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Keyword: reservecurrency

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  • Herb Meyer Predicted the USSR's collapse and Remains Ever the Optimist about 21st Century World

    03/27/2018 11:55:48 AM PDT · by GoldenState_Rose · 4 replies
    American Spectator ^ | Fall 2016 | Grant Wishard, Paul Kengor
    Herb Meyer would be commended by the intelligence community for his extraordinary 1983 memo predicting that America was going to win the Cold War — this at a time when virtually no one (other than Ronald Reagan and Bill Casey) thought winning was possible. Today his task remains the same. It should come as a revelation to those glued to the 24-hour news cycle that things aren’t as bad “out there” as we think. The evening news never reports the countless airplanes that land on time and unharmed, or the daily billions who walk through malls and shopping centers without...
  • Death Of US Dollar? China Launches Petro-Yuan To Challenge Greenback’s Dominance

    03/26/2018 8:55:51 AM PDT · by Enlightened1 · 34 replies
    RT ^ | 03/26/18
    The highly anticipated yuan-backed crude oil futures have been launched in Shanghai. China is the world’s biggest oil consumer, with eyes on rival benchmarks Brent and WTI as well as the US currency. Trading of the new oil futures contracts for September settlement started on the Shanghai International Energy Exchange at 440.20 yuan ($69.70) per barrel, reports Chinese daily the South China Morning Post. Some 18,540 lots have reportedly been sold and purchased so far. long-awaited step evoked a surge in global prices for oil with Brent Crude soaring to $71 a barrel for the first time since 2015. US...
  • Coming suicide epidemic in China as population collapses

    01/26/2007 8:42:42 PM PST · by aculeus · 84 replies · 2,551+ views
    The Daily Telegraph (UK) ^ | January 26, 2007 | by Ambrose Evans-Pritchard
    There is almost no chance that China will become the world's hegemonic superpower, or that the Chinese yuan will dislodge the US dollar as the key reserve currency in our life-times. It is ageing faster than any nation in history. Indeed, there is a risk that China’s demographic structure will implode long before the great mass of China’s interior ever become rich. This was more or less the conclusion of a closed-door session of Chinese experts at the Davos gathering, regrettably on “Chatham House” rules so none can be named. Those who fret about Chinese chauvinist-militarism certainly have a point....
  • Peter Schiff: In The Impending Collapse "Everything That Can Go Wrong, Will"

    01/17/2018 4:05:22 PM PST · by blam · 121 replies
    SHTF Plan ^ | 1-17-2017 | NMac Slavo
    The impending economic collapse is hidden from most. People only see a rising stock market, not the negative underlying factors that will cause the whole system to crash. The weakening of the U.S. dollar is just getting started, warned veteran market forecaster Peter Schiff, CEO of Euro Pacific Capital. “We have just begun a major, long-term bear market in the dollar,” he said, which should cause a spike in oil prices. He thinks oil will reach $80-$100 a barrel in 2018. The commodity currently trades at roughly $63 a barrel. Shiff focuses on oil as just one example of the...
  • Venezuelans Abandon Bolivar – Merchants Insist On Being Paid In Dollars (Wonderful Socialism)

    12/27/2017 6:48:50 AM PST · by blam · 34 replies
    Capitol Zero ^ | 12-27-2017
    Venezuelans are struggling to carry out basic transactions like purchasing food as the value of their currency, the bolivar, has plunged against the dollar amid the country’s worsening economic collapse. According to Reuters, over the past year, Venezuela’s currency weakened 97.5% against the greenback: Put another way, $1,000 of local currency purchased in early January would be worth just $25 now. The annual inflation rate in 2017 could reach $2,000. Though at least one other estimate puts the real rate of inflation closer to 2,800%. Of course, President Maduro has blamed websites like DolarToday – which publishes the closest thing...
  • Putin Declares War Against The US Dollar

    09/01/2017 12:14:27 PM PDT · by Lorianne · 43 replies
    Tsarizm ^ | 01 September 2017 | L Todd Wood
    Today Russian President Vladimir Putin declared war against the hegemony of the U.S. Dollar. Of course, he couched the declaration in a statement saying Russia would work to counter the ‘excessive domination’ of certain reserver currencies. The comments were published in an article in the runup to the BRICs summit scheduled to begin Sept 3 in China. “We are ready to work together with our partners to promote international financial regulation reforms and to overcome the excessive domination of the limited number of reserve currencies. We will also work towards a more balanced distribution of quotas and voting shares within...
  • Fed Admits it is the World’s Central Bank – not just the USA Central Bank

