Petro-yuan: China To Launch Renminbi As Reserve Currency & Take Down Petro-dollar

China’s launch of a Yuan-backed oil futures market could shatter the US dollar dominance of the crude oil market, a goal China and Russia, with support from, Iran, have been working towards for at least five years. The US dollar will not give up the top spot easily however so we can expect interesting times ahead for business and trade.

The long awaited yuan-backed crude oil futures market was launched at the end of last month in Shanghai. China is the world’s biggest oil consumer, with eyes on rival benchmarks Brent and WTI as well as the US currency. Beijing sees the US dollar dominated oil market as standing in the way of it’s becoming the world’s largest economy.

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.

“The question number one is whether China will be able to make the oil market its demand market, and not the oil supply market traded in dollars, which it is now,” Vladimir Rozhankovsky, Global FX Investment analyst comented, according to geopolitics.co. China has recently overtaken the US as the world’s number one oil buyer.

If the world trade enters into a death spiral of reciprocal economic sanctions, keeping oil trade in dollars will be a matter of strategic importance, or a matter of survival for the US,” the analyst added, referring to the recent spate of tit for tat export tariffs imposed by China and the USA.

As a result of these, Washington can deliberately undermine the image of the petro-yuan by attacking Chinese stock, which could result in the devaluation of the yuan, making Chinese oil futures less attractive, Rozhankovsky said. However, the US has some major disadvantages on which the petro-yuan can capitalize. First, the US dollar is still overvalued in currency markets, making domestic oil production very expensive. Second, while Russia and Iran have overland pipelines, the United States does not have transatlantic pipelines to its major markeys in Europe, and tankers are costly and highly risky, the analyst added.

“The trade war between the US and China has already begun. China has plans to promote the renminbi as a reserve currency and there is no better move than to purchase raw materials in its national currency. It can save money on the currency conversion and become less dependent on the US dollar,” Stanislav Werner, head of the analytical department of Dominion, commented in whatreallyhappened.com

Werner notes that the oil market is worth $14 trillion at the moment, and is bigger than the Chinese economy. “The first trading sessions were volatile, but this is a typical story for new financial instruments. The US has a serious reason to get nervous, because in many ways the hegemony of the US dollar came from oil trading in dollars,” he said.

Mainstream Media Reports Truth: West No Match For Russian Military Hardware
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China launches global yuan payment system
China’s Central Bank has started a global payment system which provides cross-border transactions in yuan. The China International Payment System (CIPS) intends to internationalize the yuan and challenge the US dollar’s dominance.

Washington is pushing Kiev to military solution of Donbass conflict
The US is inciting Kiev to end the crisis in eastern Ukraine by force, said the Russian foreign minister citing US support of the recent Ukrainian law on the special self-governing status of Donbass, which Moscow says undermines the Minsk-2 deal.

The Imperatives Behind The New cold War
The ‘new Cold War,’ against Russia, is something of a misnomer, because it differs from the original version, against the U.S.S.R., in that it’s already a hot war, which started in Ukraine as being the key proxy-state for the American Government’s chief foreign-policy aim, of defeating Russia.

The world is dumping the American dollar
Fears for the future of the US dollar
Iran, oil and the US dollar
Obama and Kerry warmongering is about saving the dollar
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Obama goes head to head with Russia over the Petrodollar
India and Turkey latest sign – ups to dump the dollar club
Russia, Ukraine and the Petrodollar
American dollar dumped?
America’s global hegemony broken?
America’s true debt disaster
Is the USA leading the collapse of the global economy
How the Wall Street Bankers have rigged markets
A conspiracy of Bankers
Debt: The Quadrillion Dollar conspiracy
The dollar ponzi scheme keeps US economy afloat
Why printing money has failed the western economies
Imminent collapse of the petrodollar
Russia and China make war on petrodollar while Obama vacillates
Russia and China sign up Turkey and India to moves against dollar

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Sweden’s Rebels Against Cashless Society Push: “We Have No Weapon Fight Back…If Putin Invades”

cashless

This omnibus page is about documenting the global elite’s “War On Cash” (yes that is a bit over dramatic and click – baity, but we have to compete for attention,) which is not about making life better for the masses as we are told it is, but about enabling government agencies to increase their ability to extend surveillance of all our activities. One of the topic we have previously looked at several times is the rapid rise of Sweden’s cashless society, where a natuarally conformist mindset among the people has made them all too ready to accept  that cashless was the progressive, liberal way forward and cooperate with the authoritarian left wing  government’s demands for ever greater control over  people’s money and private lives. The myth that digital is safer. combined with the ‘ease-of-use’ narrative has left many stores no longer accepting cash at all  and even sparked anxiety among Swedish authorities  that:

“If this development with cash disappearing happens too fast, it can be difficult to maintain the infrastructure” for handling cash.

Last year, the amount of cash in circulation in Sweden dropped to the lowest level since 1990 and is more than 40 percent below its 2007 peak. The declines in 2016 and 2017 were the biggest on record.

