“America should not think that with some diplomatic dialogue it can solve its dossier (problem) with the nation of Iran,” Brig. Gen. Mohammad Reza Naghdi said. “The path of this land is directed by the martyrs. America with its hollow slogans … thinks the Iranian nation will believe it.”
http://www.wnd.com/2013/03/iran-2013-will-be-fall-of-american-empire/#74pq4LRGmS1CZXXT.99
China-Australia to Ditch US Dollar
A month ago we pointed out that as a result of Australia’s unprecedented reliance on China as a target export market, accounting for nearly 30% of all Australian exports (with the flipside being just as true, as Australia now is the fifth-biggest source of Chinese imports), the two countries may as well be joined at the hip.
http://www.zerohedge.com/news/2013-03-31/thanks-world-reserve-currency-no-thanks-australia-and-china-enable-direct-currency-c
“This is something which Australian business I think including the banking sector has been pushing for some time,” Mr Sinodinos said.
“The United States and a couple of other countries have already gone down this route.
http://www.abc.net.au/news/2013-03-30/coalition-backs-gillard-in-china-currency-deal/4602190?section=business
Japan and China Ditches Dollar – Will Start Direct-Currency Trading on Friday (2012)
http://www.japantoday.com/category/business/view/japan-and-china-to-start-direct-currency-trading-on-friday
China dismisses US’s Iran oil embargo. Russia ditches almighty Dollar.
China has dismissed the new US sanction against Iran’s oil
sector, saying that the commercial ties with Iran are totally legitimate
and should not be subject to any punishment.Chinese Foreign
Ministry spokesman Hong Lei:“China maintains normal and transparent
energy and economic cooperation with Iran which does not violate UN
Security Council resolutions and these interactions should not be
affected,” Chinese Foreign Ministry spokesman Hong Lei told a daily news
briefing on Thursday.“China opposes the placing of one’s domestic law
above international law and imposing unilateral sanctions on other
countries,” he added.
Iran, Russia Replace Dollar with National Currencies in Trade ExchangesSpeaking
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.
Killing the Dollar: G20 & IMF Push for Global Fed, Global Currency
While headline stories about averting the dangers of an
international “currency war” dominated news coverage of the recently
concluded G20 meeting in Moscow, the real unreported story is that the
global gathering of central bankers and finance ministers is pushing
forward with their plan for “supersizing” the International Monetary
Fund.The end goal is to transform the IMF into a global Federal Reserve,
with the ability to flood the world with huge new volumes of loans and
currency. It would also wield vast financial regulatory powers.The IMF’s
unit of account, or “currency,” known as a Special Drawing Right (SDR),
is being readied for eventual adoption as the replacement for the U.S.
dollar in international transactions, to lead the way toward eventual
adoption of the SDR or some other designated unit as the global
currency, much in the same way that the euro was foisted upon the people
of Europe as a replacement of their national currencies.
New BRICS bank to rival World Bank, IMF… China and Brazil Ditch US Dollar
The BRICS group of emerging economies has unveiled a new development
bank, which is aimed at breaking the monopoly held by Western-backed
institutions.
“It’s done,” said Pravin Gordhan, South African Finance Minister, on Tuesday, adding that “we made very good progress” on the formation of a World Bank-analogue development agency.
http://investmentwatchblog.com/new-brics-bank-to-rival-world-bank-imf/#PYxgUH35PcuxZSVr.99
A Dollar Crisis: BRICS Nations Are Negotiating Towards A Common Currency
http://investmentwatchblog.com/a-dollar-crisis-brics-nations-are-negotiating-towards-a-common-currency/#s8YSzeiD9oGe5bmy.99
“It’s done,” said Pravin Gordhan, South African Finance Minister, on Tuesday, adding that “we made very good progress” on the formation of a World Bank-analogue development agency.
http://investmentwatchblog.com/new-brics-bank-to-rival-world-bank-imf/#PYxgUH35PcuxZSVr.99
A Dollar Crisis: BRICS Nations Are Negotiating Towards A Common Currency
http://investmentwatchblog.com/a-dollar-crisis-brics-nations-are-negotiating-towards-a-common-currency/#s8YSzeiD9oGe5bmy.99
China and Brazil to sign trade deal for local currency at summit of BRICS nations
DURBAN, South Africa – China and Brazil plan to sign a deal to do up to $30 billion of trade in their local currencies, as the five-nation BRICS forum of emerging market powers work to lessen dependence on the U.S. dollar and euro.
