Readers will no doubt recall the almost incessant Western media attention paid to the Chinese RMB during the past several years, the constant claims of China ‘cheating’ by keeping its currency undervalued, the…
Tag: currency
Almost three years ago I wrote an analytical piece on the concept of deliberately engineered wars, big and small, by elitists to distract the masses away from particular global developments that work to the benefit of the establishment power structure. That article was entitled ‘Will The Globalists Trigger Yet Another World War?’ In that analysis, I concluded that since at least 2008, the power’s that be (whether posing as Republicans or Democrats) had set in a motion a series of events that revolved around Iran, and most disturbingly, Syria, which could be used to trigger a vast global war scenario. Today, unfortunately, it seems my concerns were more than valid, and circumstances evolving in that particular region are dire indeed. Now, some may argue that circumstances in the Middle East have always been “dire” and that it does not take much to predict a renewal of chaos. Admittedly, for the past six years alone the American public has been treated to one propaganda campaign after the other testing the social waters to see if a sizable majority of the citizenry could be convinced to support strikes against Iran.
The BRICS – Brazil, Russia, India, China and South Africa – have agreed to provide credit to each other in local currencies. Officials say the deal will facilitate economic growth in times of crisis. The currency swap deal is aimed at promoting trade and investment in local currencies as well as to cut transaction costs. It’s also seen as a step to replace the dollar as a reserve currency in trade between BRICS. “The idea is in line with many interests and economic exigencies in the world economy,” Yaroslav Lissovolik, the chief economist at Deutsche Bank told RT. “The euro and dollar are no longer seen as unquestionable monopolies in the role of reserve currencies. Clearly the world needs more reserve currencies.” The deal would also increase the BRICS influence on the international arena and will make their cooperation less sensitive to sanctions from the West, experts say.
This project should have seen the light of day on 26 May 2011 at the G8 summit in Deauville (France). The dollar would thus have met its demise as the reserve currency against the backdrop of an imminent cessation of payments on the part of the U.S. Federal Government. Unfortunately, in the final months of this process, military and political initiatives disrupted the plan. DSK’s arrest exposes Washington’s bad faith, and shows that its concessions were a only ploy to gain time.