But the pace at which cash is vanishing has authorities worried.

“One may get into a negative spiral which can threaten the cash infrastructure,” Mats Dillen, the head of the parliamentary review, said.

“It’s those types of issues we are looking more closely at.”

Riksbank Governor Stefan Ingves has said Sweden should consider forcing banks to provide cash to customers. It seems that a few people at least are waking up to how easy it is for tech – savvy crooks to steal or scam money form inexpert users of online systems. Surprisingly it is the left that are showing most convern, The Guardian reports, a small but growing number of Swedes anxious about their country’s rush to embrace a cash-free society.

While many large western nations have that nagging doubt in the back of their mind that government may not be all-virtuous, naive, gullible, brainwashed  Swedes – until now – have not…

The Swedish government is a rather nice one, we have been lucky enough to have mostly nice ones for the past 100 years,” says Christian Engström, a former MEP for the Pirate Party and an early opponent of the cashless economy.

In other countries there is much more awareness that you cannot trust the government all the time. In Sweden it is hard to get people mobilised.

…but there are signs this might be changing. Following discussions by the country’s central bank, concerns about a cash-free society have emerged into the mainstream, says Björn Eriksson, 72, a former national police commissioner and the leader of a group called the Cash Rebellion, or Kontantupproret.

The Guardian report continues, “until now, Kontantupproret has been dismissed as the voice of the elderly and the technologically backward, Eriksson says.”

“When you have a fully digital system you have no weapon to defend yourself if someone turns it off,” he says.

“If Putin invades Gotland [Sweden’s largest island] it will be enough for him to turn off the payments system. No other country would even think about taking these sorts of risks, they would demand some sort of analogue system.”

In this sense, Sweden is far from its famous concept of lagom – “just the right amount” – but instead is “100% extreme”, Eriksson says, by investing so much faith in the banks.

“This is a political question. We are leaving these decisions to four major banks who form a monopoly in Sweden.”

The best case scenario is that we are not as secure as we think, Mattias Skarec, 29, a digital security consultant, says – the worst is that IT infrastructure is systemically vulnerable.

“We are lucky that the people who know how to hack into them are on the good side, for now,” he says. “But we don’t know how things will progress. It’s not that easy to attack devices today, but maybe it will become easier to do so in the future.”

The Pirate Party – which made its name in Sweden for its opposition to state and private sector surveillance – welcomes a higher political profile for these issues, according to The Guardian. Look at Ireland, Christian Engström says, where abortion is illegal. It is much easier for authorities to identify Irish women who have had an abortion if the state can track all digital financial transactions, he says. And while Sweden’s government might be relatively benign, a quick look at Europe suggests there is no guarantee how things might develop in the future.

“If you have control of the servers belonging to Visa or MasterCard, you have control of Sweden,” Engström says.

“In the meantime, we will have to keep giving our money to the banks, and hope they don’t go bankrupt – or bananas.”

Bananas indeed. And there you have our reasons for having always opposed the idea that cashless is the way forward. Like most ‘progressive’ ideas the policy is politically motivated and has the aim of curtailing individual freedom and extending government control. Consider this: a few years ago, with Quantitative Easing (QE) having failed to lift the western economies out of the doldrums following the 2008 crisis, bankers, politicians and economists seriously discussed the idea of levying a charge on savings and deposits held by banks for individuals.

The result, in those nations most at risk, was a rush to withdraw savings. It was after that exercise the push to go cashless intensified. Why? Simples: if the banks hold all your wealth in digital form, you can’t withdraw it and stash it under the floorboards, in the mattress or buy jewellery and valuables to protect your wealth.

Trump catches attention of CFR, Bilderberg, Trilateral

Donald Trump is portrayed as a clown by mainstream media and his combover is the silliest I have ever seen. Still, he’s a billionaie so I don’t suppose he gives a flying fuck what The Daily Stirrer thinks of him. Not that we think he is all bad, anyone who attacks Obama’s global naziism trade deals, TTIP and TPP mush have some good points.

Greece draws up drachma plans, prepares to miss IMF payment
Greece is preparing plans to nationalise the country’s banking system and introduce a parallel coupon currency so that citizens can carry on their day to day activities in the event of the Eurozone taking steps to defuse the simmering debt crisis. Sources in the governing Syriza party said the government may be forced to take the unprecedented and high risk step of missing a payment to the International Monetary Fund (IMF) as early as next week.

New Global Crisis Imminent, New Geneva Report Warns
The Geneva Report refers to a “poisonous combination of high and rising global debt and slowing nominal GDP [gross domestic product], driven by both slowing real growth and falling inflation”. The total burden of world debt, private and public, has risen from 160 per cent of national income in 2001 to almost 200 per cent after the crisis struck in 2009 and 215 per cent in 2013. “Contrary to widely held beliefs, the world has not yet begun to delever and the global debt to GDP ratio is still growing, breaking new highs,” the report said.