Read more: http://www.foxnews.com/world/2013/03/26/china-and-brazil-to-sign-trade-deal-for-local-currency-at-summit-brics-nations/#ixzz2OeRJiP9B
BRICS Nations Plan New Bank to Bypass World Bank, IMF
The biggest emerging markets are uniting to tackle under-development and currency volatility with plans to set up institutions that encroach on the roles of the World Bank and International Monetary Fund.
The leaders of the so-called BRICS nations — Brazil, Russia, India, China and South Africa — are set to approve the establishment of a new development bank during an annual summit that starts today in the eastern South African city of Durban, officials from all five nations say. They will also discuss pooling foreign-currency reserves to ward off balance of payments or currency crises.
“The deepest rationale for the BRICS is almost certainly the creation of new Bretton Woods-type institutions that are inclined toward the developing world,” Martyn Davies, chief executive officer of Johannesburg-based Frontier Advisory, which provides research on emerging markets, said in a phone interview. “There’s a shift in power from the traditional to the emerging world. There is a lot of geo-political concern about this shift in the western world.”
The BRICS nations, which have combined foreign-currency reserves of $4.4 trillion and account for 43 percent of the world’s population, are seeking greater sway in global finance to match their rising economic power. They have called for an overhaul of management of the World Bank and IMF, which were created in Bretton Woods, New Hampshire, in 1944, and oppose the practice of their respective presidents being drawn from the U.S. and Europe.
http://www.bloomberg.com/news/2013-03-25/brics-nations-plan-new-bank-to-bypass-world-bank-imf.html
This just confirms that the next goal is to set a common currency between BRICS countries…
BRICS nations slowly creating a new power center
DURBAN, South Africa – China and Brazil plan to sign a deal to do up to $30 billion of trade in their local currencies, as the five-nation BRICS forum of emerging market powers work to lessen dependence on the U.S. dollar and euro.
Read more: http://www.foxnews.com/world/2013/03/26/china-and-brazil-to-sign-trade-deal-for-local-currency-at-summit-brics-nations/#ixzz2OeRJiP9B
BRICS Nations Plan New Bank to Bypass World Bank, IMF
The biggest emerging markets are uniting to tackle under-development and currency volatility with plans to set up institutions that encroach on the roles of the World Bank and International Monetary Fund.
The leaders of the so-called BRICS nations — Brazil, Russia, India, China and South Africa — are set to approve the establishment of a new development bank during an annual summit that starts today in the eastern South African city of Durban, officials from all five nations say. They will also discuss pooling foreign-currency reserves to ward off balance of payments or currency crises.
“The deepest rationale for the BRICS is almost certainly the creation of new Bretton Woods-type institutions that are inclined toward the developing world,” Martyn Davies, chief executive officer of Johannesburg-based Frontier Advisory, which provides research on emerging markets, said in a phone interview. “There’s a shift in power from the traditional to the emerging world. There is a lot of geo-political concern about this shift in the western world.”
The BRICS nations, which have combined foreign-currency reserves of $4.4 trillion and account for 43 percent of the world’s population, are seeking greater sway in global finance to match their rising economic power. They have called for an overhaul of management of the World Bank and IMF, which were created in Bretton Woods, New Hampshire, in 1944, and oppose the practice of their respective presidents being drawn from the U.S. and Europe.
http://www.bloomberg.com/news/2013-03-25/brics-nations-plan-new-bank-to-bypass-world-bank-imf.html
This just confirms that the next goal is to set a common currency between BRICS countries…
BRICS nations slowly creating a new power center
The leaders of China, Brazil, Russia, India and South Africa
pledged last week to increase cooperation to achieve the twin goals of
faster growth and reforms in global governance. Collectively, the five
BRICS nations account for 42% of world population, 20% of output, and
nearly all of current growth in the global economy.
It was the fifth annual summit of the BRICS nations, which
comprise the fastest growing emerging markets. At China’s urging South
Africa, a much smaller economy that is seen as a gateway to
resource-rich Africa, was admitted to the group two years ago.
