Free Republic 1st Quarter Fundraising Target: $88,000 Receipts & Pledges to-date: $81,681
92%  
Woo hoo!! And now less than $6.4k to go!! Let's git 'er done!! Thank you all very much!!

Keyword: reservecurrency

Brevity: Headers | « Text »
  • 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...
  • Wall St. elites reason it's time for a 'de-Americanized world,' China's news agency says

    10/13/2013 10:33:18 AM PDT · by Dallas59 · 21 replies
    Fox News ^ | 10/13/2013 | Fox News
    China’s official news agency is calling for a “de-Americanized world,” in a blistering editorial characterizing the United States as a “meddling” and “hypocritical” nation that introduces chaos into the world for its own ends. “As U.S. politicians of both political parties are still shuffling back and forth between the White House and the Capitol Hill without striking a viable deal to bring normality to the body politic they brag about, it is perhaps a good time for the befuddled world to start considering building a de-Americanized world,” writes the Xinhua News Agency.
  • Can China Build A De-Americanized World?

    10/14/2013 6:52:23 PM PDT · by TexGrill · 17 replies
    Forbes ^ | 10/14/2013 | Panos Mourdoukoutas
    “As U.S. politicians of both political parties are still shuffling back and forth between the White House and the Capitol Hill without striking a viable deal to bring normality to the body politic they brag about, it is perhaps a good time for the befuddled world to start considering building a de-Americanized world,” writes Liu Chang in Xinhua, China’s official news outlet. But can China build a de-Americanized world? Can China lead the global economy? As we wrote in previous pieces, the answer is most likely not, as China lacks four conditions that make its economic growth sustainable. First, China...
  • U.S. debt crisis spurs Chinese calls for ‘de-Americanized’ world

    10/15/2013 6:05:32 AM PDT · by Travis McGee · 21 replies
    The Washington Post ^ | October 14, 2013 | William Wan
    The political standoff in Washington has spawned frustration and growing worries in China, which remains the largest holder of U.S. government debt, as the clock ticks down to a possible U.S. debt default this week. The crisis shows that China and the rest of the world should start to “de-Americanize,” according to a strongly worded commentary from the Xinhua News Agency, China’s leading government-controlled news outlet. “The world is still crawling its way out of an economic disaster thanks to the voracious Wall Street elites,” the commentary said. “Such alarming days when the destinies of others are in the hands...
  • Debt Ceiling: China Calls for World to Be 'De-Americanised'

    10/13/2013 5:22:43 AM PDT · by Cincinatus' Wife · 39 replies
    International Business Times ^ | October 13, 2013 | Jijo Jacob
    China's official news agency has called for the creation of a "de-Americanised world", saying the destinies of people should not be left in the hands of a hypocritical nation with a dysfunctional government. Heaping criticism and caustic ridicule on Washington, the Xinhua news agency called the US a civilian slayer, prisoner torturer and meddler in others' affairs, and said the 'Pax Americana' was a failure on all fronts. The official news agency of China, which is seen as the pretender to the world's superpower crown, then rubbed in more salt, calling American economic pre-eminence just a seeming dominance. "As US...
  • China's Official Press Agency Calls For New Reserve Currency, And New World Order

    10/13/2013 10:57:23 AM PDT · by RKBA Democrat · 22 replies
    Zero Hedge ^ | 10-13-13 | Tyler Durden
    We assume it is a coincidence that on the day in which we demonstrate China's relentless appetite for gold, driven by what we and many others believe is the country's desire to have a call option on a gold-backed reserve currency when the time comes, just posted in China's official press agency, Xinhua, is an op-ed by writer Liu Chang in which he decries the "US fiscal failure which warrants a de-Americanized world" and flatly states that the world should consider a new reserve currency "that is to be created to replace the dominant U.S. dollar, so that the international...
  • South Sudan: China Challenges US In Africa

