Sep 102017
 
Please allow me to remind you … (self.Bitcoin) submitted 10 hours ago by brahim789 Guys, please allow to me remind you that any innovative idea is almost always welcomed with skepticism/hostility by those who have much to lose from its success. Take the example of cars. In the past, when the first cars were created, the railway and stagecoach industry used all their weight to put pressure on the authorities to prohibit them. You know, using the same well-known sneaky technique of the capitalist: the manipulation of opinion. They tried to convince people that the car was too dangerous for people and frightened the horses. They managed to pass a law in 1865 in England that restricted their use only to a crew composed of : a driver, an engineer and a human horn (a man with a flag that warns people of the arrival of the car .. knowing that the car was limited to a speed of 4 miles per hour.) And there are many other examples you probably know. So we should be glad to see the authorities try to slow down the bitcoin because this shows that this technology is following the same pattern as all the innovative technologies that improve the daily lives of peoples and here to stay for a long time. So, i want to say thank you to China. Please go further in your bitcoin prohibition. Share this:FacebookLinkedInTwitterGoogleTumblrPinterestReddit (more…)
Sep 062017
 
By Paul Ebeling on September 6, 2017 China Begins Resetting The World’s Reserve Currency System $GLD, $OIL, $CNY It is a strategic move swapping Crude Oil for Gold, rather than for US Treasuries, which can be printed at will. A report released by the Nikkei Asian Review indicates that China is prepared to release a RMB Yuan denominated Crude Oil futures contract that is convertible, aka backed by physical Gold. The contract will enable China’s largest Crude Oil suppliers to settle Crude Oil sales in RMB Yuan, rather than in USDs, and then convert the RMB Yuan into Gold on exchanges in Hong Kong and Shanghai. This is a significant step in removing the global reserve currency status of USD, and resetting the global economic and geopolitical “landscape.” Over the past several years, China has quietly established RMB Yuan-based currency exchange facilities, which has set up the ability to implement this new non-USD trade settlement financial instrument. According to the Brookings Institute, 34 Central Banks around the world have signed bi-lateral local currency swap agreements with the PBOC (Peoples Bank of China) as of the end of September 2016, including the major Crude Oil-producing countries. With this new contract, China’s largest Crude Oil suppliers will now be able to transact directly with China, and other Crude Oil importing countries, using RMB Yuan which are directly convertible into Gold to settle the trade. This is a mechanism which is likely to appeal to Crude Oil producers that prefer to avoid using USDs, and are not ready to accept that being paid in RMB Yuan for Crude Oil sales to China is a good idea yet. Since Y 1973, OPEC Crude Oil has been quoted and traded using USDs, otherwise known as “Petrodollars.” The “recycling” of petrodollars into US Treasuries has been the life-blood of the US economic and political system. In addition to reducing a major source of funding for the US Government’s enormous deficit spending, the introduction of a Gold-backed RMB Yuan Crude Oil futures contract is an important step toward removing the USD as the world’s reserve currency. More significantly it re-introduces Gold into the global monetary system. As the new Gold-backed “Petroyuan” will allow Crude Oil producers to sell Crude Oil for Gold rather than US Treasuries. Furthermore, it reduces the ability of the US Government to impose its will on the rest of the world. And is a strategic step toward not only ridding the (more…)
Aug 232017
 
A Tsunami Hits the Recycling World, and We’ll All Feel it Soon  August 22nd, 2017  David Baggs Whether you felt it or not, the earth shaking actions that unfolded recently will ultimately have an impact on every one of us. Late last month, China notified the World Trade Organization that by the end of 2017 it will ban imports of 24 types of rubbish as part of a campaign against "foreign garbage" and environmental pollution. Anyone who cares for the planet or is a ratepayer or who relies on kerbside recycling or a reliable supply of commonly recycled plastics for manufacturing will likely sooner or later be affected by the additional costs and environmental burdens that this recent decision by China will create in the short to medium term while the developed world waste processing and manufacturing industries change gears and re-establishes recyclate reprocessing for use in their products. The decision creates massive  policy and physical challenges for all levels of government and industry. The official announcement to the WTO foreshadowed that China will forbid the import of four classes and 24 kinds of solid wastes, including plastics waste from living sources, vanadium slag, unsorted waste paper and waste textile materials. The major China HS categories being banned include the following types of materials: Scrap or waste plastic Waste of wool or of fine or coarse animal hair, including yarn waste but excluding garnetted stock (garnetted textiles are typically waste materials that have been reduces to a fibrous state for reuse in textile manufacturing) Garnetted stock of wool or of fine or coarse animal hair Cotton waste (including yarn waste and garnetted stock) Waste (including noils (short fibres), yarn waste and garnetted stock) of man-made fibres Used or new rags, scrap twine, cordage, rope and cables and worn out articles of twine, cordage, rope or cables, of textile materials Slag, dross (other than granulated slag), scalings and other waste from the manufacture of iron or steel Ash and residues (other than from the manufacture of iron or steel), containing arsenic, metals or their compounds ‘Other’, including unsorted waste and scrap. The five types of waste plastics that China is banning have China HS individual codes as shown as below: 3915100000 – Ethylene polymer scrap and waste 3915200000 – Styrene polymer scrap and waste 3915300000 – Vinyl chloride polymer scrap and waste 3915901000 – Polyethylene terephthalate 3915909000 – Other related waste (more…)
Jul 262017
 