Cashless Society – The Resistance Begins Here
A seaside market town in Norfolk may be less than 100 miles from the world’s financial capital, London, , it may be the commercial centre of West Norfolk’ as the town website boasts, it may be home to 45,000 people — but there, unlike in London, cash is king.

Establishment Pushing ‘Cashless Society’ to Control Humanity
The global establishment is increasingly pushing the notion of what it calls a “cashless society” — a world in which all payments and transactions would be conducted electronically, creating a permanent record for governments to inspect and track at will.Multiple governments from Africa and Asia to Europe and …

Being Evil? Just Another Day At The Office For Google Boss
Amazon’s Human Robots: More and more people are finding themselves dehumanised in the modern workplace

Baltic Dry Index Hits All Time Low – Don’t Panic
Is a Global Wide Cash Ban Coming?
The War On Cash Intensifies In Response To Trump and Brexit
Game On: Bloomberg Editorial Calls For An End To Cash
Banning Cash Will Stop Terrorism (and end war, poverty, disease and bad smells) says Bill Gates

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Globalist Bankers Make Plans To Rob Your Bank Account
Slaves To The Machine
Holy City (slam poem)
Living Within The Conspiracy
New World Order
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London transport bans cash
Latest Posts

Elsewhere: [Boggart Blog]…[Little Nicky Machiavelli]…[Scribd]…[Wikinut] … [ Boggart Abroad] … [ Grenteeth Bites ] … Ian Thorpe at Flickr ] … [ Tumblr ]

 

China’ s Low Key Launch Of Its Challenge To Petrodollar Supremacy

petrodollar
Goodbye petrodollar, hello petroyuan? 

We have been blogging and commenting for several years on moves by Russia, China and Iran to replace the US dollar as the global reserve currency, or at least to create a serious rival to the dollar hegemony. There can be no greater threat to the established order (or to the global banking cartel’s dreamed of New World Order,) than the emergence of a serious rival to the dollar. As economic game-changers go there is none bigger or more disruptive than a yuan-denominated settlement system for crude oil contracts, especially when set it is set up up by the largest importer of crude on the planet and the second largest exporter of hydrocarbons.

Given the level of U.S. provocations of Russia and China over the past few years and the recent return to cold war conditions with a new arms race on the cards, perhaps we ought to be happy that the Russians and Chinese seem to prefer currency wars to shooting wars as both have demonstrated they have formidable arsenals of advanced weapons and it is far from certain the U.S.A. and NATO could take on either, let alone both simultaneously.

And yet Beijing’s strategy seems to be a softly softly approach. Oil trades are already being conducted in petro-yuan at the Shanghai International Energy Exchange is on hold. This may be related to US sabre rattling and concern that the US deep state, having no economic response to the move may react rashly if presented with a fait accompli. Thus the fact that China and its partners chose to play down the official launch of the new settlement system is understandable. There was room for some euphoria following the launch, Brent Crude soared to $71 a barrel for the first time since 2015. West Texas Intermediate (WTI) reached the highest level in three years at $66.55 a barrel; then retreated to $65.53.

The launch also signalled a series of “firsts” for China’s trade links with the west, including the first opportunity for overseas investors to access a Chinese commodity market. Significantly, US dollars will be accepted as deposit and for settlement. In the near future, a basket of currencies will also be accepted as deposit. This is entirely in line with the Sino – Russian policy of moving their economic partners towards conducting trades in the currency of the vendor nation.

Will the launch of the petro-yuan be a deathblow to the petrodollar and U.S. economic dominance and the birth of a new era in trade relations? It will but the change is likely to take years rather than weeks. Many variables have to be considered, the most important being China’s capacity to manipulate and eventually dominate the global oil market.

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The Business of War: Defense Sales Keep Economies Of Manufacturing Nations Afloat
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Naked Bankers Go For Gold

… That gold sale in 2013 was a naked short. The seller had no gold to sell. COMEX reported having gold only equal to about half of the short sale in its vaults, and not all of that was available for delivery (quite a lot of it belonged to the german government) In effect the naked shorting of gold could only work because really the right hand was selling to the left hand.

“West’s War In Syria Is Part Of A Global war Waged By The USA And Its Dupes Allies Against Russia”

Arthur Foxake brings us a brilliant analysis of the geopolitical picture from the black Sea and Middle East, but ahead of the embed window we get a few of Arthur’s own thoughts on the situation

Russia Just Sent out a Message NATO Should Better Listen To

The key paragraph from the latest official Russian naval doctrine is that Putin and his military advisers have sent a clear message that NATO encroachment is unacceptable. To be honest, there is nothing earth shattering in this, The Daily Stirrer and many other alternative media news and analysis sites have been warning for about two years that Obama’s foreign policy was making conflict inevitable.

De – dollarization Moves Ahead – Once Again We Told You So,

What Putin Wants

China Warns U.S. to Stop Its Ukrainian Proxy War Against Russia

The World Rejects USA Attempt To Manipulate Venezuela

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Another Conspiracy Theory Becomes Fact: Oil Collapse Is All About Obama’s Proxy War With Russia.

