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BRICS demand global monetary shake-up, greater influence
(L-R) India's Prime Minister Manmohan Singh, Russia's President Dmitry Medvedev, China's President Hu Jintao, Brazil's President Dilma Rousseff and South African President Jacob Zuma attend a joint news conference at the BRICS Leaders Meeting in Sanya, Hainan province April 14, 2011. The development banks of the five BRICS nations agreed in principle on Thursday to establish mutual credit lines denominated in their local currencies, not in dollars. REUTERS/How Hwee Young/Pool
SANYA, China (Reuters) – The BRICS group of emerging-market powers kept up the pressure on Thursday for a revamped global monetary system that relies less on the dollar and for a louder voice in international financial institutions.
The leaders of Brazil, Russia, India, China and South Africa also called for stronger regulation of commodity derivatives to dampen excessive volatility in food and energy prices, which they said posed new risks for the recovery of the world economy.
Meeting on the southern Chinese island of Hainan, they said the recent financial crisis had exposed the inadequacies of the current monetary order, which has the dollar as its linchpin.
What was needed, they said in a statement, was “a broad-based international reserve currency system providing stability and certainty” — thinly veiled criticism of what the BRICS see as Washington’s neglect of its global monetary responsibilities.
The BRICS are worried that America’s large trade and budget deficits will eventually debase the dollar. They also begrudge the financial and political privileges that come with being the leading reserve currency.
“The world economy is undergoing profound and complex changes,” Chinese President Hu Jintao said. “The era demands that the BRICS countries strengthen dialogue and cooperation.”
In another dig at the dollar, the development banks of the five BRICS nations agreed to establish mutual credit lines denominated in their local currencies, not the U.S. currency.
The head of China Development Bank (CDB), Chen Yuan, said he was prepared to lend up to 10 billion yuan to fellow BRICS, and his Russian counterpart said he was looking to borrow the yuan equivalent of at least $500 million via CDB.
“We think this will undoubtedly broaden the opportunities for Russian companies to diversify their loans,” Vladimir Dmitriev, the chairman of VEB, Read more…
China-Russia relations and the United States: At a turning point?
By Dr. Richard WeitzSince the end of the Cold War, the improved political and economic relationship between Beijing and Moscow has affected a range of international security issues. China and Russia have expanded their bilateral economic and security cooperation. In addition, they have pursued distinct, yet parallel, policies regarding many global and regional issues.
Yet, Chinese and Russian approaches to a range of significant subjects are still largely uncoordinated and at times in conflict. Economic exchanges between China and Russia remain minimal compared to those found between most friendly countries, let alone allies.
Although stronger Chinese-Russian ties could present greater challenges to other countries (e.g., the establishment of a Moscow-Beijing condominium over Central Asia), several factors make it unlikely that the two countries will form such a bloc.
The relationship between the Chinese and Russian governments is perhaps the best it has ever been. The leaders of both countries engage in numerous high-level exchanges, make many mutually supportive statements, and manifest other displays of Russian-Chinese cooperation in what both governments refer to as their developing strategic partnership.
The current benign situation is due less to common values and shared interests than to the fact that Chinese and Russian security concerns are Read more…
Global planetary tremor sends seismometers into the black
April 12, 2011- JAPAN – Following the 6.2 quake that hit eastern Japan, telemetry data from seismographs across the planet registered very dense bands of seismic disturbances- indicating there were massive movements along tectonic plate boundaries. These events are happening now every 72 to 96 hours on average and have been increasing their frequency cycle of occurrence every since the massive 9.0 earthquake struck off the eastern coast of Japan on March 11, 2011. It is therefore reasonable to conclude that the planet is becoming more unstable after the mega-thrust quake ruptured the sea-floor off the coast of Japan and is now more sensitive to tectonic plate movements after the earthquake afflicted the planet. Below are recent readings from seismographs highlighting areas across the globe which registered strong disturbances. –The Extinction Protocol
(left) Dense bands of activity under China and Japan (right)
(left) Troubling patterns seen in Dominican Republic (Caribbean) and (right) Johnston Island in the Pacific
China blocks coastal waters, enlarges military
Pacific’s chief calls shadowy move ‘troubling’
**file photo **Chinese paramilitary police patrol in Urumqi, western China’s Xinjiang province. (AP Photo/Eugene Hoshiko)
NavyAdm. Robert F. Willard said during a hearing of the Senate Armed Services Committee that China’s intentions behind its decades-long buildup remain hidden and are undermining stability in the Asia-Pacific region.
The four-star admiral said the arms buildup is understandable because of China’s economic rise, but “the scope and pace of its modernization without clarity on China’s ultimate goals remains troubling.”
“For example, China continues to accelerate its offensive air and missile developments without corresponding public clarification about how these forces will be utilized,” he said.
Chinese officials, in meetings with their U.S. counterparts, have refused to explain the pace or goal of the arms buildup, defense Read more…
China Inflation Is `Somewhat Out of Control’ on Weak Currency, Soros Says
China’s decision to keep its currency weak has caused the government to lose control of inflation and risks fuelling wage-price gains, billionaire investor George Soros said.
While the policy helped insulate China from the financial crisis in 2008, the world’s second-biggest economy has missed its chance to allow the yuan to appreciate to tame inflation, Soros, chairman of Soros Fund Management LLC, said yesterday at a conference in Bretton Woods, New Hampshire.
