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Old 02-04-2018, 10:08 PM   #121
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Theresa May to Ban Russian Sovereign Debt Sales in UK?
Stephen Lendman
2 days ago

by Stephen Lendman

Is this the next shoe to drop? Will the Trump administration follow suit, officials of both countries pressuring others to impose a similar ban?

Theresa May reportedly is considering a UK ban on Russian sovereign debt, escalated economic war if imposed, perhaps further illegal sanctions on Russian individuals and entities at the same time.

According to Harvard Society of Fellows research fellow Emile Simpson, “Russia can borrow in EU and US capital markets despite western sanctions and then can support the sanctioned Kremlin-linked banks and energy companies that can no longer do so.”

UK parliament’s foreign affairs select committee chairman Tom Tugendhat called for closing a loophole, letting Russian banks sell eurobonds to finance the country’s sovereign debt, saying:

“One of the ways that people are getting their money out of this country is by allowing Russian sovereign debt to be sold in the UK, and that debt to be used to reimburse Russians, in a way, to bring back their money onshore, in Moscow terms…We are…enabling those bond auctions, those debt auctions.”

Critics of the proposal say Russia will go elsewhere to sell its bonds, notably China.

A US Treasury study of the issue opposed sanctioning Russian debt, fearing a negative effect on financial markets.

Last December, Russia’s Finance Minister Anton Siluanov said talks with China were held on selling yuan bonds worth $1 billion in 2018, perhaps the first offering of more to come.

Deputy Finance Minister Vladimir Kolychev said Beijing expressed interest in the idea.

Separately, Russian Direct Investment Fund head Dirill Dmitriev explained Vladimir Putin supported the idea of creating an investment vehicle in yuan.

A Sino/Russia investment fund already made 19 investments, thing going smoothly.

Last July, the Russian Direct Investment Fund and China Development Bank established a joint 68 billion yuan ($10 billion) investment fund as part of Beijing’s “One Belt, One Road” initiative.

Both countries may also cooperate in establishing payment systems, linking Russia’s system with China’s.

Moscow’s over dependence on the West harms its political and economic security.

Paul Craig Roberts earlier explained “by accepting foreign capital and exposing the ruble to currency speculation, Washington made sure that the US could destabalize Russia with capital outflows and assaults on the ruble’s exchange value,” adding:

“Only a government unfamiliar with the neoconservative aim of US world hegemony would have exposed its economic system to such foreign manipulation.”

PCR’s current advice: “…Russia should turn her back, but not her eyes, on the West, stop responding to false charges, evict all Western embassies and every other kind of presence including Western investment, and focus on relations with China and the East.”

Moscow should have followed this advice years ago - instead of letting the country be entrapped in a US-led Western financial straightjacket, the sooner freed from it the better for its economy and security.

Foolishly believing East/West normalization is possible one day is a strategy of reckless economic, financial and political endangerment.

Washington, Britain and their imperial allies are sworn enemies of Moscow. Mass expulsions of Russian diplomats alone prove it.

Nothing suggests a positive change in Western policy ahead, things likely to worsen, not improve.

It bears repeating what’s important to stress. Russia’s future is East, not West.

VISIT MY NEW WEB SITE: stephenlendman.org (Home - Stephen Lendman). Contact at [email protected].

My newest book as editor and contributor is titled "Flashpoint in Ukraine: How the US Drive for Hegemony Risks WW III."

http://www.claritypress.com/LendmanIII.html
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Old 11-04-2018, 08:55 PM   #122
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China & Russia Make Their Move, Slowly Shifting The Global Economy
April 10, 2018 by IWB

The millennial generation is debt ridden. They have no savings, many have poor jobs and high credit card bills, they have placed life events on pause. Chapter 11 bankruptcies have increased by 63% during this incredible recovery. Manhattan home sales plunge, retail implodes, commercial real estate and residential real estate all implode. The Chinese government has halted the purchase of Treasuries. Russia, Turkey and Iran move to use their currencies instead of the dollar.
http://www.investmentwatchblog.com/c...lobal-economy/
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Old 12-04-2018, 05:07 PM   #123
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Russia & China gradually ditching US dollar in favor of domestic currencies as trade booms
Published time: 12 Apr, 2018 13:38
Edited time: 12 Apr, 2018 14:48

Moscow and Beijing have been cutting the share of the US dollar in bilateral settlements, as trade between the countries rapidly grows.