    10/16/2013 1:59:42 PM PDT · by IsraelBeach · 13 replies
    South Sudan News ^ | October 16, 2013 | Joe Odaby
    South Sudan: China Challenges US In AfricaBy Joe Odaby South Sudan NewsJuba, South Sudan — October 16, 2013 … The leading South Sudanese think-tank, The Fashoda Institute of Strategic and Regional Studies, has published a strategic analysis of Chinese grand diplomatic strategy in Africa. The Fashoda Institute asserts that the key component of the Chinese long-term grand design has long been to “converge all the flow of oil, gas and minerals to a single export point on the shores of the Indian Ocean – that is, in the direction of China. This vision is getting closer to realization given the...
  • From China, Iran, Russia, Venezuela, Costless Contempt For Obama's America

    10/15/2013 11:12:10 AM PDT · by IBD editorial writer · 3 replies
    Investor's Business Daily ^ | 14 Oct 2013 | Editorial
    Leadership: Iran's back to chanting "death to America," China's calling for a "de-Americanized" world, Russia kicks us to the curb in the Mideast and Venezuela hauls off five of our sailors. And what does the White House say? The sharp rise in anti-American incidents from antagonistic regimes stands in stark contrast to the environment three decades ago, when Ronald Reagan was president. As Beltway intelligentsia derided the Gipper as an "amiable dunce," the world's leading troublemakers saw the U.S. president entirely differently: as someone they'd rather not tangle with. That's why Iran's ayatollahs dropped the U.S. diplomatic hostages they'd been...
  • Is the ‘new reserve currency’ that China is proposing also backed by gold?

    10/16/2013 3:12:06 AM PDT · by RC one · 9 replies
    Over the weekend a very interesting op-ed appeared out of the Xinhua news agency. Before we get going let’s just remind ourselves just who Xinhua is – from wiki:The Xinhua News Agency (/ˈʃiːnhwɑː/;[1]) is the official press agency of the People’s Republic of China and the biggest center for collecting information and press conferences in China. It is the largest news agency in China, ahead of the China News Service. Xinhua is subordinate to the State Council and reports to the Communist Party of China’s Propaganda and Public Information Departments. Xinhua’s headquarters complex, the “pencil building”, is at No. 57...
  • China and gold

    10/21/2013 2:15:06 PM PDT · by BfloGuy · 21 replies
    The Cobden Centre ^ | 10/21/13 | Alasdair Macleod
    China is now overtly pushing for the US dollar to be replaced as the world’s reserve currency.Xinhua, China’s official press agency on Sunday ran an op-ed article which kicked off as follows: As U.S. politicians of both political parties are still shuffling back and forth between the White House and the Capitol Hill without striking a viable deal to bring normality to the body politic they brag about, it is perhaps a good time for the befuddled world to start considering building a de-Americanized world. China does have a broad strategy to prepare for this event. She is encouraging the...
  • U.S. Fiscal Failure Warrants A De-Americanized World

    10/14/2013 8:25:14 PM PDT · by haffast · 8 replies
    CRI.English ^ | 2013-10-13 10:58:13 | Liu Chang
    As U.S. politicians of both political parties are still shuffling back and forth between the White House and the Capitol Hill without striking a viable deal to bring normality to the body politic they brag about, it is perhaps a good time for the befuddled world to start considering building a de-Americanized world. Emerging from the bloodshed of the Second World War as the world's most powerful nation, the United States has since then been trying to build a global empire by imposing a postwar world order, fueling recovery in Europe, and encouraging regime-change in nations that it deems hardly...
  • HSBC: RMB to be one top 3 trade currencies

    05/24/2013 11:19:00 PM PDT · by TexGrill
    China Daily ^ | 05/25/2013 | Xinhua
    ZURICH, Switzerland - Media reports claiming that China's State Council has rejected a 40-trillion yuan ($6.5 trillion) urbanization plan are untrue, the chief of China's top planning agency said Friday. Xu Shaoshi, head of the National Development and Reform Commission, told reporters that his agency has been finalizing the drafting work of the urbanization plan with other relevant departments, and has not yet handed in the plan to the State Council. "How can it be possible that the State Council rejected a proposal that we have not yet submitted?" he said.
  • The dollar – and the USA – is toast (China prepping for final collapse of America)

