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

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Petrodollar Alert: Putin Prepares To Announce ‘Holy Grail’ Gas Deal With China

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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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The Business of War: Defense Sales Keep Economies Of Manufacturing Nations Afloat
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.

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

India’s Ruling BJP Party Crushed In Regional Poll

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

G77 Nations vow to destroy petrodollar and America’s New World Order

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.

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>

 

<strong><em>&nbsp;</em></strong>

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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Treasure “Trove” Of ISIS Documents Detail Secret Oil Trade With Turkey
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Leaked Transcripts Prove ISIS-Turkey Link
Turkey had been widely criticized for not doing enough to assist in the fight against ISIS. In fact, we have published here a lot of evidence to suggest that Ankara was cooperating with the group by ensuring funds through illegal oil trades and acting as a conduit for US supplied weapons. Turkey’s links with ISIS are so undeniable and well documented now, even mainstream media have had to start reporting this news …

NATO Warships in the seas Odysseus Sailed Spell Trouble For EU

In an apparent effort to reduce the flow of migrants making their way from Turkey to Greece across the Aegean Sea, and because of the mistrust between the nations on either side of that body of water, pressure has been put on NATO (of which both Greece and Turkey are members)by the EU to deploy ships to the Aegean Sea …

War Is Good, The Obama Worshipping Guardian Says
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US Allies Now Fighting CIA-Backed Terror Groups In Syria
The idea that ISIS has very close links with the USA has gone beyond conspiracy theory, or anti US propaganda, the proof is out there. We have previously reported on the US government’s links to ISIS and revealed the vital role of NATO member Turkey in supporting the terrorists in their campaign which aims to create an Islamic Caliphate stretching from the Mediterranean Sea to the Persian Gulf

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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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Germany Alarmed by Aggressive NATO Stance On Ukraine
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Oil price: Britain’s North Sea Oil Industry ‘Close To Collapse’

We were perhaps mistaken in calling this page ‘Currency wars’ and focusing initially on American attempts to undermine Russia’s economy which is overly dependent on oil and gas. That of course is just a skirmish in a much wider economic war that is now hurting those nations that complied with Obama’s diktat and imposed economic sanctions on Russia in retaliation for Moscow’s refusal to surrender its strategically vital satellite state, Ukraine, to NATO and the EU.

Britain, because of our north sea oil interests is one of the hardest hit.

The price of crude oil began to collapse when The United states Of America, the swaggering bully of the world community decided to use its new status as a net exporter of oil, due to the shale boom, to flood world markets, finding because their oil is the most expensive to extract, that their wells were not economically viable, and damage Russia’s oil dependent economy. Naturally prices in world markets dropped due to the law of supply and demand. With typical stupid arrogance the Americans demanded that the Arabs and other traditional oil producers cut production to hold up prices.

The Arabs and other oil producing nations, sensing Amerca’s push to become gobal hegemon had run off track and what they were threatened with was the empty bluster of a bully whose cowardice and weakness has been exposed in effect said, “Fuck the fucking fuck off,” by pumping more oil and sending prices crashing even further. Result? Approximately $1trillion worth of new shale fracking projects planned in the USA have been cancelled. If it ended there the world would only have the minor problem of a US / Russia currency war.

Unfortunately the plunging oil price has brought about a “huge crisis” in energy markets, one of the worst hit is the UK’s North Sea oil industry, expert have warned. With North Sea oil now selling at below $60 a barrel, it is “almost impossible to make money”, Robin Allan, chairman of independent explorers’ association Brindex, told the BBC.

“It’s a huge crisis. This has happened before, and the industry adapts, but the adaptation is one of slashing people, slashing projects and reducing costs,” he said.

After several days of volatile trading in oil markets, Brent crude, the global benchmark, ended the day down 1 per cent at about $60 per barrel after having risen 3 per cent in early trading. In recent weeks, oil prices have crashed to their lowest levels in five-and-a-half years following falls demand due to weakening in major economies and concerns of a global oil glut.

Up to £55bn worth of North Sea oil projects scheduled for 2015 could be cancelled due to the falling prices, the Daily Telegraph reports.

Concerns over the financial state of the oil industry have increased since Opec voted not to cut production in an attempt to arrest sliding prices when they met in Vienna last month. Iran’s oil minister has publically criticised Opec’s inaction. Bijan Zanganeh told the country’s state petroleum news agency: “The prolongation of the downward trend of the oil price in world markets is a political conspiracy going to extremes.”