China is Russia’s largest trading partner, accounting for 15 percent of Russian international trade last year. In January 2018, it grew to 17.2 percent. Germany, which holds second place among Russia’s trade partners, has a share of about eight percent.

Last year, bilateral trade between Russia and China increased by 31.5 percent, reaching $87 billion. This year, it is expected to reach $100 billion, the Russian Economic Development Ministry told RT.

As trade grows, Russia and China are also promoting settlements in ruble and yuan, bypassing the US dollar and other Western currencies. “It makes it possible to reduce the dependence on the influence of third countries,” the Russian Central Bank told RT.

According to the Russian regulator, both Russian and Chinese companies are willing to pay in ruble and renminbi, and this can be proven by real numbers. Last year, nine percent of payments for supplies from Russia to China were made in rubles; Russian companies paid 15 percent of Chinese imports in the renminbi. Just three years ago, the numbers were two and nine percent, respectively.

Direct payments in the ruble-yuan pair do not imply the participation of American, British, or EU banks. This significantly reduces the control of the West from ongoing transactions, and makes the trade turnover between Russia and China independent. Moreover, such payments can be made without SWIFT through the China International Payments System (CIPS).
https://www.rt.com/business/423930-r...-dollar-trade/
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Old 16-04-2018, 07:46 PM   #124
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“They Know What’s Going To Happen” Governments And Big Banks Are Stockpiling Gold Ahead Of Massive Economic Collapse
Mac Slavo
April 15th, 2018
SHTFplan.com

The writing is on the wall and major financial institutions across the world are warning about the economic disaster to come. Unabated money printing, tariff trade wars, rising interest rates and retail slowdowns point to one result, and it’s going to be brutal. Big banks and governments know what’s coming and they are preparing for this eventuality by stockpiling huge amounts of “real money” ahead of the crisis.

According to Keith Neumeyer, the CEO of the world’s top primary silver producer First Majestic Silver and chairman of First Mining Gold, the cartels he’s previously reported to the CFTC have continued to manipulate the prices of precious metals while loading up their own vaults with gold and silver. The answer to why they’re doing it is simple, as Neumeyer highlights in a recent interview with SGT Report:

The verdict is still out on whether we’re going into a dis-inflationary or inflationary environment… gold can do well in both environments… the fact of the matter is governments are printing extraordinary amounts of fiat currencies and that is not going to change…

The stage is set for higher gold prices due to the amount of money being printed… I am of the belief a major reset is coming where the governments of the world will need to get rid of their debt by fixing everything to the price of gold… and that’s why governments like China and Russia and other governments around the world are accumulating gold… it’s because they know what’s going to happen over the next several years…
http://www.shtfplan.com/headline-new...lapse_04152018
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Old 25-04-2018, 06:15 PM   #125
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Russia Buys 300,000 Ounces Of Gold In March – Nears 2,000 Tons In Gold Reserves
24, April

– Russia buys 300,000 ounces of gold in March and nears 2,000t in gold reserves
– Russia now holds just over 1,861 tonnes, more than officially reported by China at 1,842t
– Both Russia and China have the power to destabilise US dollar by dumping dollar-denominated assets
– Turkey has removed all gold held in the U.S. opting for Bank of England and BIS
– Turkey follows trend set by both Germany, Netherlands and others to remove gold reserves stored in the United States
– Central bank decisions regarding gold reserves are examples of countries becoming nervous about the outlook for the dollar under the Trump administration
https://news.goldcore.com/ie/gold-bl...currency-wars/
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Old 30-04-2018, 08:23 PM   #126
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Iran drops the dollar. Others tried and were bombed. 'It's all about the banking,' says Lee Camp
Published time: 30 Apr, 2018 04:08
Edited time: 30 Apr, 2018 08:32

Iran recently announced it is dropping the US dollar in foreign trade. Just as Iraq did shortly before it was invaded by the US, or Libya planned to before it was bombed by NATO-led allies. Lee Camp is starting to see a pattern.