    05/07/2013 10:50:10 PM PDT · by Perseverando · 82 replies
    WND ^ | May 7, 2013 | Lord Monckton
    Obama has done it. He has brought America down. It only took him just over four years. The Republicans could have stopped him. They didn’t. How did the nihilistic left succeed in destroying America? Simple. They learned just a little of the capitalism they hate, and they drove your nation into outright bankruptcy. And here is what the GOP has to say about it: just about nothing. The once-mighty United States is now the most indebted nation on Earth. In round numbers, here are just some of the vital statistics as the patient dies: National debt: $17 trillion, or $50,000...
  • Brazil, China to ink deal on trade in national currency

    03/21/2013 3:51:30 PM PDT · by Track9 · 11 replies
    AFP - Brazil hopes to sign a bilateral accord with China to promote trade in their national currencies at next week's BRICS summit of the world's five emerging powers, Trade and Industry Minister Fernando Pimentel said Thursday. The initiative was tentatively agreed last June with the signing of a memorandum of understanding after a meeting of Brazilian President Dilma Rousseff and then Chinese prime minister Wen Jiabao during the UN summit on sustainable development in Rio. Pimentel said that at the BRICS summit in Durban, South Africa on Monday and Tuesday "we plan to turn this memorandum into a final...
  • China And Russia Are Ruthlessly Cutting The Legs Out From Under The U.S. Dollar

    09/12/2012 9:19:48 PM PDT · by Tolerance Sucks Rocks · 33 replies
    The Economic Collapse ^ | September 11, 2012 | The Economic Collapse
    The mainstream media in the United States is almost totally ignoring one of the most important trends in global economics. This trend is going to cause the value of the U.S. dollar to fall dramatically and it is going to cause the cost of living in the United States to go way up. Right now, the U.S. dollar is the primary reserve currency of the world. Even though that status has been chipped away at in recent years, U.S. dollars still make up more than 60 percent of all foreign currency reserves in the world. Most international trade (including the...
  • Guest Post: Has The Perfect Moment To Kill The Dollar Arrived?

    08/07/2012 7:31:48 AM PDT · by bt_dooftlook · 10 replies
    Zerohedge.com ^ | 08/07/2012 | Brandon Smith
    The idea of “collapse”, social and financial, comes with an incredible array of hypothetical consequences ranging from public dissent and martial law, to the complete disintegration of infrastructure and the devolution of mankind into a swarm of mindless arm chewing cannibals. In an age of television nirvana and cinema overload, I have found that the collective unconscious of our culture has now defined what collapse is based only on the most narrow of extremes. If they aren’t being hunted down by machete wielding looters or swastika wearing jackboots, then the average American dupe figures that the country is not in...
  • China buying oil from Iran using the Yuan, reveals Tehran ambassador in UAE

    05/12/2012 12:08:42 AM PDT · by Olog-hai · 6 replies
    MercoPress ^ | Tuesday, May 8th 2012 - 22:37 UTC
    Iran is using the revenue to buy goods and services from China, Mohammed Reza Fayyad, Iran's ambassador to the United Arab Emirates, confirmed. China is the biggest buyer of Iranian crude oil exports. The country buys some $20-30 billion of oil from Iran each year, but the US has been pressuring Beijing to join an international boycott of Iran over Tehran's nuclear program. The Iranian ambassador's comments, reported by the Reuters news agency, confirmed a report in the Financial Times that claimed that Unipec (a subsidiary of the Chinese state-owned oil firm Sinopec) was buying the oil, as was another...
  • Petro-Euro Vs Petro-Dollar?

    07/10/2008 2:41:33 AM PDT · by Vanders9 · 25 replies · 791+ views
    The Voice ^ | May 2006, Issue 264 | steve masterson
    Iran has really gone and done it now. No, they haven't sent their first nuclear sub in to the Persian Gulf . They are about to launch something much more deadly -- next week the Iran Bourse will open to trade oil, not n dollars but in Euros' This apparently insignificant event has consequences far greater for the US people, indeed all for us all, than is imaginable. Currently almost all oil buying and selling is in US-dollars through exchanges in London and New York . It is not accidental they are both US-owned. The Wall Street crash in 1929...
  • Will OPEC Dump the Dollar? [Our Arab Oil Giants "friends"]