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American Dollar Dumped

Iran’s Oil and the US Dollar

Money From Rock Better Than Money From Air

Strange things are happening in the finance markets, very strange. As the FT and Dow Jones main indexes go up and down faster than a whores knickers, commodity prices are behaving weirdly too.

Currency Wars

Back to Contents table

If You Look At How Fast Global Trade Is Unravelling, You’ll Get Dizzy

Governments constantly make positive noises about the health of their economies although most people who are in work have felt no improvement on the position they were in after the crash of 2008. Wagest are stangnant, employment has reduced somewhat (see below) and while the banks are printing money and the super rich are widening the gap between themselves and ordinary people faster than ever, the real situation is frightening.

Norway’s Biggest Bank Joins Push To Abolish Cash

The move by governments to eliminate cash as a means of trading goods and services is moving faster than we imagined. With another global financial crisis looming according to financial journalists and investment experts this is as understandable as it is undesirable for us ordinary punters.

Refugee Crisis Or Existential Battle With USA for Europe

It has been clear for some years now that the USA, backed by its main NATO and EU military allies the UK and France (the FUKUS axis has been trying to provoke Russian into firing the shot that will be heard around the world and recognised as the startiung signal for World War Three.
Nothing is ever as it seems to be however, and views from middle east and far eastern journals suggest the USA is also working at destabilizing EU nations in order to force their support in its wars.

Fear of Energy: Polish Prime Minister Calls Nord Stream 2 ‘Highly Dangerous’

Poland, one of the countries opposed to the creation of the international project known as Nord Stream 2 pipeline, to deliver gas and oil from Russia’s energy fields to Europe has proposed an alternative project which would create its own pipeline, dubbed Baltic Pipe. Polish Prime Minister Mateusz Morawiecki has criticized the Nord Stream 2 project, Polish Radio reported on Friday (9 March).

“Poland achieved independence from Russia’s Gazprom long ago; we’ve created a terminal in the city of Swinoujscie and are now planning to increase its processing capabilities, Moreover, we are now in talks with Denmark and Norway,” Morawiecki said during a press conference after talks with his Lithuanian opposite number.

The official noted that Poland and other Baltic states considers Nord Stream 2 “highly dangerous for this part of Europe.” This is understandable as in the past Russia has tended to treat Poland as a semi – autonomour province. The Poles also have little reason to trust their southern neighbour Germany, which also has a track record for using Poland as a training ground for its combat troops.

The head of the German energy company Uniper took a different line, saying that the completion of Nord Stream 2 was necessary to provide security for gas deliveries to Europe.

Last month it was reported that Poland intended to launch its own gas pipeline project, Baltic Pipe, which, in contrast to Nord Stream 2, would lead from Denmark instead of Russia. It is hard to see any logic in this as North Sea gas fields are becoming depleted and rumours of massive, unexplored oil and gas fields off The Shetland Islands are unconfirmed as yet. Poland has already tried to block the construction of Nord Stream 2, with Polish Prime Minister Mateusz Morawiecki asking US Secretary of State Rex Tillerson to make sure that US sanctions cover Nord Stream 2 and those European companies that involved in the project be fined.

A press release by Nord Stream 2 suggests the first pipes for the Nord Stream 2 project are being fabricated at a plant of OMK, which is one of the three pipe suppliers selected by Nord Stream 2 AG, in Vyksa, Russia, in this undated photo provided to Reuters on March 23, 2017. Poland claimed that Nord Stream 2 would increase Europe’s dependence on imported Russian gas.

Nord Stream 2 is a joint venture of Russia’s Gazprom with France’s Engie, Austria’s OMV AG, UK-Dutch Royal Dutch Shell, and Germany’s Uniper and Wintershall. It aims to deliver 55 billion cubic meters of Russian natural gas a year to the European Union across the Baltic Sea to Germany.

The pipeline project has been welcomed by some countries in Europe and opposed by some others, including Ukraine and Poland, while the United States has also expressed its opposition.

Germany Furious About Washington’s Latest Sanctions On Russia
Image source: Millennium report Anybody who has an above zero IQ and follows alt_news must be aware by now that the US Congress’ latest sanctions against Russia are futile and will end up hurting US allies – and this time possibly the USA itself. Since Russia hasn’t done any of the things Washington and the …

Now Things Are Starting To Make Sense
It is now known that the uprising in Ukraine early this year that saw the elected government, which was cooperating far too well with Russia for the liking of the western powers overthrown and replaced by a US and EU sponsored gaggle of gangsters, thugs and neo – fascists whose task was to serve western …

Petrodollar Alert: Putin Prepares To Announce ‘Holy Grail’ Gas Deal With China
If the West has been trying to force Russia and China to recreate a twenty first century version of the old communist bloc, the alliance of a natural resource superpower and the other a fixed capital, low labour cost high output economic powerhouse and to give these two every possible incentive to create a new …

Vlad The Impaler Shafts The West Again
Italy’s Silvio Berlusconi might have described her as an ‘unfuckable lardarse’ but Vlad seems quite keen on Hausfrau Merkel – or is it just political expediency? (image source) Here’s today’s scoop (well not quite a scoop as we found the story on a whistleblower site we subscribe to): As the swaggering, vacuous windbag Obama and …

EU and America Split
Failure Of American Leadership
American exceptionalism rejected
Obama’s big brother regime
Obama tries to bully Russia
Obama thinks he can unite Europe
Russia fingers America for war crimes
West’s lies try to demonise Russia
Fracking disaster: shale not as rich in oil and gas as scientists predicted.

