Socio-Economics History Blog

Socio-Economics & History Commentary

Bye-Bye Dollar: India & UAE Agree to Trade in Local Currencies

  • Bye-Bye Dollar: India & UAE Agree to Trade in Local Currencies
    by https://www.rt.com/
    New Delhi and Abu Dhabi have inked a currency swap agreement to boost trade and investment without involvement of a third currency like the US dollar. The swap is for an amount of two billion UAE dirham or 35 billion Indian rupees (US$495 million), according to the Indian Embassy in Abu Dhabi.

    “The bilateral currency swap agreement between India and UAE is expected to reduce the dependency on hard currencies like the US dollar,”
     the embassy said.


    “It is also expected to give a push for the local currencies of the two nations and may reduce the impact of volatility in exchange rate arising from the dependency on a third currency. It is also expected to reduce the transmission costs arising from exchange rate risk,” the embassy added.

    The sides also discussed cooperation in energy, security, trade, investments, space, defense, and so on. With more than $50 billion in bilateral trade, the two countries are each other’s largest trade partners. India’s foreign direct investment into the UAE was $6.6 billion in 2017, while the UAE’s investment in India stood at $5.8 billion.

    read more.

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December 10, 2018 Posted by | Economics | , , , , , | Leave a comment

Trade War: From Furniture to Food, Expect Price Hikes

  • RT America Published on Nov 9, 2018
    In the face of US threats over trade, China has begun export more products at an increased rate to trade partners like Brazil and India. The US should expect price increases in produce, computers, vacuum-cleaners and furniture. RT Americas’ Sara Montes de Oca reports on these developments as well as ominous recent advances in Chinese military technology.

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November 10, 2018 Posted by | Economics | , , , , , | Leave a comment

India Offloading US Treasuries to Support National Currency & Buy Gold

  • India Offloading US Treasuries to Support National Currency & Buy Gold
    by https://www.rt.com/
    The Reserve Bank of India (RBI) is cutting down on its holding of US Treasuries, joining a number of countries which have been dumping US debt to bolster domestic economies.

    The country’s share of US sovereign debt saw a gradual decline from $157 billion in March to $140 billion as of the end of August, according to the latest US Treasury report. RBI needed US dollars to sell in the market to stop the steep slide of its currency, the rupee. The bank has sold foreign currencies worth $18.6 billion in the spot market since April to rein the value of the rupee.

    Foreign portfolio investors (FPI) have pulled out more than $10 billion of their investments in the Indian markets since April. That has resulted in rupee losing more than 10 percent in value against the dollar.

    “If FPI flows do not revive amid an US-China trade war, the RBI may need to sell another $10-15 billion by March,”
     said Bank of America Merrill Lynch. According to its report, there could be more pressure on India’s central bank to sell US bond holdings in order to meet the dollar demand.


    Experts say the RBI may be using part of the sales proceeds of the US bonds to buy gold. Statistics showed that the bank’s gold reserves grew to 18.64 million troy ounces in August from 18.01 million troy ounces in March 2018.

    Liquidating US sovereign bonds has recently become a trend among major holders. The latest data showed that Russia has dumped nearly all of its holdings of US debt, trimming 84 percent of them during 2018. Turkey’s share of US Treasuries fell by 42 percent in the first half of the current year.

    read more.

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October 23, 2018 Posted by | Economics, GeoPolitics | , , , , , , | Leave a comment

India, Pakistan Tear into Each Other at UNGA

http://www.henrymakow.com/ghandis_role_in_the_illuminati.html

Click on image for article.

October 2, 2018 Posted by | GeoPolitics | , , | Comments Off on India, Pakistan Tear into Each Other at UNGA

India Getting Rid of US Treasury Securities and Buying Gold

Remember the Golden Rule: “He who has the gold Rules!” © Reuters

  • India Getting Rid of US Treasury Securities and Buying Gold
    by https://www.rt.com/
    The world’s second biggest gold consumer continues to replenish its bullion reserves, a Reserve Bank of India (RBI) report shows. At the same time, New Delhi is slowly but surely reducing its share of US debt bonds.