BY BYRON KING POSTED  JULY 26, 2017 The Dollar’s Slow Demise Continues in Plain Sight “The end of the world’s present monetary system is already taking place,” says one of Mexico’s leading, hard-money economists, Hugo Salinas Price. “The U.S. is losing influence in the world… The end of the dollar as the basis of the international monetary system means the end of the U.S. as we have known it.” You may or may not know of Salinas Price, but he’s a serious player at high monetary levels. He’s not nearly as famous as most television talking-heads on mainstream U.S. media. However, he’s been following monetary issues for many decades. He’s a Mexican business magnate and founder of the Mexican retail chain, Elektra. He also happens to be a historian of money. According to Salinas Price, “The present monetary system of the world, based on the dollar, is on its death-bed. A fiat currency — such as the dollar — cannot be replaced by another fiat currency,” he explains. “Therefore, the world will necessarily have to take up (precious metals) as the world’s money.” Salinas Price does not foresee the U.S., or other leading Western nations, taking the lead in resolving their own currency issues. Instead, he thinks, “it is likely that the Eurasian Bloc will initiate the monetary transformation of the world, in due course.” Specifically, he foresees China and Russia creating a gold- and/or silver-backed currency to conduct trade. Salinas Price himself has long urged Mexico to adopt a silver-based currency, to retain value inside that nation’s economy, using the peso. Globally, there’s an obvious flight to hard currency. Whatever may happen with the day-to-day price of “paper gold,” all of the physical metal, from every mine, mill and refinery in the world, has a buyer for every ounce. A Different Kind of Russian Collusion Just follow the data for proof… China, Russia and India are all accumulating massive amounts of gold. Other large amounts of gold are moving into the Middle East, and other Asian nations. For example, below is a recent graph, showing Russia’s steady accumulation of gold over the past decade. This kind of gold buildup in Russia is no accident. Russia has a clear, national policy to accumulate gold within its state treasury. That’s because Russian policy makers are concerned about U.S./Western actions, including economic sanctions, NATO expansion, near-constant and long-term bellicose rhetoric and more. Russian (more…)
Jul 052017
 
Central Bank of China In Brief China's central bank has developed its own cryptocurrency, which is now being tested. Cryptocurrencies have the potential to not only benefit China, but the rest of the world, due to their basis in blockchain. Benefits of Digital Currency China’s central bank — the People’s Bank of China — has developed a prototype of a cryptocurrency that it could end up in circulation in the near future. It would be introduced alongside the China’s primary currency the renminbi (also called the yuan). China will be simulating possible scenarios and running mock transactions using the cryptocurrency with some commercial Chinese banks.  Click to View Full Infographic The potential benefits of developing a digital currency are significant, particularly in China. First, it would decrease the cost of transactions, and therefore make financial services more accessible, which would be a big help to the millions of people in the country who are unconnected to conventional banks. Second, as it would be supported by blockchain, it has the potential to decrease the rates of fraud and counterfeiting, which would be of service to the government’s attempts to reduce corruption — a key concern. Third, it would make the currency easier to obtain, which would increase the rate of international transactions, allowing for more trades and faster economic growth. The Rise of Cryptocurrencies Since Bitcoin’s humble beginnings back in 2009 (when it was only valued at around 0.0007 USD) the digital currency, and the very idea of cryptocurrencies in fact, has grown monumentally. The total market cap of cryptocurrencies on April 1st of this year was over $25 Billion. A single Bitcoin is now worth more than $2,500. Now many national economies, as China’s plan shows, are considering the idea of developing their own variant. Although China’s experimental approach to simulate a self-developed cryptocurrency’s usage is the first of its kind, other countries and institutions have made strides in that direction as well. The Deputy of Russia’s central bank has emphatically stated that “regulators of all countries agree that it’s time to develop national cryptocurrencies.” Over 260,000 stores in Japan will begin accepting Bitcoin as legal tender this summer, and big banks like Santander have announced plans to develop their own version. Cryptocurrencies have the potential of revolutionizing not only the business world, but many methods of transaction. There has already been talk of using cryptocurrencies to administer Universal Basic Incomes due to their traceability, as well as for the delivery of human aid; the potential for which was demonstrated by a (more…)
Dec 302016
 
