- The recent USD strength has put some doubts into dollar ‘doomsters’ . Well, not me. There is no fundamental reason why the USD should strengthen. No price moves ever go straight up or down. In any bull or bear market, price moves are always characterized by waves. It is like the tide going down, you will still get waves moving up and down. The current upward strength of the USD is just normal market wave action. It will resume its down trend soon.
- Governments around the world know that the USD is toast. However, any sharp devaluation of it will result in massive losses for these governments. Thus, they want to see a gradual slide for the USD.
- Real steps are being taken to move away from the USD rapidly. This is in anticipation of a collapse of the USD. Risk.net reports:
Hong Kong moves to position itself as clearing hub for renminbi-based transactions
The Chinese renminbi is taking on an increased role in the Asia-Pacific region, and is expected over time to replace traditionally dominant currencies such as the US dollar and the euro for certain transactions.
Chinese government policy changes have enabled Asian corporates to settle trades with their Chinese counterparts in renminbi. And increased intra-Asian trading volume may lead Beijing to also consider allowing other trade-related insurance and derivatives denominated in renminbi to be done offshore, according to bankers and regulators in Hong Kong.
Norman Chan Tak-lam, chief executive of the Hong Kong Monetary Authority (HKMA), said Beijing is studying the idea of introducing more renminbi-denominated investment products in Hong Kong, expanding on the authorities’ approval for renminbi-denominated bonds issued by mainland financial institutions being made available for Hong Kong investors.
Currently, the renminbi is not fully convertible, but the Chinese government has made a number of arrangements with various countries so that trades between China and these countries could be settled directly in renminbi, instead of US dollars.
John Coverdale, HSBC’s global co-head of commercial banking based in Hong Kong, said Asia has come to an important juncture where the renminbi trade settlement pilot scheme launched in July has effectively made the currency a new force governing intra-Asian cross-border trades. “We are right at the dawning of the age of a wider convertibility of the renminbi currency and therefore a wider use of it for trade and other purposes,” said Coverdale. “We have not seen the evolution of a new currency for a long time. We can effectively call it a new currency in a newly emerged market. It is a new force.”
Since the inception of the trade settlement pilot scheme, 173 transactions amounting to 230 million renminbi ($33.6 million) have been conducted between mainland China and Hong Kong. The pilot scheme allows for 400 approved Chinese enterprises in five approved cities – Shanghai, Guangzhou, Shenzhen, Dongguan and Zhuhai – to settle trades with their counterparts in Hong Kong, Macau and Association of Southeast Asian Nation (Asean) member countries.
Banks in these countries outside China are now allowed to open renminbi accounts with mainland banks for trade-related clearing, and enterprises in these countries can now also start to accumulate renminbi liquidity for trade purposes.
HSBC, for example, helped a Hong Kong manufacturer of printed circuit boards located in Guangdong province receive 15 million renminbi through its trade settlement services, which then used the funds to invest in renminbi-denominated bonds. “The next evolutionary step is that you’d see increased volume of trade settled in renminbi. The authorities in China will start to give us more exporters to settle with,” said Coverdale.
Stanley Chan, head of HKMA’s financial infrastructure development, says based on the $434.78 billion value of total trade volume in Hong Kong and Asean countries, if 5% of such import and export volume were to be settled in renminbi, it would translate into settlement volumes of $21.74 billion. With $129.9 billion total export value to China from Hong Kong and Asean countries in 2008, a 5% trade settlement will translate to $6.5 billion of offshore renminbi liquidity.
“The renminbi has been stable since May 2008. It [qualifies as] an alternative currency to the US dollar in this region when viewed against other Asian currencies’ exchange rates versus that of the US dollar,” Chan told delegated attending the Asia Risk Congress 2009 in November. “Such stability incentivises companies in Southeast Asia and Hong Kong to use renminbi for trade settlement.”
Chan said the payment and security settlement system of Hong Kong also gives the city an advantage to develop as an important offshore renminbi clearing centre because of its seamless interface with the real-time gross settlement system of China. He says if a Southeast Asian bank wants to conduct foreign exchange transactions with a mainland bank – including derivatives transactions, if so allowed in the future by Beijing – they could do so by becoming a direct participant of Hong Kong’s real-time gross settlement system, which is also linked with the US dollar and euro systems.
“More importantly, there will be interbank money market between participants of this system… as direct participants of the [Hong Kong] settlement system can now freely lend and borrow to each other,” he said. As the sources of fund and scope of assets in renminbi expand, banks might one day also be allowed to offer other financial services, such as renminbi-denominated insurance policies. Meanwhile, Coverdale said he believes holders of renminbi-denominated bonds are now considering using these securities to obtain secured lending, not only in renminbi but also for any other currencies.