    03/30/2016 7:20:38 PM PDT · by dontreadthis · 13 replies
    armstrong economics ^ | Mar 30, 2016 | Martin Armstrong
    Janet Yellen signaled that the Fed is grappling with the problem I have been warning about: the dollar has become the de facto currency and the Fed is indeed becoming the world’s central bank. Yellen has admitted that everyone is lobbying the Fed to surrender its domestic policy objectives for international ones. This is precisely what took place in 1927. Yellen stated that the Fed should worry less about inflation domestically than about global growth risks. She pointed to the slowdown in China and depressed commodity prices, but Europe is a real basket case. She used the words that “caution...
  • Exclusive: Iran wants euro payment for new and outstanding oil sales - source

    02/07/2016 9:36:26 AM PST · by BenLurkin · 22 replies
    rueters ^ | 02/05/2016 | Nidhi Verma
    Iran wants to recover tens of billions of dollars it is owed by India and other buyers of its oil in euros and is billing new crude sales in euros, too, looking to reduce its dependence on the U.S. dollar following last month's sanctions relief. A source at state-owned National Iranian Oil Co (NIOC) told Reuters that Iran will charge in euros for its recently signed oil contracts with firms including French oil and gas major Total, Spanish refiner Cepsa and Litasco, the trading arm of Russia's Lukoil. "In our invoices we mention a clause that buyers of our oil...
  • China’s Renminbi Is Approved by I.M.F. as a Main World Currency [Video behind link.]

    11/30/2015 12:48:55 PM PST · by familyop · 34 replies
    New York Times ^ | NOV. 30, 2015 | KEITH BRADSHER
    HONG KONG--The International Monetary Fund on Monday designated the Chinese renminbi as one of the world's elite currencies, a major milestone that underscores the country's rising financial and economic heft. The decision will help pave the way for broader use of the renminbi in trade and finance, securing China's standing as a global economic power. Just four other currencies--the dollar, the euro, the pound and the yen--have the I.M.F. designation...Many central banks follow this benchmark in building their reserves, which countries hold to help protect their economies in times of trouble. By adding the renminbi to this group, the I.M.F....
  • China’s Renminbi Is Approved as a Main World Currency

    11/30/2015 9:41:22 AM PST · by Swordmaker · 13 replies
    New York Times ^ | NOV. 30, 2015 | By KEITH BRADSHER
    HONG KONG — The International Monetary Fund on Monday approved the Chinese renminbi as one of the world’s main central bank reserve currencies, a major acknowledgement of the country’s rising financial and economic heft. The I.M.F. decision will help pave the way for broader use of the renminbi in trade and finance, securing China’s standing as a global economic power. But it also introduces new uncertainty into China’s economy and financial system, as the country was forced to relax many currency controls to meet the I.M.F. requirements. The changes could inject volatility into the Chinese economy, since large flows of...
  • Could Bitcoin Become Major Reserve Currency?

    11/03/2015 8:27:03 AM PST · by Another Post-American · 28 replies
    Sky News ^ | 11/3/15 | Anonymous
    The value of digital currency Bitcoin has soared 70% - and analysts think it could become one of the world's major reserve currencies within 15 years. The cryptocurrency has made big gains over the past two months, since it hit a low of $213 (£138) in August. But as it's currently trading at $370 (£240), it's nowhere near its early-2014 peak of $1,100 (£715). Some have speculated that Bitcoin interest from MasterCard and Bain Capital Ventures has legitimised the currency, which is the payment method of choice on the dark web. Others say it could be down to people using...
  • Currency Wars Continue As IMF Concedes End To Dollar Hegemony

    03/10/2015 9:07:39 AM PDT · by Olog-hai · 36 replies
    GoldCore ^ | March 9, 2015 | Mark O’Byrne
    Currency wars and the growing trend away from dollar dominance in international finance, particularly in emerging markets, was highlighted in an interesting CNBC article this morning entitled “Is the Dollar Losing its Clout Among EMs?” It refers to the deliberate and stated policy of “de-dollarization” around the world, the decline in the use of the dollar in international trade and as a reserve currency, and the emergence of the new BRICS bank. The article quotes best-selling author and Pentagon insider, Jim Rickards. Rickards says that the status of the dollar as a reserve currency is still solid despite its decline...
  • Iran Is Ditching The Dollar In Foreign Trade [Ezekiel 38]

    01/27/2015 3:29:03 PM PST · by Jan_Sobieski · 12 replies
    Business Insider ^ | 1/27/2015 | Elena Holodny
    (Vladimir Putin, right, with his Iranian counterpart Hassan Rouhani in 2014.) Iran is ditching the dollar. Iran is no longer using the US dollar in foreign-trade transactions and is replacing it with other currencies, t he deputy governor at the Iranian Central Bank Gholami Kamyab said, according to Sputnik News. "In trade exchanges with the foreign countries, Iran uses other currencies including Chinese yuan, euro, Turkish lira, Russian ruble, and South Korean won," Kamyab reportedly said. He also reportedly added that Iran was considering bilateral currency-swap agreements, which would allow partners to exchange one foreign currency for the equivalent...
  • Putin Warns Of Risk Of Major Conflict, Says Dollar Losing Reserve Currency Status

