck Biancheri:From European Chaos to New World Order

McAlvany Weekly

 

5th October, 2011

Listen to audio

-Looking ahead, national integration is the trend and likely outcome of the current European mess.
-The Breton-Woods Dollar reserve system will be replaced by a completely new monetary order between 2012-2014.
-Look for a transnational referendum to pass overwhelmingly taking Europe into a new era of transnational leadership and law.
-Be sure to visit: http://www.franck-biancheri.eu/  and   http://leap2020.eu/

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SCO able to offer new global reserve currency

Posted by seumasach on June 16, 2011

People’s Daily

16th June, 2011

The Shanghai Cooperation Organization (SCO) is capable of offering the world a new reserve currency, Kazakh President Nursultan Nazarbayev said Wednesday.

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Obama, financial war and the elimination of DSK

Posted by seumasach on May 30, 2011

Thierry Meyssan

Voltairenet

28th May, 2011

It is impossible to understand the downfall of Dominique Strauss-Khan without linking it to his project for the creation of a new international reserve currency, which was to be launched on 26 May 2011 at the Deauville G-8 summit. The project was paradoxically anticipated as much by the Emerging States as by stateless capital, but rejected by the U.S.-Israeli military-industrial complex. Thierry Meyssan exposes the chicanery of the Obama administration to dodge its commitments.

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China aims to settle nationwide trade in yuan by 2011

Posted by seumasach on March 3, 2011

Reuters

2nd March, 2011

China hopes to allow all exporters and importers to settle their cross-border trades in the yuan by this year, the central bank said on Wednesday, as part of plans to grow the currency’s international role.

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Sam’s Exchange: Tear down that wall

Posted by seumasach on February 25, 2011

RAI Novosti

23rd February, 2011

The wall is collapsing. Just like the Berlin wall came down in 1989, today we are seeing the collapse of the petrodollar wall across the oil producing nations of the Arab world. The petrodollar wall, unlike the Berlin wall, is not physical but a system of exchange. It is a system which exchanges oil for dollars, and dollars for security. It is a function of a uni-polar world, and given we are in a paradigm shift to a multi-polar world, the petrodollar wall no longer serves its purpose. The purpose of the so-called petrodollar wall was to ensure the dollar as the world’s reserve currency, and the accepted global system of exchange. With the drum beat for change in the global financial system beating ever louder, and the move to a new system of account away from the petrodollar wall, the pace at which regimes across the Arab world fall or change will increase. What will this mean for the price of oil?

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Sarkozy urges less international reliance on US dollar

Posted by seumasach on January 11, 2011

Deutsche Welle

10th January, 2011

France is hosting this year’s G8 and G20 summits, and French President Nicolas Sarkozy has started to campaign for a change to the way the US dollar plays a central role in the global economy.

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Medvedev Pushes Ruble Reserve Currency to Cut Dollar Dominance

Posted by seumasach on June 19, 2010

Though Russia is “very carefully monitoring what’s happening in the euro zone,” the emergence of the euro as a currency to rival the dollar’s dominance helped soften the impact of the global crisis, Medvedev said.

“If the world depended completely on the dollar, the situation would have been more difficult,” Medvedev said.

The anglo-saxon campaign to destroy the euro looks doomed: China, Russia and all who seek to diversify out of the dollar have an overwhelming interest  in maintaining the euro.

Business Week

18th June, 2010

June 19 (Bloomberg) — Russia wants the ruble to be one of the world’s reserve currencies as President Dmitry Medvedev renews his push to reduce the dollar’s dominance and make Moscow a global financial hub.

“Only three, five years ago it seemed like a fantasy” to create a new reserve currency, Medvedev said yesterday in a speech in St. Petersburg, Russia. “Now we are seriously discussing it.”

Medvedev, who has repeatedly called for a supranational currency to match the dollar, said discussions with China are continuing on broadening the global options. Russia sold U.S. Treasuries for a fifth consecutive month in April, the U.S. Treasury Department said June 15. The world may need as many as six reserve currencies, Medvedev said.

“It’s something that’s obviously needed,” he said at the St. Petersburg International Economic Forum. “Developing a financial center in Moscow will considerably help to strengthen the ruble’s position as one of the reserve currencies.”

Medvedev’s comments underline Russia’s ambition to reassert its global power following the financial crisis. Gross domestic product shrank 7.9 percent last year, the worst contraction since the fall of communism in 1991, after the credit crunch sent commodity prices plunging.

If a country wants to alter the world economic order, including the number of reserve currencies, it must become an international financial center, Bank of Israel Governor Stanley Fischer said in an interview yesterday.

‘Don’t Emerge by Fiat’

“For a currency to be a reserve currency, you have to have capital markets in which you can sell it and buy it very easily,” Fischer said. “New reserve currencies don’t emerge by fiat. They emerge as countries change.”

Medvedev said he envisages a new economic hierarchy allowing emerging-market giants such as Russia and China to drive the global agenda as the world emerges from the first global recession since the 1930s.

“We really live at a unique time, and we should use it to build a modern, prosperous and stron Russia, a Russia that will be a co-founder of the new world economic order,” he said.

The BRIC countries — Brazil, Russia, India and China — were net sellers of U.S. assets in April, driven mainly by Russian divestments, Brown Brothers Harriman & Co. Senior Currency Strategist Win Thin said in a June 15 note.

Russia may add the Australian and Canadian dollars to its international reserves as the central bank diversifies the world’s third-largest stockpile away from the greenback, central bank First Deputy Chairman Alexei Ulyukayev said in a June 16 interview.

Though Russia is “very carefully monitoring what’s happening in the euro zone,” the emergence of the euro as a currency to rival the dollar’s dominance helped soften the impact of the global crisis, Medvedev said.

“If the world depended completely on the dollar, the situation would have been more difficult,” Medvedev said.

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Death of Petro-Dollar, Told You So

Posted by seumasach on October 10, 2009

Jim Willie

Market Oracle

8th October, 2009
The story hit like a thief in the night, even bearing Biblical proportions. The end of the exlusive sale of MidEast oil in USDollars, the rise of Russian and Chinese influence in the Persian Gulf, the rise in importance for the Intl Monetary Fund basket of currencies, the final clarion call for the free ride by Americans on the Dollar Credit Card, and hidden implications that the Saudis must shop for a new security lord in the region with broad military might, these are revolutionary steps with profound geopolitical implications.

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World Prepares to Dump the Dollar

Posted by seumasach on July 24, 2009

Robert Morley

The Trumpet

21st July, 2009

What do China, India, Brazil, Russia, France and Germany have in common? These countries most often can’t agree on anything. But they are united in one strange—and ominous—way. They blame the United States for wrecking the global economy. And they think the dollar is the wrecking ball.

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