Asian Nations To Double Currency Swap Deal !
- Preparations are well under way to ditch the USD. Countries all over the world know that it is a question of when the USD will tank. By setting up direct currency swaps between national central banks, they are bypassing the USD in international trade settlement. This is good for the world because when the USD tanks, you do not want international trade to freeze up.
- I do not believe the western Illuminati will allow any national currency to replace their world reserve currency: the USD. Their attitude is: “If I am going to hell, all of you are coming with me!”. The western Illuminati will engineer a collapse of all fiat currencies to drive the world to their One World Currency (backed by gold) and Global Supra-National Central Bank. They want a New Monetary Hegemony totally under their control. Any nation who resists will face the western war machine. Why do you think they are threatening to bomb Iran now. Iran is about to sell oil in any currency other than the USD on March 20, 2012!
Asian nations to double currency swap deal !
Japan and 12 other Asian countries will likely agree to double the amount of funds available under a regional currency swap pact amid uncertainty over the European debt crisis, according to a report.
Japan, China, South Korea and the 10 members of the Association of Southeast Asian Nations (ASEAN) are to agree to double the fund from the current $120 billion this month, Japan’s Nikkei daily reported on Sunday, citing unnamed sources.
The currency swap deal, known as the Chiang Mai Initiative, is designed to prevent a financial crisis in countries with relatively small foreign exchange reserves by giving them a safety net against future liquidity shortages. Currently, up to 20 percent of the $120 billion in available funds can be used without linkage to loans by the International Monetary Fund.
The so-called ASEAN+3 countries are also expected to agree to raise this percentage significantly to prevent the European debt crisis from causing major damage in Asia, the Nikkei said.
The countries are expected to reach a broad agreement on strengthening the functions of the Chiang Mai Initiative at a meeting of senior finance officials in Cambodia at the end of this month, it said. The agreement is expected to be finalised in May at a meeting of finance ministers and central bank governors from the ASEAN+3 countries, it said.
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