However, he considers the development of a renminbi interbank market in Hong Kong as being contingent more on the timing of when the currency becomes convertible. “An offshore renminbi interbank market will not be developed until the currency is properly and freely traded,” said Coverdale. “There is probably a limited appetite for holding a currency that is not freely convertible, so from a risk perspective, an interbank market and convertibility of a currency tends to go hand-in-hand.”
- Alarm bells are ringing, words are spreading of a ‘Final Solution’ by the Zionist genocidal maniacs. The complete ethnic cleansing of the Palestinian people. Whether it is true or not remains to be seen. But it is obvious the genocidal mad men who run Zionist Israel are capable of doing this. Alan Hart writes:
On the first anniversary of the beginning of Israel’s war on the Gaza Strip – in my view it was a demonstration of Israeli state terrorism at its most naked – it’s not enough to say that the governments of the Western powers (and others) are complicit in Israel’s on-going collective punishment of 1.5 million Palestinians, 53% of whom are children.
What is actually happening in the blockaded Gaza Strip, and less obviously on the occupied West Bank, is the continuation by stealth of Zionism’s ethnic cleansing of Palestine. My friend Professor Ilan Pappe, Israel’s leading “revisionist” (meaning honest) historian and author of The Ethnic Cleansing of Palestine, would and has put it another way. What we are witnessing is, in his words, “genocide in slow motion.” And that, really, is what the governments of the Western powers (and others) are complicit in. The question that provokes in my mind is: Why, really, are the major powers (and others) allowing it to happen?
The only answer that makes some sense to me is this. They have concluded, but cannot say, that nuclear-armed Israel, with the assistance of the Zionist lobby in all of its manifestations, is a monster beyond control. In my analysis it’s possible to identify the moment in history when the major powers abandoned any hope they might have had of containing Zionism’s colonial ambitions.
It came, the moment, in the immediate aftermarth of the 1967 war.
Contrary to Zionism’s version of the story, it was a war of Israeli aggression not self-defense. As I document in some detail in my book Zionism: The Real Enemy of the Jews, Israel’s military and political leaders knew the Arabs were not intending to attack.
That being so, what the major powers ought to have said to Israel (in the diplomatic language of a Security Council Resolution and more explicitly behind closed doors) is something like: “Aggression cannot be rewarded. Aggressors cannot keep territory conquered in war. You are now required to get the hell out of it without laying down conditions for your withdrawal.”
To drive home the point, they could and should have reminded Israel of what President Eisenhower said to the people of America when he demanded Israel’s unconditional withdrawal from Egyptian territory after its collusion with Britain and France in 1956. Eisenhower, the first and the last American president to contain Zionism, said this:
If we agree that armed attack can properly achieve the purposes of the assailant, then I fear we will have turned back the clock of international order. We will have countenanced the use of force as a means of settling international differences and gaining national advantage… If the UN once admits that international disputes can be settled using force, then we will have destroyed the very foundation of the organisation and our best hope for establishing a real world order.”
As it happened, the major powers could not say that to Israel in 1967 because the Johnson administration had colluded with Israel to the extent of giving it the greenlight to smash Eygpt’s armed forces, in the hope that a humiliating defeat for them would lead to the overthrow of President Nasser.
But also true is that President Johnson sought and obtained an assurance that Israel would not take advantage of the war situation to grab Jordanian and Syrian territory. It was because some in the Johnson administration (probably Defense Secretary McNamara and the Joint Chiefs of Staff) didn’t trust Israel to keep its word that the U.S. spy ship, the Liberty, was stationed off the Israel/Gaza coast to listen to IDF movement orders. And it was because Israeli Defense Minister Dayan didn’t want Johnson to know that he intended to take the West Bank and the Golan Heights that he, Dayan, ordered the attack on the Liberty. (The full story of that attack and Johnson’s cover-up of it is also in my book, in a chapter headed The Liberty Affair – “Pure Murder” on a “Great Day”).
Despite that, the major powers, including and led by America, could still have acted firmly to contain Zionism’s colonial ambitions. They could have said to Israel something like: “We can just about live with the fact that you will retain the newly occupied Arab territories as a bargaining chip, to be exchanged for peace with your Arab neighbours, but we will not allow you to settle those territories. Not one building. If you defy us on this matter, the Security Council will authorize enforcement action as necessary to oblige you to comply with international law.”
In what became Security Council Resolution 242, it was the failure of the major powers to read the riot act to Israel on the matter of not settling the newly occupied territories that marks the moment when they, the major powers, became resigned to the fact that the Zionist state, assisted by its awesomely powerful global lobby, was a monster they could not control. (They could slap it on the wrist from time to time but not control it).