    10/24/2014 2:59:28 PM PDT · by SatinDoll · 12 replies
    The Zero Hedge ^ | October 24, 2014 | Tyler Durden
    Having been relatively quiet for a while, Russia's leader Vladimir, speaking in Sochi (following meetings with Middle East crown princes who confirmed Russia as a key partner - "isolated"?), has unleashed his most aggressive statements with regard the failing world order: *PUTIN SAYS U.S. DOLLAR LOSING TRUST AS RESERVE CURRENCY *PUTIN: WORLD WITHOUT RULES IS POSSIBILITY; ANARCHY GROWING Adding that the risk of major conflicts involving major countries is growing, as well as the risk of arms control treaties being violated, Putin exclaimed that the US-led unipolar world is like a dictatorship over other countries and that "US leadership brings...
  • Petrodollar Under Threat As Russia And Iran Sign Historic 500,000 Barrel A Day Oil Deal

    08/08/2014 3:53:46 AM PDT · by wetphoenix · 20 replies
    Peak Oil ^ | August 7, 2014
    Russia Delivers Blow To Petrodollar In Historic $20 Billion Iran Oil Deal Russia signed a historic $20 billion oil deal with Iran to bypass both western sanctions and the dollar based western monetary system yesterday. President Putin Admire Gold Bar (London Gold Delivery Bar) Currency wars are set to escalate as the petro dollar’s decline continues. Russian Energy Minister Alexander Novak and his Iranian counterpart Bijan Zanganeh signed a five-year memorandum of understanding in Moscow, which included cooperation in the oil sector. “Based on Iran’s proposal, we will participate in arranging shipments of crude oil, including to the Russian market,”...
  • U.S. ally cuts off communications with Obama and seeks new trade outside dollar

    07/23/2014 8:12:42 AM PDT · by JohnKinAK · 33 replies
    Examiner.com ^ | 7/22/2014 | Staff
    On July 21, Turkish Prime Minister Tayyip Erdogan spoke in an interview with Turkey's ATV television, and confirmed that his office had cut off direct communications with President Obama, and in fact, were no longer even answering calls received from the White House. In addition to this startling announcement regarding a long standing U.S. ally, the Russian Ministry of Economic Development followed this up with a press release that stated that Turkey was quickly moving away from their reliance on the dollar as the global reserve currency, and is seeking increased trade with Russia in a mutually beneficial exchange of...
  • Beijing, Seoul agree to direct trade in national currencies

    07/05/2014 3:44:33 AM PDT · by SkyPilot · 20 replies
    Voice of Russia ^ | 4 July 14 | Staff
    China designated a clearing bank in Seoul for yuan transactions in South Korea on Friday, coinciding with a visit by President Xi Jinping, as Beijing promotes greater use of its currency overseas, AFP reports. Read more: http://voiceofrussia.com/news/2014_07_04/Beijing-Seoul-agree-to-direct-trade-in-national-currencies-4477/ China's central bank has authorised the Bank of Communications, the country's fifth largest lender, to undertake yuan clearing business in the South Korean capital, the People's Bank of China (PBoC) said in a statement. The announcement came as Chinese President Xi Jinping wrapped up a state visit to South Korea on Friday. China is seeking to make the yuan - also known...
  • “This Is A Trend”: Increasingly More Russian Companies Set To Drop Dollar, Switch To Chinese Yuan

    06/10/2014 12:49:52 PM PDT · by Olog-hai · 56 replies
    Zero Hedge ^ | 06/09/2014 07:52 -0400 | Tyler Durden
    As we have been reporting (and forecasting for the past several years), the Eurasian anti-US Dollar axis is rapidly taking shape, with recent events catalyzed and certainly accelerated by US foreign policy in Ukraine, which has merely succeeded in pushing Russia that much closer, and faster, to China. The latest proof of this came overnight when the FT reported that Russian companies are preparing to switch contracts to renminbi and other Asian currencies amid fears that western sanctions may freeze them out of the US dollar market, according to two top bankers. According to Pavel Teplukhin, head of Deutsche Bank...
  • The End Of America

    05/16/2014 10:39:51 AM PDT · by RichardMoore · 24 replies
    The end of America and the fall of the US dollar.
  • Cuba to eliminate currency pegged to dollar

    12/21/2013 1:31:04 PM PST · by Olog-hai · 14 replies
    Associated Press ^ | Dec 20, 2013 9:24 PM EST | Andrea Rodriguez
    Cuba will eliminate a currency pegged to the dollar as part of a move to end its unique double-currency system, which had become a symbol of economic inequality to many islanders, Cuba’s top economic official said Friday. Tourists currently use a convertible peso roughly equal to a U.S. dollar while most Cubans are paid in ordinary pesos worth about four cents. Many goods are easier to find in government stores that exclusively accept convertible pesos, a mechanism designed to keep the flow of the special currency under government control. The dual system has created special privileges for Cubans who work...