In These New Times

A new paradigm for a post-imperial world

Posts Tagged ‘new global financial system’

Russia sells off record amount of US Treasury bonds

Posted by seumasach on June 21, 2018

 

Strategic Culture

18th June, 2018

The US Treasury Department report for April published on June 15 revealed that Russia sold $47.4 billion out of the $96.1 it had held in Treasury bonds (T-bonds). In March, Moscow cut its Treasury holdings by $1.6 billion. In February, Russia reduced its bond portfolio by $9.3 billion. Other holders did it too. Japan sold off about $12 billion, China liquidated roughly $7 billion. Ireland ditched over $17 billion.

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Why a dollar collapse Is inevitable

Posted by seumasach on April 7, 2018

Alastair MacLeod

Gold Money

5th April, 2018

We have been here before – twice. The first time was in the late 1920s, which led to the dollar’s devaluation in 1934. And the second was 1966-68, which led to the collapse of the Bretton Woods System. Even though gold is now officially excluded from the monetary system, it does not save the dollar from a third collapse and will still be its yardstick.

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BRICS countries mulling formation of single gold trade system

Posted by seumasach on November 26, 2017

TASS

24th November, 2017

BRICS countries are discussing the possibility of establishing a single gold trade system, First Deputy Chairman of Russia’s Central Bank Sergey Shvetsov said Friday.

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Venezuela stops accepting dollars for oil payments

Posted by seumasach on September 14, 2017

Zero Hedge

13th September, 2017

Apparently confirming what President Maduro had warned following the recent US sanctions, The Wall Street Journal reports that Venezuela has officially stopped accepting US Dollars as payment for its crude oil exports.

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Blowing off the roof

Posted by seumasach on September 11, 2017

This actually ties in logically with declarations at the recent BRICS conference concerning an alternative system of international payments involving, most notably. a gold-backed Yuan. The dollar’s demise as the global reserve currency is imminent and Trump’s deal with the Democrats merely brings it closer but with the advantage that the Democrats can’t blame Trump for it now.

Peter Schiff

Euro Pacific

8th September, 2017

Of all the absurd Washington pantomimes none has been as reliably entertaining and maddening as the annual debates to raise the debt ceiling. Although the outcome was always a foregone conclusion (the ceiling would be raised), the excitement came when fiscal conservatives bemoaned the perils of runaway debt and “attempted” to exact spending restrictions through threats “to shut down the government,” (which often led to news coverage of tourists being turned away from national parks.) On the other side of the aisle Democrats would rail that the ceiling must be raised “because America always pays her bills.” Lost was the irony that “paying” bills with borrowed money was fiscally responsible, and that raising the ceiling actually enabled America to continue to avoid paying its bills. After these amateur theatrics, the ceiling would be lifted and Washington would go on as if nothing happened. But at least the performance threw occasional light on the nation’s debt problems.

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China’s next step to destroy the dollar

Posted by seumasach on June 3, 2017

Of course, China’s goal is not to destroy the dollar but to negotiate a new global monetary system, a currency reset, in which the dollar will continue to play a role, albeit a greatly reduced one. A yuan for Saudi oil deal would help to focus Trump’s mind on outcome, the best one he can hope for.

Daily Reckoning

31st May, 2017

China is currently modifying the terms of its oil trade with Saudi Arabia. Specifically, China is working on a deal to pay for Saudi oil using Chinese yuan. This effort poses a direct threat to the security of the dollar.

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Don’t be taken in by Project Fear – staying in the EU is the risky choice

Posted by seumasach on February 29, 2016

It’s risky choice for the interests of those British banks and hedge funds, backed by the Murdoch press, in particular, who are calling for Brexit. They know that the deal Cameron negotiated pathes the way for Michel Barnier’s planned bail-in program for the European banking sector, with no British veto on financial regulation, and that the likes of Barclays, RBS and TSB will likely be first in line for bail-in. That means that shareholders and creditors will lose out this time rather than being bailed out as in 2008. What is really interesting about this is that a section of the British elite, led by Cameron and Osbourne, accepts the demise  of these British financial interests, that they accept the inevitable. What remains is a global reset, a new global financial system which is no longer controlled by the West, and the refoundation of the financial system on a new basis. It is not hard to see why there has to be a referendum on this revolution even though the stakes are not being explained to the British people.