The US is gearing up to abandon the Iran nuclear deal, which has all but killed Tehran's nuclear program in exchange for sanctions relief, because it's not restrictive enough. With Iran already saying it won't accept more demands or more sanctions, it's anyone's guess what kind of chain reaction might ensue.

Comedian Lee Camp's guess is pretty grim. He notices how Iran recently ditched the dollar in favor of the euro – something Iraq also did 18 years ago, a couple years before the US invaded it under the phony pretext of weapons of mass destruction. Libya wanted to do the same, although its leader Muammar Gaddafi wanted to establish its own currency, the gold dinar – but in 2011, NATO warplanes bombed his country to support an uprising against him. Almost immediately, the rebels formed their own central bank and were given leave by the US and the UN to legally sell oil from the land they controlled.

On his show Redacted Tonight, Lee deconstructs these parallels and more, because "It's all about the banking!"



https://www.rt.com/news/425497-iran-...ampaign=chrome
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Old 15-05-2018, 09:42 PM   #127
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Honest Government Ad | Trickledown Economics

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Old 29-08-2018, 04:36 PM   #128
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Jim Rickards: The New Reality Of China’s Failing Economy Is Coming Soon
August 25, 2018 by IWB

by Jim Rickards of Daily Reckoning

I’ve written for years that Chinese economic development is partly real and partly smoke and mirrors, and that it’s critical for investors to separate one from the other to make any sense out of China and its impact on the world.

My longest piece on this topic was Chapter Four of my second book, The Death of Money(2014), but I’ve written much else besides, including many articles for my newsletters.

There’s no denying China’s remarkable economic progress over the past thirty years. Hundreds of millions have escaped poverty and found useful employment in manufacturing or services in the major cities.

Infrastructure gains have been historic, including some of the best trains in the world, state-of-the-art transportation hubs, cutting edge telecommunications systems, and a rapidly improving military.

Yet, that’s only half the story.

The other half is pure waste, fraud and theft. About 45% of Chinese GDP is in the category of “investment.” A developed economy GDP such as the U.S. is about 70% consumption and 20% investment.

There’s nothing wrong with 45% investment in a fast-growing developing economy assuming the investment is highly productive and intelligently allocated.

That’s not the case in China. At least half of the investment there is pure waste. It takes the form of “ghost cities” that are fully-built with skyscrapers, apartments, hotels, clubs, and transportation networks – and are completely empty.

This is not just western propaganda; I’ve seen the ghost cities first hand and walked around the empty offices and hotels.

Chinese officials try to defend the ghost cities by claiming they are built for the future. That’s nonsense. Modern construction is impressive, but it’s also high maintenance. Those shiny new buildings require occupants, rents and continual maintenance to remain shiny and functional. The ghost cities will be obsolete long before they are ever occupied.

Other examples of investment waste include over-the-top white elephant public structures such as train stations with marble facades, 128 escalators (mostly empty), 100-foot ceilings, digital advertising and few passengers. The list can be extended to include airports, canals, highways, and ports, some of which are needed and many of which are pure waste.

Communist party leaders endorse these wasteful projects because they have positive effects in terms of job creation, steel fabrication, glass installation, and construction. However, those effects are purely temporary until the project is completed. The costs are paid with borrowed money that can never be repaid.

China might report 6.8% growth in GDP, but when the waste is stripped out the actual growth is closer to 4.5%. Meanwhile, China’s debts grow faster than the economy and its debt-to-GDP ratio is even worse than the U.S.

All of this would be sustainable if China had an unlimited ability to rollover and expand its debt and ample reserves to deal with a banking or liquidity crisis. It doesn’t. China’s financial fragility was revealed during the 2014-2016 partial collapse of its capital account.

China had about $4 trillion in its capital account in early 2014. That amount had fallen to about $3 trillion by late 2016. Much of that collapse was due to capital flight for fear of Chinese devaluation, (which did occur in August 2015 and again in December 2015).

