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BRICS Move To Replace Dollar With “Super-Sovereign” Global Currency
Brazil, Russia, India, China and South Africa launch attack to to replace the dollar with an single Chinese denominated “super-Sovereign” global currency.
As China is expected to rise to the status of a financial super power within the next 8 years and eclipse the US economy by 2020 Africa becomes center stage in the greatest currency war the world has seen since the 1930s which is now shifting into overdrive.
Brazil, Russia, India, China and South Africa, collectively known as the BRICS nations, are moving forward with their plan to unseat the US dollar from its throne as the global trade currency and to replace it with a Chinese denominated “super-sovereign” international currency.
This Geo-political game to establish global monetary dominance is by no means limited to the attack on the US dollar.
Instead this is merely the first strike of a concerted campaign of worldwide economic Read more…
Iran, Russia Replace Dollar with National Currencies in Trade Exchanges
TEHRAN (FNA)- Iran and Russia have replaced US Dollar with their own currencies in their trade ties, a senior Iranian diplomat announced on Saturday.
Speaking to FNA, Tehran's Ambassador to Moscow Seyed Reza Sajjadi said that the proposal for replacing US Dollar with Ruble and Rial was raised by Russian President Dmitry Medvedev in a meeting with his Iranian counterpart Mahmoud Ahmadinejad in Astana on the sidelines of the Shanghai Cooperation Organization (SCO) meeting.
“Since then, we have acted on this basis and a part of our interactions is done in Ruble now,” Sajjadi stated, adding that many Iranian traders are using Ruble for their trade deals.
“There is a similar interest in the Russian side,” the envoy stated, adding that that Moscow is against unilateral sanctions on Iran outside the UN Security Council, specially the recent sanctions against Iran’s Central Bank (CBI).
“The move (imposing sanction on the CBI) is unacceptable. Russians have clearly announced that they will not accept these sanctions and Iran’s nuclear issue is resolvable just through negotiations.”
Iranian President Mahmoud Ahmadinejad hit back at the US after Washington introduced new sanctions against Iran’s central bank.
President Ahmadinejad told an annual meeting of senior central bank officials that Iran’s central bank would respond with Read more…
UN wants new global currency to replace dollar
The dollar should be replaced with a global currency, the United Nations has said, proposing the biggest overhaul of the world’s monetary system since the Second World War.
In a radical report, the UN Conference on Trade and Development (UNCTAD) has said the system of currencies and capital rules which binds the world economy is not working properly, and was largely responsible for the financial and economic crises.
It added that the present system, under which the dollar acts as the world’s reserve currency , should be subject to a wholesale reconsideration.
Although a number of countries, including China and Russia, have suggested replacing the dollar as the world’s reserve currency, the UNCTAD report is the first time a major multinational institution has posited such a suggestion.
In essence, the report calls for Read more…
Vladimir Putin Calls Bernanke A Hooligan, Angry At American Money Printing
Who would have thought that Ron Paul’s ideological ally in his quest to take down the Chairsatan would be none other than the Russian dictator-in-waiting (or rather, in actuality), Vladimir Putin. In a speech before the of economic experts at the Russian Academy of Sciences, the Russian prime minister had the following to say: “Thank God, or unfortunately, we do not print a reserve currency but what are they doing? They are behaving like hooligans, switching on the printing press and tossing them around the whole world, forgetting their main obligations.” What appears to have angered the former KGB spy is the end of QE2. According to RIAN: “Putin’s comments came in the wake of the completion of the US’ quantitative easing (QE) 2 program on June 30, in which the Federal Reserve bought $600 billion worth of Read more…
All Eyes on the U.S. Dollar: Danielle Park
China official: GOP ‘playing with fire’ with debt ceiling
There’s been an interesting warning on the debt ceiling today — from China.
Li Daokui, an adviser to the People’s Bank of China, told reporters in Beijing, “I think there is a risk that the U.S. debt default may happen.” And he puts the blame on congressional Republicans. “The result will be very serious and I really hope that they would stop playing with fire,” he said.
China is no disinterested party: It holds more than $1 trillion in Treasury debt as of March.
President Obama may well agree with the Chinese banker’s sentiment, as he urges Congress to go ahead and raise the nation’s $14.3 trillion debt ceiling.
Technically, U.S. obligations have already risen past that ceiling, but the Treasury Department says it can use accounting maneuvers to keep paying bills until Aug. 2.
Congressional Republicans, including those who control the U.S. House, say they won’t agree to a debt ceiling increase unless the White House and Democrats agree to major spending cuts.
The two sides are negotiating — as the world waits.
“I really worry about the risks of a U.S. debt default, which I think may lead to a decline in the dollar’s value,” Li said.
Joseph Stiglitz slams US dollar
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