Russia throws down the gauntlet: energy supply to Europe cut off; petrodollar abandoned as currency war escalates
As Russia, China and Iran line up behind Assad, has the USA (and its proxies) lost the middle east war?
Shale Gas Salvation? Frack Off ….
Russia Revealed Evidence Of ISIS-Turkey Oil Trade
Climate Conference Agreement My Arse: Germany To Build Forty New Coal And Gas Power stations
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Support For EU / US Sanctions On Russia Declining In Central Europe
Russia Outmanoeuvres the west again
Having Destroyed Ukraine Economy, USA Accuses Russia Of Trying To Destroy The Ukrainian Economy
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De-Dollarization Accelerates: Russia Launches SWIFT-Alternative Linking 91 Entities
Imminent collapse of the petrodollar
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Iran and the petrodollar
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Ukraine caught in proxy war for the petrodollar

Could Italy’s Banking Crisis Drag Down Mario Draghi?

The latest banking crisis in Italy risks focusing scrutiny on the leadership of both the Bank of Italy and Italy’s financial markets regulator Consob. The decision to give the central bank’s current Chairman Ignazio Visco a fresh six-year mandate despite his having presided over one of the worst banking crises in living memory (and as Italy usually has a banking crisis every two days, that’s an achievement, has started a tug-of-war between political parties and the president, who makes the ultimate decision on who to appoint as central bank chief.

The first to point the finger was Italy’s former premier Matteo Renzi, who, in an effort to distract from his own party’s part in the collapse of Monte dei Paschi di Siena (MPS) perhaps, called into question the supervisory role of both the Bank of Italy and Consob during Italy’s banking crisis.

Silvio Berlusconi, a key player in the center-right coalition whose party came out on top in recent elections in Sicily, was next to join the fray. “The Bank of Italy did not exercise the control that was expected of it,” he told reporters in Brussels in response to a pointed question about Visco.

As the controversy grows, it risks drawing the role of Visco’s predecessor, current ECB President Mario Draghi, into the spotlight. Many of the key events that helped pave the way to Italy’s current crisis took place during his mandate as governor of Italy’s central bank. And now the skeletons are beginning to crawl out of the closet.

It was recently revealed in a Milan court case that in 2010 Italy’s central bank, run by Draghi, knew that MPS’ management had papered over a loss of almost $500 million in 2010 and failed to report it. It’s not the magnitude of the loss that matters, but how it was done and who knew what and when. Bloomberg:

A 2010 report from the Bank of Italy … shows inspectors were aware that a 2008 trade struck with Deutsche Bank AG was the mirror image of an earlier deal Monte dei Paschi had with the German lender. The Italian bank was losing about €370 million ($431 million) on the earlier transaction, dubbed Santorini, as of December 2008. The new trade posted a gain of roughly the same amount and allowed losses to be spread out over a longer period, the document shows.

One of the main reasons was to hide the losses racked up from MPS’s purchase in late 2007 of Banca Antonveneta, a mid-sized Padova-based bank. This still-opaque deal is arguably the most important banking scandal in Italy of the last ten years, and it directly paved the way to the collapse of MPS.

In its quest for growth at any price, MPS paid €10 billion for Antonveneta, over 50% more than the €6.6 billion Spanish lender Banco Santander had paid just months prior as part of its joint acquisition (with Royal Bank Scotland and Belgian bank Fortis) of Dutch giant ABN Amro. Santander was happy to hold on to the Brazilian side of ABN Amro’s business while hastily disposing of the Italian “assets.”

For Monte dei Paschi it was an ill-timed disaster, just as the purchase of ABM Amro’s disparate other parts had been for Royal Bank of Scotland and Fortis, both of which would end up receiving taxpayer-funded bailouts to stay alive once the post-Lehman hangover hit Europe.

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Soros immigration scam

While Germany pursues its policy of replacing expensive German labour with cheap third woeld labour at act as fodder for its profit hungry factories, and the French government obediently follow their German masters while Britain stands aside, it is the poorer E U nations, led by Hungary, that have at last acted to stop the flood of unskilled, often illiterate refugees from third world nations flooding into EU nations

Sharia courts creating dual justice system in UK?