China’s $3 trillion of remaining reserves is not as impressive as it sounds. $1 trillion of that amount is invested in illiquid assets (hedge funds, private equity funds, direct investments, etc.) This is real wealth, but it’s not available on short notice to defend the currency or prop up banks.

Another $1 trillion of Chinese reserves are needed as a precautionary fund to bail-out the Chinese banking system. Many observers are relaxed about the insolvency of Chinese banks because they are confident about China’s ability to rescue them. They may be right about that, but it’s not free. China needs to keep $1 trillion of dry powder to save the banks, so that money’s off the table.

That leaves about $1 trillion of liquid reserves to defend the Chinese currency, if so desired. At the height of the Chinese capital outflows in 2016, China was losing $80 billion per month of hard currency to defend the yuan.

At that tempo, China would have burned through $1 trillion in one year and become insolvent. China did the only feasible thing, which was to close the capital account; (interest rate hikes and further devaluation would have caused other more serious problems).

This distress might have been temporary if China had managed to maintain good trading relations with the U.S. But that proved another chimera. The trade war, which has broken out between the U.S. and China has damaged Chinese exports and raised costs on Chinese imports at exactly the time China was counting on a larger trade surplus to help it finance its mountain of debt.

Now trade is drying up and China is stuck with debt it can’t repay or rollover easily. This marks the end of China’s Cinderella growth story, and the beginning of a period of economic slowdown and potential social unrest.

The coming Chinese crack-up is not just theoretical. The hard data supports the thesis. Here’s a real-time data summary from the Director of Floor Operations at the New York Stock Exchange, Steven “Sarge” Guilfoyle:

The greater threat to financial markets will come, in my opinion from the slowing of global growth, at least partially due to the current state of international trade. This thought process is lent some credence by last night’s rather disastrous across-the-board macroeconomic numbers released by China’s National Bureau of Statistics. … For the Month of July, in China – Fixed Asset Investment.Growth slowed to the slowest pace since this data was first recorded back in 1992, printing in decline for a fifth consecutive month. Industrial Production. Missed expectations for a third consecutive month, while printing at a growth rate equaling the nation’s slowest since February of 2016. Retail Sales. Finally showing a dent in the armor, missed expectation while slowing from the prior month. Unemployment. This item has only been recorded since January. Headline unemployment “popped” up to 5.1% from June’s 4.8%. Oil Production. The NBS reported that Chinese oil production fell 2.6% in July, and now stands from a daily perspective at the lowest level since June of 2011. China will not report Q3 GDP until October 15. The National Bureau of Statistics reported annualized growth of 6.7% for the second quarter. Depending on the veracity of the data, one must start to wonder if China can indeed hang on to growth of 6.5% going forward.

This unpleasant picture Sarge paints is based on official Chinese data. Yet, China has a long history of overstating its data and painting the tape. The reality in China is always worse than the official data reveals.

This slowdown comes just months after Chinese dictator Xi Jinping was offered a dictator-for-life role by the removal of term limits and was placed on the same pedestal as Mao Zedong by the creation of “Xi Jinping Thought” as a formal branch of Chinese Communist ideology.

The Book of Proverbs says, “Pride goeth before destruction, and a haughty spirit before a fall.” Xi Jinping now finds himself in precisely this position. His political ascension inflated his pride just as he now faces the reality of a falling economy and possible destruction of any consensus around his power and the lack of accountability.

Trump continues to tighten the screws with more tariffs, more penalties, and a near complete shutdown of China’s ability to invest in U.S. markets.

Turkey, Argentina, and Venezuela are large developing economies that are in different stages of collapse and threaten the global economy with panic through contagion.

Yet, those three economies combined are not as large or important as China. Only Trump and Xi can salvage the situation with negotiation and reasonable compromise on trade and intellectual property. But, Trump won’t blink first; that’s up to Xi.

