Ending dollar dominance in world market | Updates

[Adam WANG SHANGHAI MEGA]

China takes eye to eye action 6 hours later!

 

[Samlee]

China takes eye to eye action 6 hours later!

I Want China To Start Dumping US Dollar Bonds

 

[Muhammed45]

Currency war can end global US dollar dominance & those who own gold have power
Published time: 24 Jun, 2018 12:49
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© Leonhard Foeger / Reuters

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The world is facing a currency war and the only hedge against the crash of the US dollar is real gold, a precious metal analyst has told RT. With geopolitical power shifting from West to East, US dominance may be ending.


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Russia gets rid of US Treasury securities and buys gold
One such sign is the recent repatriation of gold from the United States. Countries such as Turkey, Germany, the Netherlands have been moving the bullions home. The reason is the Cold War is over and countries don’t see Russia as a threat anymore, says Claudio Grass, an independent precious metals advisor and Mises Ambassador.

“Central banks moved their gold because they felt threatened by the USSR and saw the USA as their natural ally. The fact that central banks are repatriating their gold shows that this has changed. It also implies that they don’t see Russia as a bigger threat than the USA any longer. Europe stands in the center of this geopolitical power shift and some countries obviously believe it’s wise to store the gold in their home countries,” he told RT.

The world has been living in crisis since 2008, while a currency war started even earlier, notes Grass. Central banks have been printing trillions of dollars out of thin air, while central banks are coordinating the debasing of currencies and pouring money into all kinds of financial assets, real estate and bonds.

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Small Asian nation dumps dollar & yuan for gold amid growing global trade hostilities
“Nonetheless, it is obvious that the systematic problems are not solved, on the contrary, the risks became bigger and more fragile than a decade ago,” said Grass. “As you know more than 65 percent of all monetary reserves in the central banking system are held in the world currency reserve, which still is the USD. Therefore, holding physical gold is definitely the best hedge against a crash of any paper currency, and therefore also against a crash of the USD.”

The global debt has soared to $230 trillion, as the global economy has got stuck in “Monopoly-Game” system, that is based on debt and financial leverage, the analyst notes. “The last geopolitical shift that started with WWI and ended with WWII put the US in this dominant position, because they owned and stored 70 percent of the gold reserves of the free world. This was also the main reason, why the USD became the world currency reserve. For the past 30 years we can witness another geopolitical power shift going from West to East. As you know, everything operates in cycles,” Grass said.

For more stories on economy & finance visit RT's business section


@Imran Khan , Sir, I hope Pakistan has bought enough gold for that day. Big waves in economy are on the way.

 

[Muhammed45]

Switzerland chooses gold bullion over paper wealth backed by US dollar
Published time: 30 Jun, 2018 06:02
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© Ruben Sprich / Reuters

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Another country is betting on physical gold. Switzerland's pension fund has boosted its investments in bullion, switching from the paper-backed securities in US dollars.

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Currency war can end global US dollar dominance & those who own gold have power
“The Swiss government Pension System decided to change from paper gold in the amount of 700 million CHF into physical gold and store it in Switzerland. The 700 million only stands for 2 percent of the total assets, but it is quite a surprise that they do this,” Claudio Grass, an independent precious metals advisor and Mises Ambassador told RT.com.

According to Grass, it is a strong signal that people should take seriously, since a pension fund is an investment vehicle that has a long-term strategy.

“Physical gold is the best way to hedge as well as to accumulate wealth over decades. If you would have purchased for $100,000 gold in mid 70ties the holding without doing anything would be worth more than $2 million,” the analyst said. Another factor why the pension fund demanded physical gold was that they understand that paper gold just represents a claim on gold in a highly paper-leveraged gold market, Grass explained.

“It makes common sense under the actual circumstances to assure it is stored in the home country, Switzerland, instead of London or the US, which reminds me of the central bank repatriation,” the analyst added.

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Small Asian nation dumps dollar & yuan for gold amid growing global trade hostilities
Grass adds that countries are noting the geopolitical shift from West to East and that is why they are buying more real gold instead of the US dollar-based papers.

“The last geopolitical shift that started with WWI and ended with WWII, put the US in a dominant position and it owned and stored 70 percent of the gold reserves of the free world. This is also one of the main reasons why the US won the Empire over from the Brits. Now we can witness another geopolitical power shift, with the rise of the East,”he said.

The global debt burden continues to grow, while more than 65 percent of all monetary reserves on this planet are in US dollars, Grass notes. “Holding physical gold is definitely the best hedge against all sorts of fiat money risks, but from a central bank perspective it is definitely the best hedge against a weakening dollar that is on its way to reaching its intrinsic value which is zero,” he said.

For more stories on economy & finance visit RT's business section

US dollar will crash & burn because of trade war with China – investor Peter Schiff
Published time: 25 Jun, 2018 10:45
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© Hulton Archive / Getty Images
The idea that a trade war between US and China is good for the dollar is complete nonsense, according to investor Peter Schiff. He believes that greenback will only depreciate.
"The thinking is – at least when it comes to trade - is that the dollar is going to benefit from a trade war, which I think is wrong. I think it's just as wrongheaded as the concept that the dollar is going to benefit from larger budget deficits," Schiff said.