Russian Airline and a Bank Execute a Blockchain Service Payment – CryptoCoinsNews The post Russian Airline and a Bank Execute a Blockchain Service Payment appeared first on CryptoCoinsNews. up JSC Siberia Airlines, commonly known under its operative name of S7 airlines has executed the first of its kind service payment using Ethereum blockchain smart-contracts through a letter of credit, with Russia-based Alfa-Bank. The announcement reveals that the agreement took place between the airlines and a counterpart using a letter of credit, through Alfa-Bank. A letter of credit is issued as a bank guarantee that payments will be made to a seller from the buyer. The bank issuing the letter of credit is obligated to cover the amount in the event that a buyer is unable to make the payment. Services giant Deloitte acted as the advisory consultant to the airline on blockchain technology, whilst providing legal support to the project. With the deal, smart contracts helped record the bank’s actions of opening and executing the letter of credit on a blockchain. In providing a conclusive statement, Artem Tolkachev, director of legal services for tech products at Deloitte said: Legally, this transaction meets all the requirements for a letter of credit as a form of bank settlement, and demonstrates the potential of smart contract application in the framework of Russian legislation. The Blockchain Service Payment The bank specifically provided members of the deal with an electronic “Alfa-business online” system where a customer could apply to open a letter of credit while a contractor is enabled with providing the bank documents upon provision of services. A “special cover account” sees funds written off from a customer’s account when the letter of credit is issued, and the funds reach the contractor’s account upon submission of documents confirming the transaction. S7 airlines deems the opening and the utilization of the letter of credit as the two main facets of the deal. “A blockchain record includes a hash (result of encryption) of the following information: deal identifiers (Taxpayer Identification Numbers (INN) of the customer and the contractor and type of works) and commercial terms (value of the letter of credit, date of opening and closing of the letter of credit),” the announcement explains further. The airline group’s deputy director general Dmitry Kudelkin added: By conducting the deal, we have tested efficiency of smart-contracts and realized how this technology could help to optimize business-processes and improve (more…)
Dec 162015
 
China to get more power under reform deal   By IanTalley      Getty Images   Long-awaited IMF reform was approved in Congress. WASHINGTON–U. S. lawmakers look set to ratify a five-year-old international deal to overhaul the governance of the International Monetary Fund that gives emerging markets such as China greater power at the emergency lender. Lawmaker approval would resolve a long-running grievance by emerging powers that their voice and vote at the shareholder institution doesn’t represent their growing economic heft in the world. Congressional leaders agreed early Wednesday morning to include the changes in a catch-all spending bill, which could become law in the coming days. “We look forward to the outcome of the legislative process,” said IMF spokesman Gerry Rice. U.S. lawmakers have stymied modernization of the fund’s shareholder governance for years, fomenting resentment among the IMF’s emerging-market membership. An expanded version of this story is available at WSJ.com Share this:FacebookLinkedInTwitterGoogleTumblrPinterestReddit (more…)
Sep 272015
 
Cara Anna, Associated Press Updated 7:49 pm, Saturday, September 26, 2015 UNITED NATIONS (AP) — China’s president on Saturday pledged billions in aid and said Beijing will forgive debts due this year in an effort to help the world’s poorest nations, as world leaders begin to seek the trillions of dollars needed to help achieve sweeping new development goals. President Xi Jinping spoke at a global summit that on Friday launched the non-binding goals for the next 15 years. Xi and others spoke as the U.N. gathering began to shift focus from development to the high-powered General Assembly meeting that begins Monday with speeches by Xi, President Barack Obama, Russian President Vladimir Putin and Iranian PresidentHassan Rouhani on the first morning alone. Obama and Putin will meet Monday. The prospects for any meeting between Obama and Rouhani, even a handshake, remained unclear. Rouhani arrived Saturday and immediately was encouraged by U.N. Secretary-General Ban Ki-moon to have Iran step up to help achieve political settlements to the grinding conflicts in Syria and Yemen, where Iran has influence. The Islamic republic is a top ally of the Syrian government of President Bashar Assad and supports Shiite Houthi rebels who have held parts of Yemen for months. Iran’s president said in his address that the recent deal with world powers on its nuclear program “has created suitable conditions for regional and international cooperation,” including on protecting the environment. As world leaders met quietly behind the scenes, others lined up to express support for the new development push that aimed to eliminate both poverty and hunger over the next 15 years. They replace a soon-to-expire set of development goals whose limited success was largely due to China’s surge out of poverty over the past decade and a half. China’s president vowed to help other countries make the same transformation. Xi said China will commit an initial $2 billion to establish an assistance fund to meet the post-2015 goals in areas such as education, health care and economic development. He said China would seek to increase the fund to $12 billion by 2030. And Xi said China would write off intergovernmental interest-free loans owed to China by the least-developed, small island nations and most heavily debt-burdened countries due this year. He said China “will continue to increase investment in the least developed countries,” and support global institutions, including the Beijing-backed Asian Infrastructure Investment Bank that is due to launch by the end of the year and is seen as a Chinese (more…)
Sep 162015
 