So far, a spirit of compromise is not in the air. A spirit of Chinese collapse and contagion is.
http://www.investmentwatchblog.com/j...s-coming-soon/
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Old 03-09-2018, 12:16 PM   #129
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US dollar completely ditched in trade between Iran & Iraq – official
Published time: 2 Sep, 2018 15:16

The US dollar is no longer used by Tehran and Baghdad in bilateral trade, giving way to the euro and local currencies, as well as direct barter of goods, head of the Iran-Iraq Chamber of Commerce Yahya Ale-Eshagh has revealed.

“[The] US dollar has been removed from the list of currencies used by Iran and Iraq in their trade transactions and they are using Iranian rial, euro and Iraqi dinar for financial transactions,” Ale-Eshagh said on Saturday, as quoted by local media.

Apart from switching from the US dollar to alternative currencies, Iranian and Iraqi merchants have been engaging in barter operations, according to the official. The banking system, however, still needs improvements, since only a fraction of trade between the two countries actually goes through banks.

“Resolving the banking system problem must be a priority for both Iran and Iraq, as the two countries have at least $8 billion in transactions in the worst times,” Ale-Eshagh stated.

Iraq is the second country after China in terms of trade volume with Iran, according to the official. While exports to China are almost exclusively petrochemical products, Baghdad purchases a large variety of Iranian goods, helping to maintain high employment rates, Ale-Eshagh explained.
https://www.rt.com/business/437446-i...ollar-ditched/
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Old 03-09-2018, 08:15 PM   #130
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Another small thing to factor in is that Chinese wages have been going up by about 10 to 15% as well. It's not so cheap there anymore.
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Old 15-09-2018, 06:42 PM   #131
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Why The China World Order Is Here On Purpose

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Old 25-09-2018, 05:42 PM   #132
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Bannon: We're at an economic war with China | Squawk Box Europe

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Old 31-10-2018, 09:15 PM   #133
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Rickards: China's Debt Bomb Is Ready To Explode
by Tyler Durden
Tue, 10/30/2018 - 22:05

Authored by James Rickards via The Daily Reckoning,

The great Chinese growth slowdown has been proceeding in stages for the past two years. The reason is simple. Much of China’s “growth” (about 25% of the total) has consisted of wasted infrastructure investment in ghost cities and white elephant transportation infrastructure.

That investment was financed with debt that now cannot be repaid. This was fine for creating short-term jobs and providing business to cement, glass and steel vendors, but it was not a sustainable model since the infrastructure either was not used at all or did not generate sufficient revenue.

China’s future success depends on high-value-added technology and increased consumption. But shifting to intellectual property and the consumer means slowing down on infrastructure, which will slow the economy.

In turn, that means exposing the bad debt for what it is, which risks a financial and liquidity crisis. China started to do this last year but quickly turned tail when the economy slowed. Now the economy has slowed so much that markets are collapsing.

But doesn’t China have over $1 trillion of reserves to prop up its financial system?

On paper, that’s true. But in reality, China is “short” U.S. dollars. The Chinese may have $1.4 trillion of U.S. Treasury securities in its reserve position, but they need those assets possibly to bail out their banking system or defend the yuan.

Meanwhile, the Chinese banking sector, which in many ways is an extension of the state, owes $318 billion in U.S. dollar-denominated deposits of commercial paper.

From a bank’s perspective, borrowing in dollars is going short dollars because you need dollar assets to back up those liabilities if the original lenders want their money back. For the most part, the banks don’t have those assets because they converted the dollar to yuan to prop up local real estate Ponzis and local corporations.

There’s not much left over to bail out the corporate, individual and real estate sectors.

This is all part of a global “dollar shortage” attributable to Fed tightening, both in the forms of higher rates but also a reduction in base money.

A dollar shortage seems implausible in a world where the Fed printed $4.4 trillion. But while the Fed was printing, the world borrowed over $70 trillion (on top of prior loans), so the dollar shortage is real. The math is inescapable.

So the Chinese debt bomb that has been a long time in the making is finally getting ready to explode. The economy is slowing, debt is exploding and the trade war with Trump has hurt China’s exports needed to earn dollars to pay the debts.

The defaults are beginning to pile up. Several large corporations and regional governments have defaulted recently.