    11/22/2007 9:14:37 AM PST · by PRePublic · 59 replies · 318+ views
    businessweek ^ | 11/21/07
    Will OPEC Dump the Dollar? BusinessWeek Iran is pushing OPEC to shift away from pricing oil in dollars and instead to a basket of currencies that could include the euro. ... http://www.businessweek.com/globalbiz/content/nov2007/gb20071120_087338.htm?chan=globalbiz_europe+index+page_companies
  • Oil Min: Iran Has Halted Oil Transactions In Dollars -AFP

    12/10/2007 8:46:25 AM PST · by kellynla · 66 replies · 706+ views
    nasdaq.com ^ | 12-08-07 0440ET | staff
    TEHRAN (AFP)--Major crude producer Iran has completely stopped carrying out its oil transactions in dollars, Oil Minister Gholam Hossein Nozari said on Saturday, labeling the greenback an "unreliable" currency. "At the moment selling oil in dollars has been completely halted, in line with the policy of selling crude in non-dollar currencies," Nozari was quoted as saying by the ISNA news agency. "The dollar is an unreliable currency, considering its devaluation and the oil exporters' losses," he added. The world's fourth-largest oil exporter, Iran has massively reduced its dependence on the dollar over the past year in the face of U.S....
  • Saudi minister warns of dollar collapse (Threat?)

    11/17/2007 3:16:53 AM PST · by SkyPilot · 133 replies · 404+ views
    The Business ^ | 17 Nov 07 | None
    The dollar could collapse if Opec officially admits considering changing the pricing of oil into alternative currencies such as the euro, the Saudi Arabian foreign minister has warned. Prince Saud Al-Faisal was overheard ruling out a proposal from Iran and Venezuela to discuss pricing crude in a private meeting at the oil cartel's conference. In an embarrassing blunder at the meeting in Riyadh, ministers' microphones were not cut off during a key closed meeting, and Prince Al-Faisal was heard saying: "My feeling is that the mere mention that the Opec countries are studying the issue of the dollar is itself...
  • OPEC Abandons Dollar

    12/11/2006 4:15:34 PM PST · by FARS · 70 replies · 2,335+ views
    Moneynews/Newmax ^ | 12/11/06 | Newmax & AntiMullah
    OPEC Abandons U.S. Dollar Oil-producing countries have reduced their dollar holdings to the lowest level in two years and shifted oil income into other currencies, according to the Bank for International Settlements. Members of the Organization of Petroleum Exporting Countries and Russia reduced their dollar holdings from 67 percent in the first quarter to 65 percent in the second quarter. At the same time, they increased their holdings of euros from 20 percent to 22 percent, the BIS said. They also boosted holdings of the yen and British pound. Eighteen months ago, the oil-producing countries’ exposure to the dollar was...
  • China Calls For New Reserve Currency

    03/24/2009 11:42:57 AM PDT · by ClassicLiberal · 31 replies · 854+ views
    Financial Times ^ | March 23, 2009 | Jamil Anderlini
    China’s central bank on Monday proposed replacing the US dollar as the international reserve currency with a new global system controlled by the International Monetary Fund.
  • Dollar as reserve currency undercurrent to debt debate

    07/30/2011 8:53:23 AM PDT · by packback · 7 replies
    Milwaukee Story ^ | 7/30/2011 | Shaun Booth
    The current debt ceiling debate is driven by the panic of the establishment in Washington knowing they could soon lose their power to print US dollars.
  • Morning Note: Gold Replacing Dollar as World’s Reserve Currency?