The lesson of the cold-blooded attack on the Liberty was that there is nothing the Zionist state might not do, to its friends as well as its enemies, in order to get its own way. (In my book I explain, on the basis of a conversation with Dayan, the real reason for Israel’s decision to acquire a nuclear arsenal. It was to have the deterrent threat capability of saying to its friends, “Don’t push us further than we are prepared to go or we’ll use these things.”)
So in the full light of the truth of history as it relates to the making and sustaining of conflict in and over Palestine that became Israel, it’s not surprising that the major powers (and others) are today complicit, more by default than design I say, in Zionism’s crimes.
Alan Hart is a former ITN and BBC Panorama foreign correspondent who covered wars and conflicts wherever they were taking place in the world and specialized in the Middle East. Author of Zionism: The Real Enemy of the Jews: The False Messiah (Zionism, the Real Enemy of the Jews). He blogs on www.alanhart.net
- See also:
Say NO To Ethnic Cleansing Of Palestinians by Zionist Israel!
Jewish Rabbi: Kill Enemy Children!
Zionist Israel: 60 years of Ethnic Cleansing and Mass Murder!
After All I am a Proper Zionist Jew by Gilad Atzmon !
Israel Preparing Public for a New War(Genocide) in Gaza !
Palestinians Homeless Again After Eviction! Israeli Racism and Oppression!
WHO: Israel Prevented Entry Of Medical Equipment Into Gaza!
Amnesty International: Palestinians Denied Water !
Daily Show: Anna Baltzer and Mustafa Barghouti on Peace in Palestine!
Zionist Israel’s Terrorist Roots!
Gaza 2009: Operation Cast Lead!
The Synagogue of Satan!
The Roots of Evil in Jerusalem!
If Americans Knew What Zionist Israel Is Doing!
Zionism: The Real Enemy of the Jews!
Jewish Rabbi: Zionists are Godless Criminal Thugs!
Zionism: A Conspiracy Against Jews!
Hannity vs Traficant on Israel Lobby and US Policy!
Jews Say ‘Justice for the Palestinian People!’
United Nations Report: Gaza Acts Amounted to War Crimes!
Zionist Pioneer Renounces Zionism!
Ex-Israeli Minister Shulamit Aloni: Calling People Anti Semitic is a Trick to Stifle Criticism! We Always Use it !
Did Ahmadinejad Really Called for Israel To Be ‘Wiped Off the Map’?
Alex Jones on Israeli Lobby And The Zionist
LA Times – Zionism is the Problem!
Jewish Canadians Concerned About Suppression of Criticism of Israel
Gaza Genocide Must Not Be Forgotten
Khazar Empire, Illuminati and New World Order
Richard Falk – Memories of Warsaw Ghetto
CBS 60 minutes – Exposing Apartheid !
Gaza 2009 – We will never Forget !
Solidarity with Gaza – Canberra Australia
The Truth About the Gaza Massacre!
History of Zionism – Ethnic Cleansing of Palestine !
We will not be silent on Gaza!
UK Jewish MP – Israel Behaving Like Nazis
Life In Occupied Palestine – Anna Baltzer
Protests Against Gaza Massacre by Anti Zionist Jews
Anti Zionist Jews’ Demonstration Against the Zionist Massacre in Gaza
Zionism is the Cause of the Problems – Rabbi
Anti Zionist Jews that lived in Palestine Tell Their Story
AMERICAN JEWS OPPOSE ISRAELI POLICY IN GAZA
Israelis who Refuse to Serve in the Military – American Jews Protest !
- Wars and more wars. More false flag attacks to sell the false war on terrorism. Who are the real terrorists? Al-CIAda ! They need this false flag operation to sell their war on Yemen! Don’t be taken for a ride! The corporate propaganda MSM is going into overdrive to sell this false flag operation as Muslim terrorism. What a load of crock! They are promoting a lie: Clash of Culture between Western Christian nations against Muslim world. They are putting the blame on the Muslim world so as to have an excuse to invade them for oil!
Daniel 7:23 (New King James Version)
23 “Thus he said:
‘ The fourth beast shall be
A fourth kingdom on earth,
Which shall be different from all other kingdoms,
And shall devour the whole earth,
Trample it and break it in pieces.
- See also:
America: Another War! US military Intervention in Yemen!
Obama’s Secret: Only 100 Al Qaeda Now in Afghanistan!
US Builds Up Its Bases In Oil-Rich South America!
Fake Al Qaeda Actors EXPOSED! Adam Gadahn & Yousef al-Khattab.
BBC Now Admits Al Qaeda is an American Creation!