As if we did not have enough immigration problems to deal with as the inflow of illegal immigrants (or refugees and asylum seekers as our ruling elites insist on calling them) shows no sign of slowing.
from RT.uk:
Thousands Flood The Streets In Germany As Fury Over Refugee Sex Assaults Reaches Boiling Point

What mostly news reports in English speaking countries initially believed was isolated riot by newly arrived migrants in Cologne’s city center now appears not to have been confined to the German city but was a bloc-wide phenomenon as women in Austria, Switzerland, Finland, Sweden, Denmark, The Netherlands, Norway, France and other places have come forward to report being molested

Boat Migrants Landing in Italy ‘at a Pace Exceeding Anything We’ve Seen Before’

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Last year, Poland’s conservative nationalist Law and Justice party (PiS), led by former Prime Minister Jaroslaw Kaczynski, captured both the presidency and parliament at elections in May and November. Since taking office, the party’s lawmakers have used their parliamentary majority to initiate a series of controversial legal reforms, causing concerns both at home and abroad, specifically in Brussels and in Berlin.

Italeave or Quitaly? The EU Is Falling Apart

Italy: Too beautiful to be part of EU bureaucratic dictatorship (picture source) Since the shock of Britain voting for ‘Brexit’ just over a year ago this blog has been speculating on which EU nation to quit the former free trade association that is being driven by Germany and the globalist elites closer and closer to …


Europe’s Bank Crisis Arrives In Germany: €29 Billion Bremen Landesbank On The Verge Of Failure

… yesterday we observed a surprising development involving Deutsche Bank, namely the bank’s decision to quietly liquidate some of its shipping loans. Reuters reported, “Deutsche Bank is looking to sell at least $1 billion of shipping loans [a market sector] whose lenders face closer scrutiny from the European Central Bank.

BREXIT vs. GREXIT – The Truth About The European Union And How It Treats Members

The only thing that will halt the European Union in its tracks, stop the push beyond Europe’s geographical borders and prevent EU expansion to incorporate Asian, middle eastern and north African nations is war. Unless the testicularly deficient politicians stand up to the bean counters of Brussels. That’s what they are, bean counters; not one among them is a risk taker or a person who has advanced because of their willingness to put their arse on the line.

Quitaly Begins: Italy referendum: ‘People don’t trust establishment, want big changes’
The defeat of Italian Prime Minister Renzi’s in Sunday’s referendum on constitutional reform, though not a surprise in the way that Brexit and Donald Trump’s win in the US Presidential election, show that people are not happy with their government’s performance, don’t trust the elite and want more radical reforms, says Italian journalist, Marcello Foa. …

The Hypocrisy and Snobbery Of The Remain Campaign And The Antidote
When I had to defriend a Facebook contact because she was arguing in favour of the EU, it was not simply because I support Brexit that I had become pissed of with her, it was the snobbish and condescending way she dismissed supporters of LEAVE and their case. People are entitled to their opinion on the European Union, but they should check the ‘facts’ they post in support of their arguments.

Adolf Hitler, His Part In Our Downfall

.pdf dowload

A thirty five thousand word book on the authoroitarian, undemocratic, bureaucratic dictatorship that is the European Union. Following the outburst of left wing hate politics following Boris Johnson’s reminder that the EU has its roots in Hitler’s Naziism, which as any intelligent person is aware is both true and very well documented. My blog colleagues and I decided to assemble this collection of our articles (with some long extracts quoted from public domain and creative commons sources) to help people misled by the REMAIN campaign into thinking the arguments are solely economic.

EU Vows To Use Powers To Block All Elected ‘Far Right’ Politicians From Power

… populist social conservatives are regularly topping the polls across the Europe, but have been victims of EU orchestrated stitch ups to keep them out of power and ddeny the democratic will, in France, Sweden, Holland, and now Austria – and anti-migrant populists are already in power in Hungary, Poland, and the Czech Republic. Mr. Junker’s definition of “far right” is somewhat broad, noted by him previously describing Hungary’s conservative president, Viktor Orbán, as a “fascist”.

EU Vows To Use Powers To Block All Elected ‘Far Right’ Politicians From Power

… populist social conservatives are regularly topping the polls across the Europe, but have been victims of EU orchestrated stitch ups to keep them out of power and ddeny the democratic will, in France, Sweden, Holland, and now Austria – and anti-migrant populists are already in power in Hungary, Poland, and the Czech Republic. Mr. Junker’s definition of “far right” is somewhat broad, noted by him previously describing Hungary’s conservative president, Viktor Orbán, as a “fascist”.

Italy’s Northern League To Launch EU Referendum Campaign Next</b>

Shortly after the final Brexit referendum result was announced, first the Freedom Party in The Netherlands and then Front National in France quickly declared they would proceed with demanding referenda on E U membership in their own nations. These were quickly followed by the head of Italy’s Northern League who saidaid “Now it’s our turn.’ …

The Labour Case For Brexit by Kate Hoey M.P.