Vladimir Putin, the Russian president and host of this year’s G-20
global economic summit in September, said the BRICS are coordinating
their positions on investment, mining, and combating the drug trade.
China’s new leader Xi Jinping stopped in Moscow en route to Durban and
called for closer economic links between China and Russia.http://www.marketwatch.com/story/brics-nations-slowly-creating-a-new-power-center-2013-04-01
5 of 10 Top Economies in the World Drop the Dollar
The U.S Dollar is quickly losing its status as the world reserve currency. Five of the top ten economies in the world, plus a few others, no longer use the dollar as an intermediary currency for trade. This trend poses a huge risk to the dollar and the United States along with it.
http://www.activistpost.com/2013/04/5-of-10-top-economies-in-world-drop.html
The following are 11 international agreements that are nails in the coffin of the petrodollar….
#1 China And Russia
China and Russia have decided to start using their own currencies when trading with each other. The following is from a China Daily articleabout this important agreement….
China and Russia have decided to renounce the US dollar and resort to using their own currencies for bilateral trade, Premier Wen Jiabao and his Russian counterpart Vladimir Putin announced late on Tuesday.#2 China And Brazil
Chinese experts said the move reflected closer relations between Beijing and Moscow and is not aimed at challenging the dollar, but to protect their domestic economies.
“About trade settlement, we have decided to use our own currencies,” Putin said at a joint news conference with Wen in St. Petersburg.
The two countries were accustomed to using other currencies, especially the dollar, for bilateral trade. Since the financial crisis, however, high-ranking officials on both sides began to explore other possibilities.
Did you know that Brazil conducts more trade with China than with anyone else?
The largest economy in South America has just agreed to a huge currency swap deal with the largest economy in Asia. The following is from a recent BBC article….
China and Brazil have agreed a currency swap deal in a bid to safeguard against any global financial crisis and strengthen their trade ties.#3 China And Australia
It will allow their respective central banks to exchange local currencies worth up to 60bn reais or 190bn yuan ($30bn; £19bn).
The amount can be used to shore up reserves in times of crisis or put towards boosting bilateral trade.
Did you know that Australia conducts more trade with China than with anyone else?
Australia also recently agreed to a huge currency swap deal with China. The following is from a recent Financial Express article….
The central banks of China and Australia signed a A$30 billion ($31.2 billion) currency-swap agreement to ensure the availability of capital between the trading partners, the Reserve Bank of Australia said.#4 China And Japan
“The main purposes of the swap agreement are to support trade and investment between Australia and China, particularly in local-currency terms, and to strengthen bilateral financial cooperation,” the RBA said in a statement on its website. “The agreement reflects the increasing opportunities available to settle trade between the two countries in Chinese renminbi and to make RMB-denominated investments.”
China has been expanding currency-swap accords as it promotes the international use of the yuan, and the accord with Australia follows similar deals with nations including South Korea, Turkey and Kazakhstan. China is Australia’s biggest trading partner and accounts for about a quarter of the nation’s merchandise sales abroad.
The second and third largest economies on the entire planet have decided that they should start moving toward using their own currencies when trading with each other. This agreement was incredibly important but it was almost totally ignored by the U.S. media.
According to Bloomberg, it is anticipated that this agreement will strengthen ties between these two Asian giants….
Japan and China will promote direct trading of the yen and yuan without using dollars and will encourage the development of a market for companies involved in the exchanges, the Japanese government said.#5 India And Japan
Japan will also apply to buy Chinese bonds next year, allowing the investment of renminbi that leaves China during the transactions, the Japanese government said in a statement after a meeting between Prime Minister Yoshihiko Noda and Chinese Premier Wen Jiabao in Beijing yesterday. Encouraging direct yen- yuan settlement should reduce currency risks and trading costs, the Japanese and Chinese governments said.
China is Japan’s biggest trading partner with 26.5 trillion yen ($340 billion) in two-way transactions last year, from 9.2 trillion yen a decade earlier.
It is not just China making these kinds of currency agreements. According to Reuters, India and Japan have also agreed to a very large currency swap deal….