Boris Johnson

Telegraph

19th February, 2016

Are you frit? Are you frightened? Have they spooked you yet? It is now obvious that the Remain campaign is intended to provoke only one emotion in the breast of the British public and that is fear.

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US isolated over BRICS and IMF

Posted by seumasach on December 15, 2014

US isolated, BRICS to get greater voting power at IMF

BRICS Post

13th December, 2014

Months after the formation of new financial institutions like the $100 billion BRICS Bank and the China-led Asia Infrastructure Investment Bank, Christine Lagarde, managing director of the International Monetary Fund (IMF), said Friday that the organization is ready to discuss IMF voting reforms without the United States to give BRICS and emerging countries greater voting power.

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The international monetary system needs the euro

Posted by seumasach on January 28, 2012

Agnès Bénassy-Quéré

Euro Intelligence

20th January, 2012

With the survival of the euro area at stake, and the reform of the international monetary system no longer a priority of the G20 presidency, it may seem strange to call for an increased international role of the euro. But the flaws of an international monetary system centered on the US dollar are substantial and these flaws are likely to inflate as world economic growth is mainly driven by emerging countries.

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The Financial New World Order: Towards a Global Currency and World Government

Posted by seumasach on April 9, 2009

There are two different globalisation processes going on: that represented by Gordon Brown and that represented by Hugo Chavez. One is nothing other than the Anglo-American project for global hegemony; the other is born of the struggle of sovereign nations against it. Does Andrew Marshall really believe they are the same thing, and that all attempts to create a new global financial architecture are intrinsically subordinate to Washington and London. Or perhaps he believes that all global leaders are already subordinate to Washington and London, and engaged in a conspiracy against their own peoples. That would be bad news indeed, and would mean that our fate was sealed, people’s movements notwithstanding. The consolidation of regional blocks, outlined in this article, is precisely the crystalisation of the several poles of the multipolar world order , which we at ITNT believe to be the way forward. These powerful blocks, which will seek to become self contained as far as possible, in response to the collapse of world trade, will also serve as a counterweight to global institutions.  The question of how global institutions and the global monetary system can be adapted to this multipolar world order, is a fundamental question which I have cautiously begun to approach. It would appear that we are moving inexorably towards the definition of a new global leadership and that we have need of that. The question, then, is the form and nature of that leadership. But, I will concede Mr Marshall this: the construction of any new world order is premature until the definitive collapse of Anglo-American leadership and that in the meantime, the Brown-Obama initiatives must be blocked, as I expect them to be at every turn by Russia, China, Venezuela etc.

Andrew G. Marshall

Global Research

6th April, 2009

Introduction


Following the 2009 G20 summit, plans were announced for implementing the creation of a new global currency to replace the US dollar’s role as the world reserve currency. Point 19 of the communiqué released by the G20 at the end of the Summit stated, “We have agreed to support a general SDR allocation which will inject $250bn (£170bn) into the world economy and increase global liquidity.” SDRs, or Special Drawing Rights, are “a synthetic paper currency issued by the International Monetary Fund.” As the Telegraph reported, “the G20 leaders have activated the IMF’s power to create money and begin global “quantitative easing”. In doing so, they are putting a de facto world currency into play. It is outside the control of any sovereign body. Conspiracy theorists will love it.”[1]

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Business as usual at IMF

Posted by seumasach on March 17, 2009

Crise économique : le FMI persiste et signe

Voltairenet.org

14th March, 2009

Translation at foot of each paragraph

Pourquoi changer une politique qui conduit à la faillite, lorsque les victimes sont les autres ? Telle est la question qui se pose au Fonds monétaire international et à laquelle il ne répondra pas. Au contraire, sous la houlette de Dominique Strauss-Kahn, le FMI entend utiliser la crise pour réduire. un peu la marge de manœuvre des États pauvres. Pour Damien Millet et Eric Toussaint, responsables du CADTM (Comité pour l’annulation de la dette du tiers-monde), il faut dissoudre sans attendre une institution internationale qui a conçu ses prêts comme un moyen de domination.

[Why change policies which led to failure, when the victims are others? This is the question the IMF fails to answer. On the contrary, under the leadership of Dominique Strauss-Kahn, the IMF aims to use the crisis to limit the room for manoeuvre of the poorer states. For Damien Millet and Eric Toussaint of the CADTM(Committee for the Cancellation of the Third-World Debt) we must dissolve this institution which uses debt as an instrument of domination.]

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