After my short intro is a savage indictment by Brexit supporting Labour MP Kate Hoey of the way the Labour Party has abandoned the working class and is now trying to betray the party’s proud heritage and its roots in the industrial areas by taking Britain into an undemocratic, corporate controlled, capitalist friendly, elite dominated globalist control freak project.

EU’s Bureaucratic Dictatorship Is Losing The Support Of The Most Loyal Nations

When the unelected bureaucrats of the European Union Commission decided, without consulting member states, to comply with the wishes of the warmongering rent – boy in The White House and impose sanctions on Russia, after Vladimir Putin ordered the annexation of Crimea (to prevent the US backed neo – fascist government in Kiev carrying out a genocide of ethnic Russians in Crimea,) the idiotic goons were as usual duped into doing Washington’s dirty work.

Cameron’s Hopes For EU Membership Reforms For UK Torpedoed By Tusk

David Cameron’s hopes of winning serious concessions on sovereignty, border controls, contributions, trade agreements, human rights and labour laws so he could claim to have won a better deal for Britain by the time the in / out referendum starts next year European Union suffered an early blow when European Council President Donald Tusk warned that reaching a deal would be “very tough” …

EU tiring of confrontation with Putin.

Huge reversal: the EU seeks a normal relationship with Russia. It seems that the EU is being greatly affected by the actions of Vladimir Putin in Syria: suddenly the EU President Jean-Claude Junker is saying that the EU must not let the US dictate their relationship with Russia.

Disillusionment With EU Grows as Swedish Support Slumps By 30%

A new opinion poll carried out on support for the European Union in Sweden has produced some shock findings as a massive turnround among Swedish voters probably due to mass immigration and migrant related crime waves in cities. From being one of the most solidly pro-EU member states, Sweden now has a substantial majority against membership of the EU.

Fears Over Threat To Sovereignty Could Wreck EU European Army Plan

No they’re not Star Wars Imperial Stormtroopers, they are German soldiers assigned to an international peacekeeping force, showing how like Imperial Stormtroopers a pan European army might look (Image source)

The War On Cash Intensifies In Response To Trump and Brexit

Having discontinued its production of EUR500 banknotes, it appears Europe is charging towards the utopian dream of a cashless society. Just days after Davos’ elites discussed why the world needs to “get rid of currency,” the European Commission has introduced a proposal enforcing “restrictions on payments in cash.”

With Rogoff, Stiglitz, Summers et al. all calling for the end of cash – because only terrorists and drug-dealers need cash (nothing at all to do with totalitarian control over a nation’s wealth) – we are not surprised that this proposal from the European Commission (sanctuary of statism) would appear…

The Commission published on 2 February 2016 a Communication to the Council and the Parliament on an Action Plan to further step up the fight against the financing of terrorism (COM (2016) 50). The Action Plan builds on existing EU rules to adapt to new threats and aims at updating EU policies in line with international standards. In the context of the Commission’s action to extent the scope of the Regulation on the controls of cash entering or leaving the Community, reference is made to the appropriateness to explore the relevance of potential upper limits to cash payments.

The Action Plan states that “Payments in cash are widely used in the financing of terrorist activities… In this context, the relevance of potential upper limits to cash payments could also be explored. Several Member States have in place prohibitions for cash payments above a specific threshold.”

Cash has the important feature of offering anonymity to transactions. Such anonymity may be desired for legitimate reason (e.g. protection of privacy). But, such anonymity can also be misused for money laundering and terrorist financing purposes. The possibility to conduct large cash payments facilitates money laundering and terrorist financing activities because of the difficulty to control cash payment transactions.

 

 

Potential restrictions to cash payments would be a mean to fight criminal activities entailing large payment transactions in cash by organised criminal networks. Restricting large payments in cash, in addition to cash declarations and other AML obligations, would hamper the operation of terrorist networks, and other criminal activities, i.e. have a preventive effect. It would also facilitate further investigations to track financial transactions in the course of terrorist activities. Effective investigations are hindered as cash payments transactions are anonymous. Thus restrictions on cash payments would facilitate investigations. However, as cash transactions are moved to the financial system, it is essential that financial institutions have adequate controls and procedures in place that enable them to know the person with whom they are dealing. Adequate due diligence on new and existing customers is a key part of these controls in, line with the AMLD.

 

Terrorists use cash to sustain their illegal activities, not only for illegal transactions (e.g. the acquisition of explosives) but also for payments which are in appearance legal (e.g. transactions for accommodation or transport). While a restriction on payments in cash would certainly be ignored for transactions that are in any case already illegal, the restriction could create a significant hindrance to the conduct of transactions that are ancillary to terrorist activities.

 

 

Organised crime and terrorism financing rely on cash for payments for carrying out their illegal activities and benefitting from them. By restricting the possibilities to use cash, the proposal would contribute to disrupt the financing of terrorism, as the need to use non anonymous means of payment would either deter the activity or contribute to its easier detection and investigation. Any such proposal would also aim at harmonising restrictions across the Union, thus creating a level playing field for businesses and removing distortions of competition in the internal market. It would additionally foster the fight against money laundering, tax fraud and organised crime.