2015-09-10 06:32 PM  Author Evander Smart Read the complete article At Contelegraph.com Westerners are funny people. Westerners have never experienced currency devaluation, EVER! “The Almighty Dollar” has ruled the world their entire lives. Telling a Westerner there might be a problem with the U.S. Dollar is like saying the sun might not show up tomorrow morning. It has never happened; could never happen! Well, it turns out the U.S. Dollar isn’t as “almighty” as it used to be, and some new global currency might be ready to shock the world, literally. Welcome to how the rest of the world sees the United States. In effect, America is seen as an international thug, a global bully with nuclear warheads, and an unlimited credit card to make as many as they want and put them wherever they want. Nothing lasts forever Times have changed, and the shoe is on the other foot. America — land of perpetual warfare — is swimming in US$18 trillion in national debt. The U.S. owes almost US$3 trillion to just Japan and China alone as it prints about US$696 million per day. According to the International Monetary Fund (IMF) or the world’s loan shark, China has even passed the U.S. as the world’s largest economy. A large part of having a global reserve currency is your currency becomes global in demand. It is the international baseline currency for all trade. Countries are agreeing, in principle, to trade with your currency being the means to an end. Over the last several years, many countries, especially in East Asia, have stopped using the U.S. Dollar for trading purposes. These are called “bilateral trade agreements,” and they’re becoming as popular as cat videos on YouTube. So what are other countries starting to use instead? The Chinese Yuan, also known as the Renminbi. Countries are trading so much Yuan that it has become thesecond most used currency in the world, passing the Euro in 2013 whereas ten years ago, it wasn’t even considered tradable. That’s how powerful China has become as a global trade partner within the last decade. And the IMF along with the World Bank have taken note and are rumored to be ready to do something about it. Read the complete article HERE Share this:FacebookLinkedInTwitterGoogleTumblrPinterestReddit (more…)
Sep 092015
 
US dollar dominance finances Washington’s reckless spending, global militarism, its empire of bases, endless wars, corporate takeovers, as well as speculative excess creating bubbles and economic crises – at the expense of democratic freedoms and beneficial social change. China, Russia and other nations increasingly trading in their own currencies pose a significant threat to dollar dominance. Mahdi Darius Nazemroaya explained Washington’s currency war on China, saying: The Chinese are in the process of displacing the monopoly of the US dollar. They are dropping their US Treasury bonds, stockpiling gold reserves, and opening regional distribution banks for their own national currency. This will give them easier access to capital markets and insulate them from financial manipulation by Washington and Wall Street. China bashing by public and private US officials is part of a campaign to denigrate its government – making inflammatory accusations without proof about hacking, defying its legitimate right to do what it wishes in its own waters, and threatening sanctions – legal only by Security Council members, never by individual countries against others, Washington’s longstanding weapon against independent governments. “As the financial architecture of the world is being altered by China and Russia, the US dollar is gradually being neutralized as one of Washington’s weapon of choice,” Nazemroaya explained. The post-WW II US-dominated international monetary system is threatened with unraveling. Washington is fighting back with propaganda, energy, financial, economic and currency wars against China and Russia, said Nazemroaya. Russia sold a fifth of its $125 billion in US Treasuries holdings last March. China’s US Treasuries holdings exceed $1 trillion dollars. It’s been aggressively dumping them. It’s gone from the world’s largest buyer to its biggest seller. Will other countries follow suit? Nations are increasingly trading in their own currencies. Weakening America’s financial strength is the best way curb its imperial ambitions. Russia drafted legislation aimed at eliminating dollars and euros in trade between Commonwealth of Independent States (CIS) countries: Armenia, Belarus, Kazakhstan, Kyrgyzstan, Tajikistan, Russia, and other former Soviet republics. A Kremlin statement said “(t)his would help expand the use of national currencies in foreign trade payments and financial services and thus create preconditions for greater liquidity of domestic currency markets.” It would facilitate regional trade and help achieve economic stability. It would reduce dependency on the world’s two dominant currencies. China’s central bank launched a Heilongjiang Province yuan/ruble program – Russia’s currency replacing the dollar. Both countries are increasingly trading (more…)