China’s leaders have panicked at the slowdown and have started the credit flow again with lower interest rates, higher bank leverage and more debt-financed, government-directed infrastructure spending.

Of course, this solution is strictly temporary. All it does is postpone the day of reckoning and make the debt crisis worse when it does arrive.

With every passing day, a Chinese financial collapse draws closer. The rest of the world will not escape the consequences.

When the crisis strikes in full force, possibly in 2019, the rest of the world will not be spared.
https://www.zerohedge.com/news/2018-...-ready-explode
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Old 13-11-2018, 02:08 PM   #134
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This is a must watch video – now you will understand the Chinese implosion & why China stocks & economy are not coming back for probably decades!
November 11, 2018 by IWB

Economic Security as National Security: A Discussion with Dr. Peter Navarro


http://www.investmentwatchblog.com/t...bably-decades/
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Old 31-12-2018, 10:01 AM   #135
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The "Disappeared" List: Here Is Who Went Missing In China This Year
by Tyler Durden
Sun, 12/30/2018 - 19:15

China's practice of "disappearing" political dissidents, corrupt public officials and virtually anybody deemed a threat to Communist Rule has been widely documented in the Western media (but not so well-documented in state-controlled mainland media). But in 2018, the regime of President Xi Jinping widened its dragnet to include a broader mix of high-profile figures, including a movie star, foreign nationals and even the head of the an international law enforcement organization.

Even prominent Marxists weren't spared the most terrifying of judicial punishments - a clandestine rendition to a Chinese "reeducation camp" (where most of the missing presumably ended up). This year more than any other in recent memory laid bare the lengths to which the Communist Party will go to quash any perceived threats, be they activists and dissidents, or senior level bureaucrats.

With this in mind, we present the Associated Press's "Disappeared List" for 2018 (text courtesy of the AP):

read article here to see the list: https://www.zerohedge.com/news/2018-...ing-china-year
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Old 07-01-2019, 11:13 PM   #136
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It Begins: Russia, China, and India Are Now All Dumping the US Dollar
Economic sanctions, endless wars, and dirty politics has major countries ditching the US dollar in a hurry—which will not end well for the US.
By The Free Thought Project -
January 5, 2019

The past year was full of events that inevitably split the global geopolitical space into two camps: those who still support using US currency as a universal financial tool, and those who are turning their back on the greenback.

Global tensions caused by economic sanctions and trade conflicts triggered by Washington have forced targeted countries to take a fresh look at alternative payment systems currently dominated by the US dollar.

RT has taken a deeper look into the recent phenomena of de-dollarization, summing up which countries have taken steps towards eliminating their reliance on the greenback, and the reasons behind their decision.
China

The ongoing trade conflict between the United States and China, as well as sanctions against Beijing’s biggest trading partners have forced China to take steps towards relieving the dollar dependence of the world’s second-largest economy.

In Beijing’s signature soft-power style, the government hasn’t made any loud announcements on the issue. However, the People’s Bank of China has been regularly reducing the country’s share of US Treasuries. Still the number-one foreign holder of the US sovereign debt, China has cut its share to the lowest level since May 2017.

Moreover, instead of promptly dumping the greenback, China is trying to internationalize its own currency, the yuan, which was included in the IMF basket alongside the US dollar, the Japanese yen, the euro, and the British pound. Beijing has recently made several steps towards strengthening the yuan, including accumulating gold reserves, launching yuan-priced crude futures, and using the currency in trade with international partners.

As part of its ambitious Belt and Road Initiative, China is planning to introduce swap facilities in participating countries to promote the use of the yuan. Moreover, the country is actively pushing for a free-trade agreement called the Regional Comprehensive Economic Partnership (RCEP), which will include the countries of Southeast Asia. The trade pact could easily replace the Trans-Pacific Partnership (TPP), the proposed multi-national trade deal which was torn up by US President Donald Trump shortly after he took office. RCEP includes 16 country signatories and the potential pact is expected to form a union of nearly 3.4 billion people based on a combined $49.5 trillion economy, which accounts for nearly 40 percent of the world’s GDP.
India

Ranked the world’s sixth-largest economy, India is one of the biggest merchandise importers. It’s not surprising that the country is directly affected by most global geopolitical conflicts and is significantly impacted by sanctions applied to its trading partners.

