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…)
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…)
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…)
Jul 122015
By THE ASSOCIATED PRESSJULY 12, 2015, 9:43 A.M. E.D.T. VIENNA — Negotiators at the Iran nuclear talks plan to announce Monday that they’ve reached a historic deal capping nearly a decade of diplomacy that would curb the country’s atomic program in return for sanctions relief, two diplomats told The Associated Press on Sunday. The envoys said a provisional agreement may be reached even earlier — by late Sunday. But they cautioned that final details of the pact were still being worked out and a formal agreement must still be reviewed by leaders in the capitals of Iran and the six world powers at the talks. Senior U.S. and Iranian officials suggested, however, there was not enough time to reach a provisional deal by the end of Sunday. All of the officials, who are at the talks, demanded anonymity because they weren’t authorized to discuss the negotiations publicly. “We are working hard, but a deal tonight is simply logistically impossible,” the Iranian official said, noting that the agreement will run roughly 100 pages. The senior U.S. official declined to speculate as to the timing of any agreement or announcement, saying “major issues remain to be resolved.” Despite the caution, the negotiators appeared to be on the cusp of an agreement. U.S. Secretary of State John Kerry, who on Thursday had threatened to walk away from the negotiations, said Sunday that “a few tough things” remain in the way but added “we’re getting to some real decisions.” En route to Mass at Vienna’s Gothic St. Stephens Cathedral, Kerry said twice he was “hopeful” after a “very good meeting” Saturday with Iranian Foreign Minister Mohammad Javad Zarif, who had Muslim services Friday. French Foreign Minister Laurent Fabius also was cautiously optimistic, telling reporters Sunday: “I hope that we are finally entering the last phase of this negotiation.” Movement toward a deal has been marked by years of tough negotiations. The pact is meant to impose long-term, verifiable limits on nuclear programs that Tehran could modify to produce weapons. Iran, in return, would get tens of billions of dollars in sanctions relief. The current round of nuclear talks is now in its 16th day and has been extended three times since the first deadline of March 31 was missed. The mood among negotiators had turned more somber each time a new target date was set. As the weekend approached, Kerry declared the talks couldn’t go (more…)
May 082015
The Next Empire – :Part Four A New Central Bank From Doug Casey’s Internationalman.com. http://www.internationalman.com/articles/the-next-empire Editor’s Note: Russia has ratified an agreement on the New Bank for Development set up by BRICS and has ratified the equivalent of1$00B solidifying it role in the China formed Asian Infrastructure Investment Bank (AIIB) at the beginning of this month. Here is an April 15th article about AIIB in the ‘South China Seas’. Click Here In recent decades, China and Russia have been expanding their economic powers dramatically and have periodically complained that their seats at the IMF table are unrealistically low, considering their importance to world trade. In 2014, China officially replaced the US as the world’s largest economy, yet the IMF has consistently sought to minimise China’s place at the table. It would seem that the West believes that it’s holding all the cards and that the Chinese and other powers must accept a poor-sister position, if they are to be allowed to sit at the IMF table at all. The West somehow does not seem to recognise that, if frozen out, the other powers have the ability to create alternatives. As with the SWIFT system, the Asian powers have reacted to US overreach, not by going away licking their wounds, but by creating a second IMF. The Russian State Duma (the lower house of the Russian legislature) have now created the New Development Bank. It will have a $100 billion pool, to be used for the BRICS countries. Its five members will contribute equally to its funding. It will be centered in Shanghai, India will serve as the first five-year rotating president, and the first chairman of the board of directors will come from Brazil. The first chairman of the board of governors is likely to be Russian Finance Minister Anton Siluanov. It’s therefore structured to be truly multinational. In creating all of the above entities, the BRICS will, in effect, have created a complete second economic world. In the latter days of the British Empire, we Brits seemed to be under the illusion that, even as our power base crumbled, we might somehow retain control by threats and bluster. The UK was utterly wrong in this and only succeeded in alienating trading partners, colonies, and allies by doing so. The same is happening again today. China, Russia, and the rest of the world, when faced with American threats and bluster, (more…)
May 072015
The Next Empire – :Part Three The End of Dollar Hegemony and A New Swift System From Doug Casey’s Internationalman.com.  http://www.internationalman.com/articles/the-next-empire Editor’s Note: In this article Russia is given credit as the initiator of a New Swift system, however, in reality it was Russia and the rest of the BRICS nations that put together the New Development Bank. That is the backbone of the New Swift system. Now this back bone includes the AIIB banking system. The BRICS New Development Bank (NDB) – a key alternative to the IMF enabling developing nations to get rid of the US dollar as a reserve currency – will be operative by the end of this year. The NDB will finance infrastructure and sustainable development projects not only in the BRICS nations but other developing nations. Since the Bretton Woods Conference in 1944, the US dollar has reigned supreme as the world’s default currency. In 1944, the US held more gold than any other country, but in 1971, the US went off the gold standard, and since then, the dollar has been a fiat currency. The US has become increasingly cavalier in its abuse of the dollar—often at the expense of other countries. Russia and China dealt with the latest round of strong-arm tactics by the US to adhere to the petrodollar by creating the largest energy agreement in history. This and all trade between the two countries will be settled in the ruble and the yuan. Russia has since been active in creating agreements with other fuel customers, also bypassing the petrodollar. In creating these agreements, the Asian powers have unofficially announced the demise of the petrodollar. For decades, the US has applied its muscle to other countries, using the petrodollar. So, the Sino-Russian agreement stands, not only to end the petrodollar monopoly, but to create a decline in US power over the world, generally. A New SWIFT System Presently, the vast majority of economic transfers in the world pass through the SWIFT system, located in Brussels but controlled by the US. In recent years, the US has barred, or threatened to bar, other countries from the SWIFT system, effectively making it impossible for banks to transfer money and, by extension, causing the collapse of their banking systems. Russia has responded by creating its own SWIFT system. It’s entirely likely that, if Russian trading partners, such as Iran, are barred from the use (more…)