    The annual report from the Indian financial regulator reveals that the country followed other BRICS partners in adding physical gold to its foreign exchange reserves. The RBI reportedly bought 8.46 metric tons of gold during the last fiscal year ending in March.

    As of the end of June, the country’s central bank held 566.23 metric tons of gold against 557.77 metric tons a year ago. The RBI purchased gold for the first time in nearly a decade. The regulator acquired 200 metric tons of the precious metal in 2009 shortly after the global financial crisis.

    According to the RBI, India’s international reserves rose by five percent from June 2017 to June 2018 in comparison to the 6.3 percent growth seen in the same period in the previous year.

    “Diversification of India’s Foreign Currency Assets continued during the year with attention being ascribed to risk management, including cybersecurity risk. The gold portfolio has also been activated,”
     the report added.


    Meanwhile, the country’s share of US sovereign debt saw a gradual decline from $157 billion in March to $148.9 billion by May, according to the latest US Treasury report.

    Eliminating US sovereign bonds has recently become a trend among major holders. According to the latest statistics, Russia dumped 84 percent of its holdings during 2018, while Turkey’s share of US Treasuries fell by 42 percent during the first half of the current year. At the same time, Japan and China, the biggest holders of the US papers also reduced their shares, albeit insignificantly.

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September 8, 2018 Posted by | Economics | , , , | 1 Comment

India in Talks with EU to Evade US Iran Sanctions

  • PressTV Published on Aug 26, 2018
    Indian media say New Delhi is in talks with the European Union to find a way to evade US upcoming sanctions against Iran. They say the Indian government is, at the same time, trying to convince Washington not to direct its future sanctions against New Delhi.

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August 27, 2018 Posted by | Economics, GeoPolitics | , , , , , , | Comments Off on India in Talks with EU to Evade US Iran Sanctions

Stewart Thomson: President Trump May Bring About A Dollar Devaluation Sooner Than Later

  • Stewart Thomson: President Trump May Bring About A Dollar Devaluation Sooner Than Later
    by Stewart Thomson of Graceland Updates via https://www.silverdoctors.com/
    Can a gold investor have their cake and eat it too?  Is it possible for the Western fear trade and the Eastern love trade to push the price of gold higher at the same time?

    1. I believe the awesome answer to that question is a definite, “Yes!”, and here’s why I say that:
    2. America has a president who has launched dollar-positive tariffs.  It now appears that these tariffs are “here to stay”.  This president has also talked about giving T-bond holders a “haircut”.
    3. The easiest way to keep tariffs, promote exports, and give bond holders a hair cut without a default is to devalue the dollar.

    4. Look at this spectacular gold price chart. (top of post)
    5. I think dollar devaluation lies ahead, and given the advanced state of this enormous inverse head and shoulders bull continuation pattern, it may happen a lot sooner than most investors think.
    6. Please click here now. It can be persuasively argued that the biggest weight on gold demand since 2011-2012 has been India’s gold import duty and gold-negative government policy.

    7. The 80-20 import rule is gone, demonetization is in the past, the GST fiasco is over, and a panel has been set-up with a mission to double the gold sector’s contribution to GDP over the next five years!  The only gold-negative policy promoted by India’s government now is the import duty.
    8. While the dollar’s surge against the rupee and high oil prices make a duty cut unlikely in the short term, some form of dollar devaluation from the US Treasury would change the outlook for a cut dramatically.

    read more.