The US-based oil company ConocoPhillips has already moved to cut 230 out of 1,650 jobs in the UK and some analysts predict that other large firms will make similar cost-cutting announcements in the coming months.

However, the Department of Energy and Climate Change said yesterday that even though reductions in oil prices have proven “very challenging” for companies active in the North Sea, “we have seen very little evidence of new projects being cancelled or deferred in reaction to lower oil prices”.

[more]

The Obama Administration Just Accelerated The Demise Of The USA As Dominant Econimic Power

mistral helicopter landing ship
A mistral helicopter landing ship – at the centre of the bust up between France and the USA (source)

When we reported late last year that The Obama Administration in the USA was playing with fire by imposing fines on British (and German) banks because they handled transactions with Iran and other nations against which the USA has imposed sanctions, we did not expect an arrogant egomaniac like Barack Hussein Obama to take our warning on board. It might have been wise if Obama had listened to some of the international financiers and diplomats who were trying to remind the ego – in Chief he is president of the USA, not the entire world, but hey Obama knows that the colour of a man’s skin is the only measure of intelligence so I guess his critics just weren’t black enough for him to believe they knew what they were talking about.

The backlash began slowly enough, France, Britain, Germany and other European nations, along with governments in Africa, Asia and South America began making trade deals with Russia and China to conduct business in the currency of the vendor nation and undermine the status of the US$ as the global reserve currency.

It would be totally out of character for Obama to react to what is actually happening, the man is a solipsist and seems to believe he can bring about a situation by wishing it so. Thus the US compunded its error of believing the world must do its president’s bidding by imposing a multi-billion US dollar fine on France’s biggest bank, BNP, because the french government proceeded with delivery of a warship to Russia after the USA had declared military equipment trades with The Kremlin illegal after Putin made the Americans look like idiots over Ukraine. The French government took exception to this (well the ship was already built and warships don’t come cheap). In an interview given to French magazine ‘Investir’, the governor of the French National Bank Christian Noyer and member of the ECB’s governing board, made this rather gobsmacking response to a question:

Q. Doesn’t the role of the dollar as an international currency create systemic risk?
Noyer: Beyond [the BNP] case, increased legal risks from the application of U.S. rules to all dollar transactions around the world will encourage a diversification from the dollar. The fining ofBNP Paribas was the occasion for many observers to remember that there have been a number of sanctions (against non US banks) and that there would certainly be others in the future.

 

A movement to diversify the currencies used in international trade is inevitable. Trade between Europe and China does not need to use the dollar and may be read and fully paid in euros or renminbi. Moves towards towards a multi – currency trading system is the natural monetary policy, since there are several major economic and monetary powerful ensembles. China has decided to develop the renminbi as a settlement currency. The Bank of France was behind the popular ECB-PBOC swap and we have just concluded a memorandum on the creation of a system of offshore renminbi clearing in Paris.

 

We have very strong cooperation with the PBOC in this field. But these changes take time. We must not forget that it took decades after the United States became the world’s largest economy for the dollar to replace the British pound as the first international currency. But the phenomenon of U.S. commercial law expanding to all USD-denominated transactions around the world can have an accelerating effect.

In other words, the head of the French central bank, and ECB member, Christian Noyer, just issued a direct threat to the world’s reserve currency, the US Dollar, and the Obama administration.

In a nutshell, by attempting bring France to heel after the French honoured contractual obligations taken on long before there was any threat of sanctions against Russia by completing the delivery of a Mistral amphibious warship, the US decided it had the right to punish France by imposing a large fine on BNP, its leading bank. Really the fine represented blackmail by the Americans ( Putin revealed the BNP penalty was a used as a carrot to pressurize France into scrapping the Mistral transaction at a very late stage: had Hollande scrapped the deal, the French were promised BNP would face a far lower fine, if any). The blackmail attempt backfired catastrophically for America when as a result, the head of the French central bank spells it out that not only is the Dollar’s reserve currency status not immutable, but the international community will be even more eager to avoid USD-transactions in order to escape the tentacles of America’s global trade police.

The biggest irony is that in “punishing” France for dealing with Russia, the key player in the Eurasian alliance of Russia, China and Iran, the US merely gave France (and all of Europe) an enormous push towards Eurasia, toward a multi lateral global trading environment, (sorry fanatic believers in a one world, totalitarian collectivist government, but it’s looking less likely to happen every day).

Like I keep saying, it’s impossible to do political satire these days. Nobody could ever make up anything as crazy as the truth.

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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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