    03/28/2011 8:20:26 PM PDT · by Tolerance Sucks Rocks · 4 replies
    CNBC ^ | March 24, 2011 | Catherine Holahan
    $105 per barrel oil. Cotton prices at record levels. Food prices at 2008 highs. Typically, such commodity price increases would send central banks running to the U.S. Dollar to secure the value of their savings. After all, the dollar has been the reserve currency since World War I. But not this time. Central banks are shedding dollars [DXC1 76.48 0.105 (+0.14%) ], reducing their holdings by about $9 billion in previous quarter, according to Nomura Securities’ Jens Nordvig, global head of G10 FX Strategy. What are they buying instead? Gold [GCCV1 1417.40 -2.50 (-0.18%) ]. The yellow metal hit a...
  • US backing for world currency stuns markets [Flashback to 3/11/09]

    03/13/2011 12:46:12 PM PDT · by wolfcreek · 47 replies
    themicroeffect.com ^ | 3.11.2011 | n/a
    US Treasury Secretary Tim Geithner shocked global markets by revealing that Washington is “quite open” to Chinese proposals for the gradual development of a global reserve currency run by the International Monetary Fund.
  • Shocking New IMF Report: The U.S. Dollar Needs To Be Replaced As The World Reserve Currency

    02/11/2011 10:08:27 AM PST · by SeekAndFind · 41 replies
    The Economic Collapse ^ | 02/11/2011 | Michael Snyder
    The IMF is trying to move the world away from the U.S. dollar and towards a global currency once again. In a new report entitled "Enhancing International Monetary Stability—A Role for the SDR", the IMF details the "problems" with having the U.S. dollar as the reserve currency of the globe and the IMF discusses the potential for a larger role for SDRs (Special Drawing Rights). But the IMF certainly does not view SDRs as the "final solution" to global currency problems. Rather, the IMF considers SDRs to be a transitional phase between what we have now and a new world...
  • IMF calls for dollar alternative

    02/10/2011 12:48:52 PM PST · by FromLori · 7 replies
    CNN Fortune ^ | 2/10/11 | Ben Rooney
    The International Monetary Fund issued a report Thursday on a possible replacement for the dollar as the world's reserve currency. The IMF said Special Drawing Rights, or SDRs, could help stabilize the global financial system. SDRs represent potential claims on the currencies of IMF members. They were created by the IMF in 1969 and can be converted into whatever currency a borrower requires at exchange rates based on a weighted basket of international currencies. The IMF typically lends countries funds denominated in SDRs While they are not a tangible currency, some economists argue that SDRs could be used as a...
  • The End of the Dollar

    01/26/2011 6:55:46 AM PST · by FromLori · 27 replies
    The Trumpet ^ | March 2011 | staff
    In January, Chinese President Hu Jintao was wined and dined with a lavish state banquet at the White House and other official ceremonies usually reserved for America’s closest friends and allies. Why? One must be very polite when entertaining your banker—even if you don’t like him and he doesn’t like you. Yet there is another more ominous but closely related reason. For years, China has warned America that its support for the dollar was not unconditional. The warnings fell on deaf ears. Confident that China was virtually forced to lend money to America, Washington embraced a borrow-and-spend policy that would...
  • Making The Last Use Of Reserve Currency Status

    11/19/2010 6:48:12 AM PST · by frithguild · 7 replies
    Zero Hedge ^ | 11/19/2010 09:01 | Bo Peng
    I suspect many in the mainstream academia haven't realized what QE2 is. It is the last use of the dollar's reserve currency status, intended or otherwise. In a fiat currency system, inflation should be the only risk, because fighting deflation should be trivial -- just print money. This is a fundamental advantage of a fiat system over the old gold standard. Unfortunately for the US, the dollar's reserve status means the geopolitical border is not the dam holding the water as in other countries. As Fed pours in more water, it leaks right out to lowlands (good investment destinations) all...
  • China: Time For Reserve Currency Debate

    07/01/2009 8:47:37 PM PDT · by FromLori · 4 replies · 303+ views
    Newsmax ^ | 7/1/09
    China has asked to debate proposals for a new global reserve currency at next week's Group of Eight summit in Italy and the issue could be referred to briefly in the summit statement, G8 sources said on Wednesday. One G8 source who was involved in the negotiations said China made the request during preparatory talks about a joint statement to be issued on the second day of the summit in L'Aquila by the G8 plus the G5 (Brazil, India, China, Mexico and South Africa) and also Egypt. This forum, the so-called "G14", meets on July 9 to discuss the financial...
  • Whither the Dollar?

