Erdogan Vows To Abandon Dollar, “Doesn’t Need Permission” To Buy Russian Missiles

Another nutty rant by Turkish President Recep Tayyip Erdogan got the week off to a good start. His ire was aimed as usual at the USA, this time he threatened that Ankara would abandon the US dollar in transactions with Russia and other nations, accusing the US of behaving like “wild wolves.”

“America behaves like wild wolves. Don’t believe them,” Erdogan told a business forum during the Turkey-Kyrgyzstan Business Forum in Kyrgyzstan, according to AFP.

Erdogan’s latest outburst is a further sign that he is taking Turkey away from the west and strengthening ties with Russia, China and Iran. It echoed the dedollarization call from Russia’s deputy foreign minister Serkey Ryabkov, saying said that Turkey country was in negotiations with Russia over non-dollar trade. As we have reported elsewhere China has made the most significant move in this currency war by opening a maket for traded oil futures on the Shanghair stock exchange, thus challenging the supremacy of the US dollar in the world’s most traded commodity.

Using the dollar only damages us. We will not give up. We will be victorious,” Erdogan said, addressing a meeting attended by Kyrgyz and Turkish businessmen as well as government officials.

On August 24, Moscow said it would respond to Washington’s latest sanctions by accelerating efforts to abandon the American currency in trade transactions: “The time has come when we need to go from words to actions, and get rid of the dollar as a means of mutual settlements, and look for other alternatives,” said Russia’s Deputy Foreign Minister Ryabkov.

Erdogan further stirred the pot by saying that Ankara doesn’t need permission from anyone to purchase Russian S-400 missile systems, just days after the US once again warned the country against buying the highly advanced air-defense system.

“We have made S-400 deal with Russia. Someone is offended by it. We don’t need permission from anybody,” the Turkish leader said in Kyrgyzstan.

Last week US Defense Secretary James Mattis warned Turkey, a member of NATO but not a client state of Washington, against buying the Russian systems. “Turkey had a choice to make, a sovereign decision to make. But clearly Turkey bringing a Russian anti-aircraft, anti-missile system into a NATO country, we cannot integrate that into NATO,” Mattis said. “Yes, it does concern us and we do not recommend that.”

Russian S400 air defence system (picture: RT )

At the same time Erdogan’s government is trying to complete the purchase of American F-35 jets, which US lawmakers are trying to block due to Ankara’s S-400 deal.

Erdogan’s statement shows that Turkey is shaping its defense policy without any regard to the US, Igor Korotchenko, editor-in-chief of National Defense magazine, told RT. For Turkey, the purchase of these weapons means getting “a new geopolitical status of a country” that is able to fully control its airspace and, if necessary, use such weapons against its enemies, he said.

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EU punishes Turkey For Repairing Relations With NATO Public Enemy No1 Russia

Leaving aside the current spat between The Netherlands and Turkey which is a different thing altogether, The EU’s diplomatic service is currently trying to punish Turkey for seeking better relations with Russia, after their supporting different sides in the Syria conflict brought the two nations close to war. It is true that NATO member Turkey has recently shown less commitment to the West, but there are probably good reasons for this …

Iran’s Ayatollahs save Syria Putin and
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NATO Warships in the seas Odysseus Sailed Spell Trouble For EU

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Guess Which Political Grouping Wants To Legalise Incest and Necrophilia?

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EU HoldsBack New Regulation For Fear Of Strengthening Brexit Case

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Road To World War III: Turkey Shells Syria For Second Day As Saudi Warplanes Arrive

The geopolitical world was rocked yesterday when Turkey began shelling Syria’s second largest city, Aleppo, where the Syrian opposition has its back against the wall in the face of an aggressive advance by the forces of President Assad’s government and the Iranian Republican Guard supported, of course, by Russian airstrikes.