Dec 292014
Published on Dec 28, 2014 Gerald Celente, Publisher of the Trends Journal, says, “All it takes is a shock wave to end the game. You don’t know where it’s going to come from, but the stage is being set for a shock wave. . . . On one end, they can keep the interest rates low. On another end, they can even invent another quantitative easing (money printing) scheme. But on the bigger end, you have volatility in the world commodity markets and geopolitics that could end this scam in a second. . . . All the pieces keep adding up into a very serious economic and geopolitical game changer for 2015.” On war, Celente says, “It’s getting so easy to take the people to war. . . . Hatred is very easy to build between and among nations. So, I believe as these economic house of cards continue to collapse, they will get the people’s mind off it in a snap by getting us into more war. As I say, when all else fails, they take you to war because you can see the path. Go back to the crash of 1929, recession: depression, currency war, trade war then world war. Sound familiar? Join Greg Hunter as he goes One-on-One with top trends forecaster, Gerald Celente, as he gives his 2015 forecast. http://usawatchdog.com/2015-forecast-… Share this:FacebookLinkedInTwitterGoogleTumblrPinterestReddit (more…)
Dec 182014
Submitted by John Rubino via Dollar Collapse blog, To say that gold is in a bear market is to misunderstand both gold and markets. Gold isn’t an investment that goes up and down. It is money in the most basic store-of-value sense. Most of the time it just sits there, and when its price changes in local currency terms that says more about the local currency than about gold. But when currencies collapse, gold shines. Consider the above from the point of view of a typical Russian. The ruble is tanking (no need to understand why — all fiat currencies go this way eventually and the proximate cause is almost irrelevant). Russians who trusted their government and kept their savings in, say, a bank account, are losing their shirts. But those who own boring, doesn’t-pay-interest, in-a-bear-market gold have seen their capital appreciate in local currency terms by about 60 percent in just the past month. They’re not “making money,” but they are preserving wealth. This is how it has gone always and everywhere when governments have destroyed their currencies. In the Roman Empire, revolutionary France, revolutionary America, most of Latin America in the 20th century, and now big parts of the developing world, local currencies evaporate but gold just sits there, buying the same amount of stuff as ever, impervious to the games governments play. It won’t be long before this chart is replicated in a whole lot of other places. But by then it will be too late to prepare. The gold will be gone and those who trusted their governments will have to make do with promises. Share this:FacebookLinkedInTwitterGoogleTumblrPinterestReddit (more…)
Oct 162014
Pepe Escobar is the roving correspondent for Asia Times/Hong Kong, an analyst for RT and TomDispatch, and a frequent contributor to websites and radio shows ranging from the US to East Asia.short URL Published time: October 15, 2014 11:52 http://rt.com/op-edge/196148-saudiarabia-oil-russia-economic-confrontation/ A fisherman pulls in his net as an oil tanker is seen at the port in the northwestern city of Duba.(Reuters / Mohamed Al Hwaity) Rosneft Vice President Mikhail Leontyev: “Prices can be manipulative …Saudi Arabia has begun making big discounts on oil. This is political manipulation, Arabis is being manipulated, which could end badly.” A correction is in order; the Saudis are not being manipulated. What the House of Saud is launching is“Tomahawks of spin,” insisting they’re OK with oil at $90 a barrel; also at $80 for the next two years; and even at $50 to $60 for Asian and North American clients. The fact is Brent crude had already fallen to below $90 a barrel because China – and Asia as a whole – was already slowing down economically, although to a lesser degree compared to the West. Production, though, remained high – especially by Saudi Arabia and Kuwait – even with very little Libyan and Syrian oil on the market and with Iran forced to cut exports by a million barrels a day because of the US economic war, a.k.a. sanctions. The House of Saud is applying a highly predatory pricing strategy, which boils down to reducing market share of its competitors, in the middle- to long-term. At least in theory, this could make life miserable for a lot of players – from the US (energy development, fracking and deepwater drilling become unprofitable) to producers of heavy, sour crude such as Iran and Venezuela. Yet the key target, make no mistake, is Russia. A strategy that simultaneously hurts Iran, Iraq, Venezuela, Ecuador and Russia cannot escape the temptation of being regarded as an “Empire of Chaos” power play, as in Washington cutting a deal with Riyadh. A deal would imply bombing ISIS/ISIL/Daesh leader Caliph Ibrahim is just a prelude to bombing Bashar al-Assad’s forces; in exchange, the Saudis squeeze oil prices to hurt the enemies of the “Empire of Chaos.” Yet it’s way more complicated than that. Sticking it to Washington Russia’s state budget for 2015 requires oil at least at $100 a barrel. Still, the Kremlin is borrowing no more than $7 billion in 2015 from the usual “foreign investors”, plus $27.2 (more…)
Apr 292011
[Editor: Why aren’t we hearing about this instead of the clap trap pitched on the so called “news” channels? These guys are going to surface as a very powerful force int the Global Reserve Currency discussion.] The leaders of China, Brazil, Russia, India and now, South Africa wrap up a one-day summit with repeated calls for reforming the global monetary and financial system and more promises of cooperation among themselves. httpv://www.youtube.com/watch?v=8VmvaTrpX1M Share this:FacebookLinkedInTwitterGoogleTumblrPinterestReddit (more…)