“It would be very advantageous to allow the currency to appreciate as a way of controlling inflation,” Soros said. “The authorities missed that opportunity. You now have inflation somewhat out of control, and causing some serious danger of wage-price inflation.”
The yuan gained 4.6 percent against the U.S. dollar in the past two years, the second-smallest gain of 10 Asian currencies tracked by Bloomberg, even as economic growth rebounded and foreign-exchange reserves jumped to a record. Inflation accelerated to Read more…
China and US gang up on N Korea
THE strategic rivals China and the US have been secretly sharing intelligence about North Korea.
Leaked records of highly sensitive US-China defence consultations reveal that despite Chinese complaints about US arms sales to Taiwan, and American concerns about a growing Chinese espionage threat, the CIA, the Office of the Director of National Intelligence and the US Defence Department have held secret talks on North Korea with Chinese military intelligence.
According to US diplomatic cables obtained by WikiLeaks and provided exclusively to the Herald, US-Chinese defence talks held in Beijing in July 2009 included long exchanges about North Korea between the US Under Secretary of Defence for Policy, Michele Flournoy, and top Chinese generals.
Speech By Comrade Chi Haotian Vice-Chairman Of China’s Military Commission
Revelation 9:13-16 comes to mind when I heard this
The following is the actual text of a speech delivered in December, 2005 by Comrade Chi Haotian the Vice-Chairman of China’s Military Commission to top officers and generals. Keep in mind that China has for many years advocated deceitful and covert warfare against its enemies. This is their Modus Operandi.
While 99% of Prudent Places USA uses data from scientific and government sources, we would be remiss not to mention one other piece of information. Numerous visionaries and "prophets" have seen troops invading America from China and Russia. Dumitru Duduman and Henry Gruver also predicted attacks along the East and Southeast coasts of America. Since September 11, 2001, nearly anything seems possible. Didn't we mistakenly think prior to 9-11 we were invincible? Impenetrable? Now we have to consider the unthinkable. The map below shows the "seen" routes of invasion.
Following Is Text From Speech:
“Comrades, I’m very excited today, because the large-scale online survey sina.com that was done for us showed that our next generation is quite promising and our Party’s cause will be carried on. In answering the question, “Will you shoot at women, children and prisoners of war,” more than 80 per cent of the respondents answered in the affirmative, exceeding by far our expectations. Today I’d like to focus on why we asked sina.com to conduct this online survey among our people. My speech today is a sequel to my speech last time, during which I started with a discussion of the issue of the three islands [Taiwan, Diaoyu Islands and the Spratley Islands — Ott] and mentioned that 20 years of the idyllic theme of ‘peace and development’ had come to an end, and concluded that modernization under the saber is the only option for China’s next phase. I also mentioned we have a vital stake overseas. The central issue of this survey appears to be whether one should shoot at women, children and prisoners of war, but its real significance goes far beyond that. Ostensibly, our intention is mainly to figure out what the Chinese people’s attitude towards war is: If these future soldiers do not hesitate to kill even noncombatants, they’ll naturally be doubly ready and ruthless in killing combatants. Therefore, the responses to the survey questions may reflect the general attitude people have towards war..We wanted to know: If China’s global development will necessitate massive deaths in enemy countries; will our people endorse that scenario? Will they be for or against it? The fact is, our ‘development’ refers to the great revitalization of the Chinese nation, which, of course, is not limited to the land we have now but also includes the whole world. As everybody Read more…
China Buys 47% of the World’s Gold
China is panicking.
Rampant inflation is driving Chinese consumers to buy gold on a massive scale…
In fact China is already set to buy almost half of all the gold that’ll be mined this year.
You read that right: The Chinese may buy nearly 50% of total world gold production in 2011.
This incredible demand will no doubt put significant strain on global supplies.
Today I want to talk about how this soaring demand may be the catalyst that pushes gold prices over the $1,500 level in as little as a few weeks.
Over 1.3 billion inflation-nervous Chinese eye gold
In January 2010, China recorded an inflation rate of 1.5%. But just 12 months later, the rate of Chinese inflation has climbed to 4.9%.
Rising inflation has sent food and property prices in China skyrocketing.
The price of food in China, for instance, has increased 10.3% on an annual basis; grain saw an increase of 15.1% and fruit is up 34.8% since January of last year:
China’s rising inflation stems from the $585 billion economic stimulus package its leaders pushed through in the depths of the financial crisis two years ago.
In dollar terms, China’s stimulus was much smaller than the $800 billion package the U.S. created. But it was much larger as a percentage of the Read more…
The Federal Reserve Must Implement QE3
Gold prices surged today to a new all time high of $1,463.70 per ounce, while silver prices soared to a new 31-year high of $39.785 per ounce. Silver is now up 129% since NIA declared silver the best investment for the next decade on December 11th, 2009, at $17.40 per ounce. The gold/silver ratio is now down to 37, compared to a gold/silver ratio of 66 when NIA declared silver the best investment for the next decade. This means that not only is silver up 129% in terms of dollars since December 11th, 2009, but silver has also increased in purchasing power by 1.78X in terms of gold.
Gold is the world’s most stable asset and the best gauge of inflation. This brand new breakout in the price of gold leads us to believe that the Federal Reserve is getting ready to unleash QE3 at the end of June. The Fed will surely not call it QE3, but NIA can pretty much guarantee that the Fed will continue on with their purchases of U.S. treasuries. If the Fed pauses after QE2, it will mean that treasury bond yields will need to surge to a level where they attract enough private sector and foreign central bank Read more…
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