Earlier this year, Delhi switched to ruble payments on supplies of Russian S-400 air-defense systems as a result of US economic penalties introduced against Moscow. The country also had to switch to the rupee in purchases of Iranian crude after Washington reinstituted sanctions against Tehran. In December, India and the United Arab Emirates sealed a currency-swap agreement to boost trade and investment without the involvement of a third currency.

Taking into account that India is the third-largest country by purchasing power parity, steps of this kind could considerably diminish the role of the greenback in global trading.
Turkey

Earlier this year, Turkish President Recep Tayyip Erdogan announced plans to end the US dollar monopoly via a new policy that is aimed at non-dollar trading with the country’s international partners. Later, Turkey’s leader announced that Ankara is preparing to conduct trade through national currencies with China, Russia and Ukraine. Turkey also discussed a possible replacement of the US dollar with national currencies in trade transactions with Iran.

The move was prompted by political and economic reasons. Relations between Ankara and Washington have been deteriorating since the failed military coup in the country to oust President Erdogan in 2016. It’s been reported that Erdogan suspects US involvement in the uprising and accuses Washington of harboring exiled cleric Fethullah Gulen, whom Ankara blames for masterminding the coup.

The Turkish economy sank after Washington introduced economic sanctions over the arrest of US evangelical pastor Andrew Brunson on terrorism charges in relation to the uprising.

Erdogan has repeatedly slammed Washington for unleashing a global trade war, sanctioning Turkey and trying to isolate Iran. The NATO member’s decision to buy Russian S-400 missile systems added fuel to the fire.

Moreover, Turkey is trying to ditch the dollar in an attempt to support its national currency. The lira has lost nearly half of its value against the greenback over the past year. The currency plunge was exacerbated by soaring inflation and increasing prices for goods and services.
Iran

A triumphant return of Iran to the global trading arena did not last long. Shortly after winning the US presidential election, Donald Trump opted to withdraw from the 2015 nuclear deal signed between Tehran and a group of nations, including the UK, US, France, Germany, Russia, China, and the EU.

The oil-rich nation has once again become a target for severe sanctions resumed by Washington, which has also threatened to introduce penalties against any countries that would violate the embargo. The punitive measures banned business deals with the Islamic Republic and cracked down on the country’s oil industry.

Sanctions have forced Tehran to look for alternatives to the US dollar as payment for its oil exports. Iran clinched a deal for oil settlements with India using the Indian rupee. It also negotiated a barter deal with neighboring Iraq. The partners are also planning to use the Iraqi dinar for mutual transactions to reduce reliance on the US dollar amid banking problems connected to US sanctions.
Russia

President Vladimir Putin said the US is “making a colossal strategic mistake” by “undermining confidence in the dollar.” Putin has never called for restricting dollar transactions or banning the use of US currency. However, Russian Finance Minister Anton Siluanov said earlier this year that the country had to dump its holdings of US Treasuries in favor of more secure assets, such as the ruble, the euro, and precious metals.

The country has already taken several steps towards de-dollarizing the economy due to the constantly growing burden of sanctions that have been introduced since 2014 over a number of issues. Russia has developed a national payment system as an alternative to SWIFT, Visa and Mastercard after the US threatened tougher new sanctions that would target Russia’s financial system.

So far, Moscow has managed to partially phase out the greenback from its exports, signing currency-swap agreements with a number of countries including China, India and Iran. Russia has recently proposed using the euro instead of the US dollar in trade with the European Union.

Once a top-10 holder of US sovereign debt, Russia has all but eliminated its holdings of US Treasuries. Moscow has used the money to boost the nation’s foreign reserves and to build up its gold stockpile to stabilize the ruble.
https://thefreethoughtproject.com/di...lar-countries/
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Old 07-02-2019, 03:30 PM   #137
iamawaveofthesea
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The bonfire of the fiat currencies....central banks buying GOLD

Are we back on a gold standard? (E1342)

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