    06/28/2009 9:18:55 AM PDT · by FromLori · 13 replies · 502+ views
    As the fallout from the global financial crisis continues, the burning question in international financial circles is whether the U. S. dollar, the world’s reserve currency since the Second World War, can retain its status. Chinese and Russian leaders have already signaled their distaste for continued dollar hegemony, and the latter have even taken the extraordinary step of publicly seeking assurances that their dollar-denominated assets — U.S. government debt — will be protected. The concern is that, with the Federal Reserve’s recent expansionary policies — pumping trillions of new dollars into the world’s money supply — the dollar will begin...
  • Bric in search of elusive common cause (Brazil, Russia, India & China)

    06/18/2009 7:23:13 PM PDT · by lilylangtree · 3 replies · 486+ views
    Timesonline ^ | 6-18-2009 | Bronwen Maddox
    NO wonder that Russia was so keen to host the summit of the Bric countries, the giants of the developing world. Brazil, China, India and Russia are a would-be club in search of a common cause. Out of the four, it is Russia which is the weakest - and which has the most to gain from the others' solidarity. Brazil's President Luiz Inacio Lula da Silva, left, Russian President Dmitry Medvedev, Chinese President Hu Jintao and Indian Prime Minister Manmohan Singh line up for a group photo at the first Bric summit Picture: Reuters We can credit Goldman Sachs, not...
  • Geithner's stupidity almost singlehandedly wrecks the dollar

    03/26/2009 10:20:15 PM PDT · by Scanian · 16 replies · 831+ views
    The American Thinker Blog ^ | March 26, 2009 | Rick Moran
    You may have heard of the dollar's steep drop yesterday on the currency markets. It was because our incompetent Secretary of the Treasury opened his mouth and put his foot in it: As if the dollar didn't have enough problems, Timothy Geithner took China's bait yesterday and said he was "quite open" to its suggestion this week to displace the greenback with an "international reserve currency." The dollar promptly fell and stocks followed, before the Treasury Secretary re-emerged to say "the dollar remains the world's dominant reserve currency. I think that's likely to continue for a long time." In fact,...
  • Fed and Treasury Want More Authority - To Do What Exactly?

    03/25/2009 2:48:13 PM PDT · by arthurus · 9 replies · 451+ views
    Keeping Alpha ^ | March 25, 2009 | Economic Disconnect
    Ultra top secret discussions have now been completed between China, Russia, the IMF, and Antarctica. The new World's Reserve Currency will be unveiled soon, but you always have the inside track here at Economic Disconnect. http://static.seekingalpha.com/uploads/2009/3/25/saupload_vadermoney_1.jpg
  • The Dollar Trap Part II: Mutually Assured Financial Destruction

    11/19/2008 7:27:16 PM PST · by TigerLikesRooster · 12 replies · 644+ views
    18 November 2008 The Dollar Trap Part II: Mutually Assured Financial Destruction The current structure of the Bretton Woods agreement with the US dollar as the dominant reserve currency is not sustainable unless the rest of the world is willing to accept a form of neo-colonialism. The developed nations are holding approximately 70% of their reserves in US dollars. The rest of the world knows it must find an acceptable substitute for the dollar as the reserve currency. The US does not wish to change the status quo for several reasons.
  • The Federal Reserve’s Systematic Destruction of America

    04/23/2008 5:53:14 AM PDT · by Tolerance Sucks Rocks · 22 replies · 148+ views
    echo chambers ^ | April 22, 2008 | echo chambers
    “If the American people ever allow private banks to control the issue of their money, first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the people of their property until their children will wake up homeless on the continent their fathers conquered.” -Thomas Jefferson The Founding Fathers put Congress in control of the the U.S. monetary system. In 1913 Congress relinquished this awesome power and gave it to a private cartel with the passage of the Federal Reserve Act. For almost 100 years, Federal Reserve policy has swindled Americans...
  • Why the euro is unlikely to eclipse the dollar