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August 22, 2018 Posted by | Economics | , , , , , , , | Comments Off on Stewart Thomson: President Trump May Bring About A Dollar Devaluation Sooner Than Later

The Western Financial System Teeters on the Brink — Only a New Bretton Woods Agreement Among the Four Powers Can Prevent Chaos

  • The Western Financial System Teeters on the Brink — Only a New Bretton Woods Agreement Among the Four Powers Can Prevent Chaos
    by https://larouchepac.com/
    The Western monetary system is hanging by a thread. The immediate panic in Turkey, Argentina and elsewhere eased slightly today, but the problem is not localized to one or more crisis points — it is systemic, the result of the past ten years’ refusal to change the policies which caused the 2008 breakdown. When Wall Street exploded in 2008, Bush and Obama showed their colors — the red, white and blue of the Union Jack, not the U.S. flag — refusing to implement Lyndon LaRouche’s call for restoring FDR’s Glass Steagall Act, while enacting laws which encouraged a full return of the derivative speculation at the expense of the real economy. This led to the revolt of the population expressed in the election of Donald Trump, who pledged to restore the US industrial economy and end the perpetual imperial warfare.

    Now, however, as LaRouche insisted after the 2008 crash, Glass Steagall alone will not do the job. Nothing short of an entirely new world financial order can succeed in replacing the “Casino Mondial” of floating exchange rates and unbridled speculation, which has taken the place of investment into the real economy, with the IMF and the ECB as the “enforcement” mechanism. Such a New Bretton Woods approach is required, restoring fixed exchange rates in a gold reserve system, while “New Silk Road” projects based on national credit expand the productivity and well being of the entire human race.

    Achieving such a new paradigm requires that Donald Trump sit down with the leaders of the other three great powers in the world — Russia, China and India — to formulate such a new Bretton Woods agreement. This was LaRouche’s insight in 2009, that only these four powers acting in tandem would have the power to replace the British Empire with a new financial system among sovereign nations based on real development. This vision was confirmed at the historic BRICS Summit in South Africa last month, where Russia, China and India dedicated themselves to extending the spirit and function of the New Silk Road to all of Africa and the so-called developing sector.

    Trump has declared, repeatedly, that Xi Jinping, Vladimir Putin and Narendra Modi are friends, despite the massive effort by the British and their assets in the U.S. to turn the nation against both Russia and China. Now, the Russiagate scam is exposed and could soon be ended, with the accusers becoming the accused. Trump’s lawyer Rudy Giuliani declared that it is time for Obama’s CIA chief John Brennan to be brought before a Grand Jury for his criminal connivance with British intelligence operative Christopher Steele, who orchestrated the ongoing coup attempt against the government of the United states. Leading Congressmen are now focused on the British intelligence role in the Russiagate coup attempt. This cleansing of the British imperial filth within the U.S. establishment must be successfully completed, immediately, freeing Trump to do what he must, through the Four Power alignment: to create the New Bretton Woods.

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August 18, 2018 Posted by | Economics, GeoPolitics | , , , , , , , , , , , , , , | Comments Off on The Western Financial System Teeters on the Brink — Only a New Bretton Woods Agreement Among the Four Powers Can Prevent Chaos

India’s Oil Imports from Iran Jumped 48% in June Despite US Threats

  • PressTV Published on Aug 4, 2018
    India’s July oil imports from Iran hit 768,000 barrels per day. It was a 30% rise in comparison with June. That’s despite the US pressures on many countries, including India to stop buying Iran’s oil. India is the second customer of Iranian oil and as Press TV’s Munawar Zaman reports from New Delhi, the country’s refineries are trying to find a way to continue trade with Tehran.

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August 6, 2018 Posted by | Economics, GeoPolitics | , , , | Comments Off on India’s Oil Imports from Iran Jumped 48% in June Despite US Threats

Germany Tells India to Ignore ‘Irritating’ US Pressure & Keep Buying Iranian Crude

  • Germany Tells India to Ignore ‘Irritating’ US Pressure & Keep Buying Iranian Crude
    by https://www.rt.com/
    India and Iran are good partners in the oil trade despite Washington’s discontent, and they should continue cooperating if they so wish, Germany’s Minister of State for Foreign affairs Niels Annen said on a visit to New Delhi.

    “I am not a salesman for Iran but I have an impression that India is willing to continue buying oil from Iran and this will be a very important statement,” Annen told Indian media, as quoted by Sputnik news agency. He said the US attempts to force its allies to join new anti-Iranian sanctions are “irritating, to put it mildly.”

