China – UK dump the US dollar for bilateral trades

Another “told you so” post from Boggart Blog. It’s gets sooooooo booooooooring being right all the time but being endowed with the handicaps of independent minds and an abundance of common sense its a burden we Boggart Bloggers must bear.

flushing dollarsPicture source

From Zero Hedge
Following the initial de-dollarization meeting, there has been a slew of anti-dollar moves around the world (including Gazprom’s shift of 90% of its clients to non-dollar payments). However, on the heels of the “anti-dollar alliance” discussions yesterday, DW reports that China would start direct trade between the renminbi and the British pound on Thursday. China’s Foreign Exchange Trade System (CFETS) confirmed Sterling and yuan would be directly swapped without using the US dollar as an intermediary.

And from Boggart Blog back in March this year:

Not long ago members of our little team posting on Boggart Blog, Little Nicky Machiavelli and The Daily Stirrer warned you that the USA and EU had a lot more to lose than Russia if they got into an economic war with The Kremlin.

One proud, patriotic and utterly stupid American loftily informed me that the America had nothing to fear because the world trades in US dollars. That used to be right, unfortunately it is no longer so because China and the rest of the BRICS along with Iran and several other significant holders of vast natural resources have been dumping the dollar and making bilateral trade agrements for several years.

Well as usual, drawing on our vast pool of business and life experience we were right at this information that came to us via News Beacon Ireland shows.

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