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Currency war can end global US dollar dominance & those who own gold have power
According to Schiff, while one may think that a trade war or US budget deficits can create a dollar deficit that will prop up the greenback, in reality the world will be flooded with American currency."The thinking is this is going to absorb all the dollars out there and there is going to be a dollar shortage, which is complete nonsense."

He explains that the excessive amount of dollars will be provided by the mint of US treasury bonds."You've got a treasury, you've got a dollar. I mean, what's the difference between a 30-day treasury bill and a dollar? You know, they're pretty much the same thing. The only difference is people don't readily spend their treasuries, right? They don't go into a store and purchase something with a treasury. But they can. They can cash it in and buy something. But they're effectively dollars. So, even though the Federal Reserve, in theory, will be shrinking its balance sheet, the US government will be expanding its balance sheet."

Schiff says as the supply of dollars is going to grow and grow, the demand for the American currency can fall, while the US Fed will be unable to stop the dollar glut.“Eventually, what's going to happen is it's going to be the demand for those dollars is going to collapse, not the supply. And when the demand for dollars collapses, then the price of the dollar collapses. You get massive inflation. That is what is coming."

For more stories on economy & finance visit RT's business section

@Adam WANG SHANGHAI MEGA

 

[Muhammed45]

Going for gold: Russia to eliminate US dollar from sovereign wealth fund THIS MONTH amid warning of politics sabotaging currency

Going for gold: Russia to eliminate US dollar from sovereign wealth fund THIS MONTH amid warning of politics sabotaging currency

Russia’s sovereign wealth fund will take a punt on gold and slash $40 billion of US currency entirely out of its investment portfolio amid growing tensions with Washington, the country’s finance minister announced on Thursday.

www.rt.com

 

[Muhammed45]

If Russia and Iran remove dollar from reserve currency and rush for gold then the inflation of the amount of dollar that is ditched by this 2 countries, would return to US homeland.
China is a bit unlikely due to its opportunistic Structure of national economy, but Lets suppose Chinese also follow the suit then 3 trillion amount of inflation due to the printed dollar out of thin air without any Physical gold backing it, would return to US economy.
@Beast , dear friend, what do you think?

 

[Beast]

If Russia and Iran remove dollar from reserve currency and rush for gold then the inflation of the amount of dollar that is ditched by this 2 countries, would return to US homeland.
China is a bit unlikely due to its opportunistic Structure of national economy, but Lets suppose Chinese also follow the suit then 3 trillion amount of inflation due to the printed dollar out of thin air without any Physical gold backing it, would return to US economy.
@Beast , dear friend, what do you think?

China will not do it in a quick manner. The withdrawn will be step by step. The problem is Iran and Russia need to trust China yuan enough by putting into its national reserve.

 

[Muhammed45]

Whether we like it or not, Russia won't use dollar nor Euro in its transactions.

https://www.rt.com/business/551079-foreign-loans-ruble-payments/

 

[GumNaam]

Whether we like it or not, Russia won't use dollar nor Euro in its transactions.

https://www.rt.com/business/551079-foreign-loans-ruble-payments/

to make matters worse for europe and ameeica, Russia always has the option to say that if you need my oil and gas then you can only buy it in rubles otherwise go fish...let's not forget, Russia is the third largest exporter of oil to the u.s.

 

[lightning F57]

If OPEC decides to switch all transactions to another currency that would dent the dollar big time. Everytime you buy a dollar for your currency you are taking on American debt.

 

[OldTwilight]

Well , the current alternative for Dollar are euro and Yuan ... I don't wast my times with useless Europeans ( USA's slaves ) , but using Chinese Yuan instead of Dollars won't solve anything , except giving same privilege's to Chinese to use their Yuan as weapon just like what American are doing ...

maybe a good alternative for short term but for longer term , world should agree on using gold and silver as main currency for trade just like old days ...

 

[Muhammed45]

Breaking: Petrodollar Cracks: Saudi Arabia Considers Accepting Yuan For Chinese Oil Sales

Petrodollar Cracks: Saudi Arabia Considers Accepting Yuan For Chinese Oil Sales Petrodollar Cracks: Saudi Arabia Considers Accepting Yuan For Chinese Oil Sales One of the core staples of the past 40 years, and an anchor… Published March 15, 2022 Petrodollar Cracks: Saudi Arabia Considers...

defence.pk

@beijingwalker , thanks about the article.

Now that even American pawns turn their back on them, dollar will lose its global dominance with no doubt.