    India, which is dependent on crude imports, is Iran’s top oil client after China. Despite this, India bought 15.9 percent less crude from Iran in June compared to May. After that, Iran threatened that it would suspend all privileges in bilateral trade with India, including payments in rupees.

    Last week, Reuters reported that India’s Oil Ministry has asked refiners to prepare for a “drastic reduction or zero” imports of Iranian oil from November, when US sanctions against Iran start.

    “(India) has asked refiners to be prepared for any eventuality, since the situation is still evolving. There could be drastic reduction or there could be no imports at all,”
     Reuters wrote quoting its sources.


    While India doesn’t recognize unilateral US sanctions against Iran, the country is exposed to the US financial system and could get caught in the crossfire. Washington could target Indian companies and banks that do business with Iran.

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July 25, 2018 Posted by | Economics, GeoPolitics | , , , , | Comments Off on Germany Tells India to Ignore ‘Irritating’ US Pressure & Keep Buying Iranian Crude

India Determined to Save Iran Nuclear Deal: Araqchi

  • India Determined to Save Iran Nuclear Deal: Araqchi
    by https://www.presstv.com/
    Iranian Deputy Foreign Minister Abbas Araqchi says India is determined to maintain the Joint Comprehensive Plan of Action (JCPOA.)

    “India is resolved to save the JCPOA,” said Araqchi following a meeting with government officials during a trip to the Indian capital New Delhi on Monday. “Considering the US’ recent move of quitting the nuclear agreement with Iran and its effect on relations with India, the subject of a the JCPOA was an important part of our talks,” said Araqchi.

    While stressing that Iran is one of India’s reliable suppliers of oil, he noted that New Delhi has also voiced his preparedness to continue purchasing oil from Tehran. He also noted that India and other states which cooperate with Iran must find ways to secure Iran’s interests on the basis of the nuclear accord.

    In May, US President Donald Trump announced that he would pull America out of a 2015 nuclear agreement with Iran and re-impose the sanctions that the deal had envisaged to be lifted.

    The sanctions would include a universal ban on Iran over buying or acquiring US dollars which will come into force in August as well as restrictions over purchases of crude oil from the country and investing in its oil sector projects which will become effective by the start of November.

    Saudi Arabia and some other OPEC member states are largely believed to be under pressure by the United States to increase their production in a push meant to prevent market shocks once Washington materializes its threat to cut off Iran’s oil exports.

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July 17, 2018 Posted by | Economics, GeoPolitics | , , , , | Comments Off on India Determined to Save Iran Nuclear Deal: Araqchi

The New Oil Cartel Threatening OPEC

  • The New Oil Cartel Threatening OPEC
    by Irina Slav, https://oilprice.com/
    When reports emerged that India and China are in talks about forming an oil buyers’ club, OPEC was probably too busy with its upcoming June 22 meeting to concern itself with that dangerous alliance. Now, it may be time for it to start worrying.

    “The timing is right. The boom in U.S. oil and gas production gives us greater leverage against OPEC,” the Times of India quoted an Indian official as saying last month after the formal start of said talks. The two countries, after all, account for a combined 17 percent of global oil consumption and they are the ones that would be the hardest hit if prices rise as a result of OPEC’s actions.

    What’s more, they might not be alone in this attempt to curb OPEC’s clout on the global oil market. According to Bloomberg’s Carl Pope, Europe and Japan, previously reluctant to take part in any anti-OPEC projects, may now join in. The reason they are likely to join in is that unlike in previous oil price cycles, now there are alternatives to fossil fuels. Electrification is where OPEC may have to face off with a future oil buyers’ cartel.

    India, China, and Europe are all very big on EV adoption. Japan is a leader in battery manufacturing. If they set their minds to it, these four players could upend the oil market and effectively cripple OPEC. Of course, this is a best-case scenario of the kind that rarely unfolds in reality.

    read more.