India and Japan have agreed to a $15 billion currency swap line, Japan’s Prime Minister Yoshihiko Noda said on Wednesday, in a positive move for the troubled Indian rupee, Asia’s worst-performing currency this year.#6 “Junk For Oil”: How India And China Are Buying Oil From Iran
Iran is still selling lots of oil. They just aren’t exchanging that oil for U.S. dollars as much these days.
So how is Iran selling their oil without using dollars?
A Bloomberg article recently detailed what countries such as China and India are exchanging for Iranian oil….
Iran and its leading oil buyers, China and India, are finding ways to skirt U.S. and European Union financial sanctions on the Islamic republic by agreeing to trade oil for local currencies and goods including wheat, soybean meal and consumer products.#7 Iran And Russia
India, the second-biggest importer of Iran’s oil, has set up a rupee account at a state-owned bank to settle as much as much as 45 percent of its bill, according to Indian officials. China, Iran’s largest oil customer, already settles some of its oil debts through barter, Mahmoud Bahmani, Iran’s central bank governor, said Feb. 28. Iran also has sought to trade oil for wheat from Pakistan and Russia, according to media reports from the two countries.
According to Bloomberg, Iran and Russia have decided to discard the U.S. dollar and use their own currencies when trading with each other….
Iran and Russia replaced the U.S. dollar with their national currencies in bilateral trade, Iran’s state-run Fars news agency reported, citing Seyed Reza Sajjadi, the Iranian ambassador in Moscow.#8 China And Chile
The proposal to switch to the ruble and the rial was raised by Russian President Dmitry Medvedev at a meeting with his Iranian counterpart, Mahmoud Ahmadinejad, in Astana, Kazakhstan, of the Shanghai Cooperation Organization, the ambassador said.
China and Chile recently signed a new agreement that will dramatically expand trade between the two nations and that is also likely to lead to significant currency swaps between the two countries….
The following is from a recent report that described this new agreement between China and Chile….
Wen called on the two nations to expand trade in goods, promote trade in services and mutual investment, and double bilateral trade in three years.#9 China And The United Arab Emirates
The Chinese leader also said the two countries should enhance cooperation in mining, expand farm product trade, and promote cooperation in farm product production and processing and agricultural technology.
China would like to be actively engaged in Chile’s infrastructure construction and work with Chile to promote the development of transportation networks in Latin America, said Wen.
Meanwhile, Wen suggested that the two sides launch currency swaps and expand settlement in China’s renminbi.
According to CNN, China and the United Arab Emirates recently agreed to a very large currency swap deal….
In January, Chinese Premier Wen Jiabao visited the United Arab Emirates and signed a $5.5 billion currency swap deal to boost trade and investments between the two countries.#10 China And Africa
Did you know that China is now Africa’s biggest trading partner?
For many years the U.S. dollar was dominant in Africa, but now that is changing. A report from Africa’s largest bank, Standard Bank, says the following….
“We expect at least $100 billion (about R768 billion) in Sino-African trade – more than the total bilateral trade between China and Africa in 2010 – to be settled in the renminbi by 2015.”#11 Brazil, Russia, India, China And South Africa
The BRICS (Brazil, Russia, India, China and South Africa) continue to become a larger factor in the global economy.
A recent agreement between those nations sets the stage for them to increasingly use their own national currencies when trading with each other rather than the U.S. dollar. The following is from a news source in India….
The five major emerging economies of BRICS — Brazil, Russia, India, China and South Africa — are set to inject greater economic momentum into their grouping by signing two pacts for promoting intra-BRICS trade at the fourth summit of their leaders here Thursday.So what does all of this mean?
The two agreements that will enable credit facility in local currency for businesses of BRICS countries will be signed in the presence of the leaders of the five countries, Sudhir Vyas, secretary (economic relations) in the external affairs ministry, told reporters here.
The pacts are expected to scale up intra-BRICS trade which has been growing at the rate of 28 percent over the last few years, but at $230 billion, remains much below the potential of the five economic powerhouses.
It means that the days of the U.S. dollar being the de facto reserve currency of the world are numbered.
http://theeconomiccollapseblog.com/archives/11-international-agreements-that-are-nails-in-the-coffin-of-the-petrodollar
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