 

[Muhammed45]

OP-Ed​

By taking on American hegemony and challenging the dollar, BRICS members represent the best hope for a fairer world order​

With the potential for a new reserve currency and investment without political strings attached, the group can present an alternative to a world choked by Western dominance

Bradley Blankenship is an American journalist, columnist and political commentator. He has a syndicated column at CGTN and is a freelance reporter for international news agencies including Xinhua News Agency.
@BradBlank_

(L to R) Brazil's President Michel Temer, Russia's President Vladimir Putin, China's President Xi Jinping, South Africa's President Jacob Zuma and India's Prime Minister Narendra Modi. © WU HONG / POOL / AFP
The 14th BRICS Summit in Beijing is just wrapping up amid a turbulent international geopolitical landscape, which highlights the importance of the organization in general. Given the combined challenges of the ongoing Covid-19 pandemic, global conflict, a looming economic crash and climate change – the current international system is failing and a new, multi-polar alternative must take its place.
It’s worth noting the context of the BRICS (Brazil, Russia, India, China and South Africa) format. Started in 2009 amid a financial crisis, the main goal of that year’s first BRICS (or BRIC as it was then) summit in Yekaterinburg was to improve the global economic situation and reform financial institutions.
Although these countries are not joined by any particular ideology, each saw the need to democratize the global economic system that had been crashed pretty much single-handedly by the United States in an extraordinarily irresponsible – even illegal by US law, in some instances – manner. The head of China’s Central Bank bluntly called for abandoning the dollar as the global reserve currency in 2009 because of a lack of faith in US monetary leadership.

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BRICS developing new global reserve currency – Putin

That was 13 years ago, yet the necessity of a new reserve currency could not be more relevant these days. In fact, Russian President Vladimir Putin announced on June 22 just ahead of the latest BRICS summit that the group was indeed developing its own reserve currency based on a basket of their currencies. With this, Putin said the group is hoping to develop alternatives to the existing international payment scheme.
While this could be seen as provocative in the West, it is actually for the betterment of mankind and is not aimed strictly at one country or one coalition of countries. To note, India pushed back against any “anti-US” rhetoric in the group’s joint statement, being a country that is considered part of the Global South, e.g., a developing country, and also has strong relations with the West.
Yet, at the same time, it’s clear that all BRICS states, including India, would benefit from a democratized global economic and financial system. That is why New Delhi has not joined Western-led sanctions against Russia over the ongoing conflict in Ukraine, because doing so does not serve India’s economic interests – and it would also establish a bad precedent where countries could essentially be excluded from the international community over political disagreements.

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Putin suggests way out of global economic crisis

Indeed, BRICS and its members have gone a long way to pursue zero-strings-attached development cooperation. China alone had already replaced the International Monetary Fund (IMF) and the World Bank as the world’s largest net creditor at the beginning of the last decade, expanding investments in tangible assets across the Global South (and beyond) through the Belt and Road Initiative. But in a direct challenge to these two previously mentioned US-led institutions, which have morphed into weapons of economic coercion, BRICS established the New Development Bank in 2014.
Another area where BRICS is currently not active but could be is security. Financial and economic stability is an inextricable part of security; without a stable economic and financial system there can be no sustainable peace. Likewise, without a stable security framework, there can be no drive for the human development that BRICS and its partners desire. Unfortunately, the connection between these two facets has not been established in the prevailing liberal international system, but BRICS could help tie them together which would be an extraordinarily beneficial development.

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Russian SWIFT replacement ready for BRICS – Putin

Meanwhile, as BRICS wraps up, the G7 and the North Atlantic Treaty Organization (NATO), two US-led international formats, will convene soon. Of note, NATO will draft its first “strategic concept” – the document which defines the organization’s objectives and principles – since 2010. It is anticipated that it will expand the military bloc’s reach far beyond Europe and probably to the Asia-Pacific, representing a serious challenge to China’s neighborhood. This probably explains why Chinese President Xi Jinping denounced “small circles” built around hegemony in his BRICS address.
At a minimum, BRICS has a serious role in balancing out the malignant influence of the US, NATO and the prevailing Western-led world system. Finance and economics are no small part of this, and BRICS’ drive to establish alternatives to the dollar-based Bretton Woods system, providing credit to the Global South without political conditions and establishing a new reserve currency, is an extraordinary push toward a multi-polar future.

 

[MeFishToo]

The collaps of the dollar and a shift to gold, yen, ruble etc. has been a constants narrative fueled by endless RT articles based nothing but wet dreams and false claims.

 

[Apollon]

Issuance of new debts is an inevitability. As for what has happened in the past, that's the past. Do not compare the US of today with the position of the country 40 years ago. Paid it's debts? No, remember the gold crisis late sixties? The US defaulted on gold payments, the dollar could not be backed by gold.

Zionist? Wars for Israel, pretty obvious. Bill $3 trillion.

No, of course the US dollar is not used only for buying oil, but the fact oil has to be traded in dollars creates a massive demand for the currency. If this does not happen, billions of dollars will be dumped on the market crashing its' price.

All the major players; Russia, China and the Brics have called for an alternative to the dollar. Why? because they no longer have any faith in it.

Russia is no mayor player... economy smaller than italy