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July 6, 2018 Posted by | Economics, GeoPolitics | , , , , , | Comments Off on The New Oil Cartel Threatening OPEC

India & Iran Drop Dollar in Oil Trade to Bypass US Sanctions – report

  • India & Iran Drop Dollar in Oil Trade to Bypass US Sanctions – report
    by https://www.rt.com/
    India will reportedly pay for Iranian oil in rupees as the two countries seek to bypass the US economic pressure on Tehran, industry officials have told the Sputnik news agency.


    Under the deal, the payments for oil will be made through India’s state-run UCO Bank, which has no US exposure. The countries are also discussing the barter-like system to avoid US sanctions, Sputnik reports.

    Iranian Foreign Minister Mohammad Javad Zarif is on a visit to India this week, where he has met with Indian counterpart Sushma Swaraj. “During the talks, the two sides also exchanged views on a further expansion of ties in banking, energy, trade, insurance, shipping, use of national currencies, Chabahar projects and Chabahar-Zahedan railway,” Zarif said in a statement.

    India’s Swaraj said the country would ignore the US trade sanctions against Iran. “India will comply with UN sanctions and not any country-specific sanctions,” Swaraj said. Iran is India’s third-largest oil supplier. India bought a record 27.2 million tons of oil from Tehran during the last financial year, which ended in March 2018. It represents a 114 percent increase on the previous year.

    read more.

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May 31, 2018 Posted by | Economics, GeoPolitics | , , , , , | Comments Off on India & Iran Drop Dollar in Oil Trade to Bypass US Sanctions – report

India Will Continue Doing Business with Iran: Sushma Swaraj

  • PressTV Published on May 29, 2018
    India says it only abides by the UN sanctions against Iran and not unilateral measures by other countries. Indian Foreign Minister Sushma Swaraj said New Delhi will not make foreign policy decisions under pressure from others. She was responding to a question on India’s response to the US withdrawal from the Iran nuclear deal. Swaraj later met with Iranian Foreign Minister Mohammad Javad Zarif. The Indian government issued a statement following their meeting. It said New Delhi wants the nuclear deal’s signatories to engage constructively with Tehran.

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May 29, 2018 Posted by | Economics, GeoPolitics | , | Comments Off on India Will Continue Doing Business with Iran: Sushma Swaraj

British Push Mideast Wars to Derail Emerging Four-Power Cooperation

  • Schiller Institute Streamed live on May 17, 2018
    In October 2009, speaking at the Dialogue of Civilizations Forum on the Island of Rhodes, Lyndon LaRouche developed the concept that an agreement among four leading powers — the U.S., China, Russia and India — can form the basis for creating a new global credit system, to replace the hopelessly bankrupt Trans-Atlantic financial system which crashed spectacularly a year earlier. In the last years, under the direction of China’s President Xi Jinping, that potential began to take concrete shape. With the election in 2016 of Donald Trump as President, in large part due to his rejection of the policies of war and financial speculation of his predecessors, it appeared that he was prepared to take steps to move the U.S. to join this agreement.

    This alone explains the desperate moves against him, beginning with the fraudulent Russiagate accusations, cooked up by British intelligence networks and Obama’s intelligence officials. It also explains the push for sharper confrontation of the U.S. against Russia and China, including the Skripal affair, and the Douma false flag chemical weapons charges. The latest dangerous moves by Israel’s Netanyahu regime, against Syria, Iran, Lebanon, and the Palestinians, and the continuing genocidal war waged by the Saudis against Yemen, are part of this same deployment, to use war to stop the consolidation of LaRouche’s idea of a Four Power agreement.

    Helga Zepp LaRouche has said that the only thing which can stop this Four Power dynamic, which has been gaining momentum around China’s leadership, with the Belt and Road Initiative, is war. The war drive from Britain must be defeated! Join Mrs. LaRouche and your host Harley Schlanger this Thursday, for the latest update on this fight, and what you can do to ensure that the Empire and its geopolitical insanity is brought to an end.

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May 21, 2018 Posted by | Economics, GeoPolitics | , , , , , , , , , , , , , , , , , , | Comments Off on British Push Mideast Wars to Derail Emerging Four-Power Cooperation