 

Russia Says Time Has Come To Ditch The Dollar

Saturday 25 August

Picture: https://woodgatesview.files.wordpress.com/

As the US State Department unveiled the latest round of sanctions on Russia yesterday,  while the trade war with China that has seen tariffs imposed on a wide range of Chinese goods shows no sign of easing, Moscow signalled its intention to respond to this latest attack on its economy. In particular, the Russian government announced it is accelerating efforts to abandon the American currency in trade transactions, according to Russia’s Deputy Foreign Minister Sergei Ryabkov.

The time has come when we need to go from words to actions, and get rid of the dollar as a means of mutual settlements, and look for other alternatives,” he said in an interview with International Affairs magazine, he told RT.

“Thank God, this is happening, and we will speed up this work,” Ryabkov said, explaining the move would come in addition to other “retaliatory measures” as a response to a growing list of US sanctions. It is time mainstream media in the west started reporting accurately what is going on. The official position of the US is that their sanctions are in retaliation for various Russian acts such as meddling in the US election process, but in reality the USA is trying to protect its position as issuers of the reserve currency, while Russia, China and a number of emerging economies resent the way the US uses the reserve currency to dictate matters in global trade.

Previously, Russian Energy Minister Aleksandr Novak has said that a growing number of countries are interested in replacing the dollar as a medium in global oil trades and other transactions.

“There is a common understanding that we need to move towards the use of national currencies in our settlements. There is a need for this, as well as the wish of the parties,” Novak said.

According to the minister, it concerns both Turkey and Iran, with more countries likely to join the growing dedollarization wave.

Our reporting of this long running news thread tends to confirm his view.

“We are considering an option of payment in national currencies with them. This requires certain adjustments in the financial, economic, and banking sectors,” he said. Last week, we reported that the Kremlin was interested in trading with Ankara using the Russian ruble and the Turkish lira. India has also vowed to pay for Iranian oil in rupees. Some economists argue that modern technology removes the need for a reserve, the speed with which computer systems handle currency trades and conversions eliminated administrative bottlenecks.

Meanwhile, the world’s rapidly growing second-largest economy and Washington’s trade nemesis, China, has been taking steps to challenge the greenback’s dominance with the launch of an oil futures contract backed by Chinese currency, the petro-yuan. This is fully reported elsewhere in this page. China and Iran have already agreed to stop using the dollar in global trade as China has ramped up purchases of Iranian oil in defiance of US sanctions. India, Pakistan, the EU, Australia and Japan are also known to have made petr-yuan contracts.

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WMD in Mayfair

Recalling yesterday’s Machiavelli Blog which commented on events surrounding the unfortunate death of the alleged former Russian agent Alexander Litvinenko, it seems the murder investigation has now found evidence of many caches (well OK, traces) of radio active toxins in various fashionable establishments in London’s West End frequented by former Russian intelligence agents.

China launches global yuan payment system
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Refugee Crisis Or Existential Battle With USA for Europe

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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.

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U.S. versus Russia War: Top Russian Politics Scolar Stephen Cohen Tells The Truth

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Dedollarisation contagion: Germany Calls For Global Payment System Independent Of US

In what can only been seen as a vote of “no confidence” in the US dollar as global reserve currency, which effectively gives the US a  monopoly over global trade settlements infrastructure, Germans foreign minister Heiko Maas yesterday called for the creation of a new payments system independent of the US that would allow Brussels to be independent in its financial operations from Washington and as a means of rescuing the nuclear deal between Iran and the west.

Maas may have stopped short of openly supporting the Russia / China bid to replace the US dollar, but and independent European settlements system would have to exclude the dollar in trades between European nations and the BRICS bloc.

The German daily Handelsblatt reported that Maas said “Europe should not allow the US to act over our heads and at our expense. For that reason it’s essential that we strengthen European autonomy by establishing payment channels that are independent of the US, creating a European Monetary Fund and building up an independent Swift system,” he wrote, cited by the FT.

Maas who has made clear his opposition to the US use of sanctions to maintain its stranglehold on world trade, said it was vital for Europe to stick with the Iran deal. “Every day the agreement continues to exist is better than the highly explosive crisis that otherwise threatens the Middle East,” he said. The unspoken subtext was clear: Europe is no longer willing to be a vassal state to US monopoly over global payments, and will now aggressively develop its own payments network that is not subservient to Washington’s every whim.