    04/03/2008 7:25:05 AM PDT · by TigerLikesRooster · 19 replies · 318+ views
    FT ^ | 04/02/08 | Barry Eichengreen and Marc Flandreau
    Why the euro is unlikely to eclipse the dollar By Barry Eichengreen and Marc Flandreau Published: April 2 2008 17:54 | Last updated: April 2 2008 17:54 Judging from commentary by international economists, one would think that the dollar was on its deathbed. America’s financial crisis and the dollar’s depreciation are bringing us to a tipping point where the greenback will lose its international currency mantle to the euro. A few more losses on dollar investments, it is said, and central banks will learn to hold their reserves in euros. Other investors will follow. America’s “exorbitant privilege” will be no...
  • Iran Switching From Dollars To Euros For Reserve Currency

    12/18/2006 12:39:15 AM PST · by HAL9000 · 10 replies · 750+ views
    AFP via translation | December 18, 2006
    ALARM - Iran decides to replace the dollar by the euro TEHERAN - the Iranian government decided to replace the dollar by the euro in its foreign trade and for its assets abroad, told to Monday the spokesman of the government, Gholamhossein Elham. “The sources from abroad and the incomes oil will be calculated in euros, and will receive we them in euros to put an end to the dependence with regard to the dollar”, declared the spokesman at the time of his point of weekly press. “We will also carry out this change concerning the Iranian assets the...
  • Americas Foes Circle Wagons

    02/15/2006 8:36:33 AM PST · by Paul Ross · 18 replies · 989+ views
    Space Science Daily ^ | February 14, 2006 | Claude Salhanie
    SUPERPOWERS Americas Foes Circle Wagons by Claude Salhani UPI International Editor Washington DC (UPI) Feb 14, 2006 America's enemies are circling their wagons, readying for what they perceive to be inevitable: a showdown with the United States. Iran's President Mahmoud Ahmadinejad was quoted by the New York Times as having told a large crowd of demonstrators: "I ask our dear people to prepare themselves for a great struggle. Fasten your seat belts and pull up your sleeves." Fearing a potential attack, Ahmadinejad, now more than ever, will push ahead with his country's desire to acquire nuclear weapons, feeling it would...
  • WorldNetDaily: Gates, Buffett, China 'run from dollar'

    02/03/2005 8:40:47 AM PST · by Paul Ross · 185 replies · 2,560+ views
    World Net Daily ^ | February 3rd, 2005 | Craig R. Smith
    Thursday, February 3, 2005 Gates, Buffett, China'run from dollar'Expert sees development as sharp warning to Americans Posted: February 3, 20051:00 a.m. Eastern © 2005 WorldNetDaily.com Decisions by the world's two wealthiest men to bet on a further weakening of the U.S. dollar, coupled with China's lack of confidence in American currency should grab the attention of every working person, says Craig Smith, CEO of Swiss America Trading. Warren Buffett (Photo: Honolulu Advertiser) Microsoft Chairman Bill Gates is following the example of Berkshire Hathaway Chairman Warren Buffett, who made a pretax gain of $412 million in the fourth quarter of 2004 by...
  • Opec considers ditching the dollar

    02/09/2004 2:28:19 PM PST · by Rams82 · 34 replies · 251+ views
    Business Report ^ | 9/10/04 (Asia)
    Opec considers ditching the dollar Algiers- As the US dollar continues its slide against world currencies, should oil, the most valuable global commodity, now be priced in euros? The Organization of Petroleum Exporting Countries (Opec) is having a think about the relative merits of abandoning the greenback for the European single currency, and some analysts expect it to be discussed at the powerful oil cartel's special meeting in Algiers on Tuesday. "I would be surprised if the question was not examined" in Algiers, a source close to Opec said at the cartel's Vienna headquarters. Opec's current secretary general, the Venezuelan...
  • Opec may look at trading oil in euro

    12/10/2003 3:47:33 PM PST · by sourcery · 15 replies · 218+ views
    TheStar | Reuters ^ | December 10, 2003
    CARACAS: The Organisation of Petroleum Exporting Countries (Opec) could discuss trading oil in euros or a basket of currencies other than the US dollar because of concerns over the slide in the greenback?s value, said the cartel?s secretary-general, Alvaro Silva. ?There is talk of trading crude in euros. It?s one of the alternatives ... either that or a basket of currencies. It is possible that the organisation will discuss this and take a decision at a given time,? Silva told the Venezuelan state news agency Venpres in an interview from Vienna. Opec has aimed to keep oil prices within its...