And then right at the end, they mention “fundamental rights”…

While being allowed to pay in cash does not constitute a fundamental right, the objective of the initiative, which is to prevent the anonymity that cash payments allow, might be viewed as an infringement of the right to privacy enshrined in Article 7 of the EU Charter of Fundamental Rights. However, as complemented by article 52 of the Charter, limitations may be made subject to the principle of proportionality if they are necessary and genuinely meet objectives of general interest recognised by the Union or the need to protect the rights and freedoms of others. The objectives of potential restrictions to cash payments could fit such description. It should also be observed that national restrictions to cash payments were never successfully challenged based on an infringement to fundamental rights.

To refer to the full proposal scroll to the bottom of this frame and click the VIEW ON SCRIBD link.

https://www.scribd.com/embeds/337702404/content?start_page=1&view_mode=scroll&access_key=key-iPD195p5mFmr8y9Q19qH&show_recommendations=true

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It was inevitable of course that with the rise of anti – establishment feeling, the War On Cash, like the various assaults of free speech going on throughout the developed world would become more urgent. The UK vote to leave the EU and the election of Donald Trump in the USA have also made this moved this restriction on personal freedom higher up the elitist control freaks agenda. Below are a few points raised by SovereignMan’s Simon Black, who detailed previously that the war on cash is happening faster than we could have ever imagined, and predictably, is based on lies.

Every time we turn around, it seems, there’s another major assault in the War on Cash. India is the most notable recent example– the embarrassing debacle a few weeks ago in which the government, overnight, “demonetized” its two largest denominations of cash, leaving an entire nation in chaos. But there have been so many smaller examples.

 

In the US city of New Orleans, the local government decided earlier this month to stop accepting cash payments from drivers at the Office of Motor Vehicles. As I wrote to you recently, several branches of Citibank in Australia have stopped dealing in cash altogether. And former US Treasury Secretary Larry Summers published an article last week stating that “nothing in the Indian experience gives us pause in recommending that no more large notes be created in the United States, Europe, and around the world.” In other words, despite the India chaos, Summers thinks we should still curtail the $100 bill.

 

The conclave of the high priests of monetary policy almost invariably sings the same chorus: only criminals and terrorists use high denominations of cash.  Ken Rogoff, Harvard professor and former official at the International Monetary Fund and Federal Reserve, recently published a book blatantly entitled The Curse of Cash. Ben Bernanke’s called it a “fascinating and important book”.

 

And, shockingly, a number of reviews on Amazon.com praise “brilliant” Rogoff’s “visionary concepts” in his “excellent book”. Rogoff, like most of his colleagues, contends that large bills like the $100 or 500 euro note are only used in “drug trade, extortion, bribes, human trafficking. . .” In fact they jokingly refer to the 500-euro note as the “Bin Laden” since it’s apparently only used by terrorists.

 

Give me a break. My team and I did some of research on this and found some rather interesting data.It turns out that countries with higher denominations of cash actually have much lower crime rates, including rates of organized crime.

 

The research was simple; we looked at the World Economic Forum’s competitive rankings that assesses countries’ levels of organized crime, as well as the direct business costs of dealing with crime and violence.

 

Switzerland, with its 1,000 Swiss franc note (roughly $1,000 USD) has among the lowest levels of organized crime in the world according to the WEF. Ditto for Singapore, which has a 1,000 Singapore dollar note (about $700 USD). Japan’s highest denomination of currency is 10,000 yen, worth $88 today. Yet Japan also has extremely low crime rates.  Same for the United Arab Emirates, whose highest denomination is the 1,000 dirham ($272). 

 

If you examine countries with very low denominations of cash, the opposite holds true: crime rates, and in particular organized crime rates, are extremely high. Consider Venezuela, Nigeria, Brazil, South Africa, etc. Organized crime is prevalent. Yet each of these has a currency whose maximum denomination is less than $30.

 

The same trend holds true when looking at corruption and tax evasion.

 

Yesterday we wrote to you about Georgia, a small country on the Black Sea whose flat tax prompted tax compliance (and tax revenue) to soar. It’s considered one of the most efficient places to do business with very low levels of corruption. And yet the highest denomination note in Georgia is the 500 lari bill, worth about $200. That’s a lot of money in a country where the average wage is a few hundred dollars per month. Compare that to Malaysia or Uzbekistan, two countries where corruption abounds. Malaysia’s top cash note is 50 ringgit, worth about $11. And Uzbekistan’s 5,000 som is worth a paltry $1.57.

 

Bottom line, the political and financial establishments want you to willingly get on board with the idea of abolishing, or at least reducing, cash.

 

And they’re pumping out all sorts of propaganda to do it, trying to get people to equate crime and corruption with high denominations of cash.

Simply put, the data doesn’t support their assertion. It’s just another hoax that will give them more power at the expense of your privacy and freedom.

Defend your personal liberty, insist on using cash whenever it is convenient for small transactions.

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