German foreign minister Heiko Maas (Picture: Zero Hedge )

Belgium basedSwift, global payment network owned by a consortium of banks, enables financial institutions worldwide to send and receive information about financial transactions. Swift is supposedly politically neutral and independent but it has been used to block transactions and enforce US sanctions against various countries, most notably Iran.

In 2012, the Danish newspaper Berlingske wrote that US authorities seized money being transferred from a Danish businessman to a German bank via the system for a batch of US-sanctioned Cuban cigars. The transaction was made in US dollars, which allowed Washington to block it although the USA has no legal or moral right to stop sovereign nations trading with any country they want to.

Thorsten Benner, director of the Global Public Policy Institute, a Berlin-based think-tank supported Maas’s, saying his intervention was the “strongest call yet for EU financial and monetary autonomy vis-à-vis US.”

The German foreign minister’s words emphasise the dilemma facing European politicians as they struggle to maintain trade relations with Iran while coping with the fallout of US sanctions imposed by the US against companies doing business with Tehran.

As the FT adds, the EU is determined protect European businesses from retaliation by Washington for trading with Iran, but has failed to convince EU companies more concerned about maintaining their access to the lucrative US market than in the more modest opportunities presented by Iran.

Last month Washington rebuffed a high-level European plea to exempt crucial industries from sanctions. Mike Pompeo, US secretary of state, and Steven Mnuchin, Treasury secretary, formally rejected an appeal for carve-outs in finance, energy and healthcare made by ministers from Germany, France, the UK and the EU.

Swift will also be affected. Unless it wins an exemption from sanctions, which is unlikely, it will be required by the US to cut off certain Iranian banks from its network by early November or face possible countermeasures against both its board members and the financial institutions that employ them.

Maas’s stark warning against US domination of global payments comes with relations between Germany and the US in their worst state for decades. Mr Trump has chastised Berlin over its large surplus in bilateral trade with the USA, its relatively low military spending and its support for Nord Stream 2, a new gas pipeline that will bring Russian gas directly to Germany.

In short: Europe has finally had enough and it plans on hitting Washington where it truly hurts: the money.

China’s Oil Futures Market Gains Momentum

“WTF has China’s new oil futures market to do with us Minds punters?” you might well ask.

It is in fact going to affect us all not just commodities traders, oil speculators and hedge fund managers. The thing is the Chinese (and their BFFs The Russians and Iranians did not just set up this venture because they fancied dabbling in the oil trade.

The launch of the gold backed Petroyouan on the Shanghai financial markets is the culmination of several years manoeuvreing by China and its allies to create a rival trading system to the Petrodollar which has dominated international trade for over forty years. I reported on the news HERE and in several other posts.

Few people are aware of how reliant the US economy has become on the position of the US$ as the global reserve currency. This is because mainstream media never reports on it and TV pundits dare not mention it for fear of losing their lucrative gigs as talking heads on TV. I have talked about it since the very beginning, when Saddam Hussein decided he didn’t need the Petrodollar, modern technology could trade his oil for any currency he fancied. And we all know what happened to him.

Nothing will change overnight, or next month or for several months, but gradually we will see a further shift of economic power from west to east. And that will affect prices, jobs, our standards of living and much more

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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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Tens of thousands have been killed and millions displaced due to ‘humanitarian’ interventions by the developed nations (led by the USA, France and the UKm the FUKUS axis) in the domestic politics of third world nation. Usually the interventions support rebel groups who if they came to power would be far more oppressive and brutal regime than the one they replaced.

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

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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.

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

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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.

Qatar Close To Running Out Of Dollars?

Let’s be honest, the Saudi-led campaign to starve Qatar’s citizens of food and businesses of trade was doomed from the start, while the Saudi’s my feel they can rely on big bully boy best mate the USA to deter anybody thinking of helping Qatar, with both Turkey and Iran volunteering to provide food and other essentials to the tiny Gulf nation while <a href=”http://www.zerohedge.com/news/2017-06-12/bypass-food-embargo-qatar-will-pay-8-million-airlift-4000-cows”>local entrepreneurs have started a cow paradropping campaign</a> to beat the blockade on milk imports,&nbsp; the key factor is what will Russia’s President Putin do.

Putin has little time for the Saudis, is fed up of American meddling in the middle east, and is a strong ally of both Iran, the real target of the Saudi move against Qatar, and of Syria’s President Assad. And Putin is well aware of the role the USA and Saudi Arabia have played in sponsoring the iSIS / Al Nusra war in Syria. In fact, right up to the end of his failed presidency Barack Hussein Obama was telling the world America’s priority in Syria was not to defeat the terrorists of ISIS but to remove Assad and open the way for the Saudis to install a Muslim theocracy that would support its own extreme version of Islam.

A new problem has now emerged in Qatar, the world’s biggest source of natural gas: the financial system is running out of dollars. Bloomberg reports that several Qatari banks have boosted interest rates on dollar deposits to shore up liquidity as the Saudi-led campaign to isolate the gas-rich state intensifies.
&nbsp;&nbsp;
Adding to concerns of a monetary blockade, Bloomberg also reports that some banks in neighboring countries have been offloading investments in Qatar amid concerns of a widening of the blockade.

Qatar is the world’s wealthiest nation on a GDP/capita basis and is well able to withstand a prolonged financial siege, and defend its currency and economy. Finance Minister Ali Shareef Al Emadi&nbsp; played down the impact of the crisis on the country, in an interview with CNBC on Sunday (11 June) saying the plunge in Qatari assets last week was a “normal” reaction to the standoff.

Finally, the question nobody dares ask out loud is, “Where does Russian president Vladimir Puting stand on all this. Well aware of the US role in this latest crisis and the real reasons behind it (reported <a href=”https://originalboggartblog.wordpress.com/2017/06/10/germany-foreign-minister-warns-qatar-crisis-could-lead-to-war-as-qatar-asks-moscow-for-support/&#8221; target=”_blank”>HERE</a> and <a href=”https://originalboggartblog.wordpress.com/2017/06/11/irans-warships-sail-to-oman-as-the-qatar-crisis-deepens/&#8221; target=”_blank”>HERE</a>) Puting has said the US has “got a false sense that it is able to do everything without any consequences,” in particular after the Soviet Union’s collapse.

“In such a situation, a man or a country begins to make mistakes… Putin said. The state begins to function ineffectively. One mistake follows another. That is the trap in which, as I believe, the United States got caught into,” Putin reflected during a press conference.<strong><em>

“I believe that if you think you are the only world power, trying to impose on the whole nation the idea of their exclusiveness, this creates an imperialistic mentality in society, which in turn requires an adequate foreign policy expected by society. And the country’s leaders are forced to follow this logic. And in practice this might go contrary to the interest of the Americans…. It demonstrates it’s impossible to control everything.”</em></strong>

 

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Which some might interpret as a warning to the USA to stay out of the middle east and mind its own business.

 

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ISIS, Democracy, Dickheads

 

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What Putin Wants

As the Wankerati work themselves to a breathless climax about the killing of government opponents in Russia (but still find it hard to comment on the atrocities committed daily by rulers like Mugabe in Africa, the mainstream media are missing completely the really significant news story involving Russia this week.

That is of course the way Germany is cosying up to Moscow and the remaining RICS nations (that’s BRICS but without Brazil, where chaos rules following a US sponsored attempt to change a regime that didn’t do what Washington wanted it to.)

When I posted the linked article on that story someone asked me in relation to this Russian led attempt to dump the US dollar as reserve currency, what I though Putin wanted.

What does Putin want? Simples. To quote the peerless Mel Brooks:

I don’t want war. All I want is peace. Peace. Peace!
Aaaaa little piece of Poland, a little piece of France
A little piece of Portugal, and Austria perchance
A little slice of Turkey, and all that that entails
Und then a piece of England, Scotland, lreland and Wales

Read full lyric from the film To Be Or Not to Be

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