Socio-Economics History Blog

Socio-Economics & History Commentary

Jim Willie: U.S. Dollar To Drop 90% When China & Russia Launch Gold-Backed Currency

  • Jim Willie: U.S. Dollar To Drop 90% When China & Russia Launch Gold-Backed Currency
    by https://www.silverdoctors.com/
    Jim says the hyperinflation and shortages will get so bad that we could see roaming bands of armed looters in search of food right here in the USA… Jim Willie interviewed on Rethinking The Dollar :

    In this episode of RTD Live Talk, Jim explains what the “Scheisse Dollar” is all about. Jim says that once the dollar is overtaken and loses its global reserve currency status, the new dollar will be required for use domestically. Jim says the dollar will have wretched fundamentals that resemble a third world country.

    Looking at the issue deeper, Jim discusses what the collapse looks like in the United States, which Jim says possibly will include roving bands of looters from the poor areas of the country looking for food for survival. Other topics in this interivew include:

    * China, Russia and the Brics
    * Bitcoin and cyrptocurrency
    * Gold and silver
    * Petroyuan (including convertibility to gold)
    * MSM Propaganda

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January 10, 2018 Posted by | Economics, GeoPolitics | , , , , , , , , , , , , , , , , , , , , | Leave a comment

Pakistan’s State Bank Green Lights Yuan-Based Trade With China

  • Pakistan’s State Bank Green Lights Yuan-Based Trade With China
    by https://sputniknews.com/
    The State Bank of Pakistan (SBP) has announced that all arrangements for using the Chinese currency for trade and investment are already in place.

    The central bank of Pakistan has given permission for the Chinese yuan to be used for investment and bilateral trade deals, which will eventually replace the dollar in Pakistan-China trade.

    The increase in trade and investment with China under the China-Pakistan Economic Corridor (CPEC) makes it easier for Pakistan to see that CNY-denominated trade with China will increase significantly and will provide with long term benefits for both the countries.

    “SBP has already put in place the required regulatory framework which facilitates use of CNY in trade and investment transactions,” the press release of the central bank stated.

    In late December Pakistan’s Minister for Planning and Development Ahsan Iqbal said that the government was considering a Chinese proposal to use the renminbi or yuan instead of the US dollar for payments in all bilateral trade.

    The minister further said that China had not stopped CPEC-related investments in Pakistan and all projects had been identified and committed to by both sides. The areas of cooperation include connectivity, energy, trade and industrial parks, agricultural development and poverty alleviation, tourism, people’s livelihood and exchange programs and financial cooperation, Dawn news reported.

    Pakistan and China have also agreed to establish and improve cross-border credit systems and financial services. In the near future plans strengthening currency swap arrangements and the establishment of a bilateral payment and settlement system will also take place.

    Hence with the central bank’s approval this cooperation will take on another dimension as it means that Pakistani and Chinese banks will, in the course of time, be able to open import letters of credit in rupees and yuan.

    read more.

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January 4, 2018 Posted by | Economics | , , , , , , | Leave a comment

Fatal Blow to The Petro-Dollar Coming into View in 2018 | Jim Willie

  • FinanceAndLiberty.com Published on Dec 31, 2017
    The U.S. Dollar is not ruling the seas of global commerce anymore. In 2018, non-Dollar platforms will continue the Dollar’s decline, Dr. Jim Willie tells Silver Doctors. The Dollar has been the world reserve currency for decades, but the increase of non-Dollar trade is threatening the Dollar’s dominance.

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January 2, 2018 Posted by | Economics, GeoPolitics | , , , , , , , , , , , , , , , , , , , , , , , | Leave a comment

Is A Petro-Dollar Versus Petro-Yuan Showdown Coming On Monday?

  • Is A Petro-Dollar Versus Petro-Yuan Showdown Coming On Monday?
    by https://www.silverdoctors.com/
    China made its move finishing the testing of the oil-for-yuan futures contracts, and on Monday, President Trump goes on the offensive… from Zero Hedge – Trump Set To Accuse China Of “Economic Aggression” On Monday: 

    Just a few short days after Chinese regulators gave the greenlight to petro-yuan futures trading, signaling an escalation in the war against dollar hegemony, President Trump is reportedly set to accuse China of “economic aggression” in efforts to “undermine international order” during his national security strategy speech on Monday.

    The last week has more intriguing than usual in the world of Sino-US relations – not only did China push ahead with its plans for a yuan/gold-backed oil futures contract, directly threatening the great military-servicing global petrodollar recycling scheme; but Washington appeared to do an about-face in its rhetoric towards North Korea, as Secretary of State Tillerson indicated that the US would be willing to hold talks with North Korea without any preconditions.

    Both actions could be seen as tilting towards China (obviously with the oil trading and more what China had hoped for on North Korea), appear to have prompted Trump to go on the offensive, as The FT reports, Donald Trump will accuse China of engaging in “economic aggression” when he unveils his national security strategy on Monday, in a strong sign that he has become frustrated at his inability to use his bond with China’s President Xi Jinping to convince Beijing to address his trade concerns.

    Several people familiar with the national security strategy – a formal document produced by every US president since Ronald Reagan – said Mr Trump would propose a much tougher stance on China than previous administrations.

    “The national security strategy is likely to define China as a competitor in every realm. Not just a competitor but a threat, and therefore, in the view of many in this administration, an adversary,” said one person.

    “This is not something that they just cooked up. Mar-a-Lago interrupted the campaign rhetoric, and Xi Jinping took a little gamble and came here and embraced Trump. Trump said ‘fine, do something on North Korea and on trade’, but that didn’t work out so well.”

    read more.

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December 18, 2017 Posted by | Economics, GeoPolitics | , , , , , , , , , , | Leave a comment

Warning From The World’s Biggest Shipping Line On Outlook for World Trade

  • Warning From The World’s Biggest Shipping Line On Outlook for World Trade
    by Tyler Durden, http://www.zerohedge.com/
    The optimism on world trade didn’t last very long.
    It was only late September when the WTO issued a “strong upward revision” to their estimate for 2017 world trade. WTO economists raised their forecast to 3.6% from 2.4%, which was at the top end of the previous 1.8-3.6% range. This marked a sharp acceleration from the 1.3% growth in 2016. The IMF’s forecast for 2017 world trade, also made in September, was even higher at 4.2%. Now the Copenhagen-based Maersk, the world’s number one container shipping company, is sounding a warning about softer demand and downward pressure on freight rates. According to Bloomberg.


    The world’s largest container shipping line says international freight rates are reversing after climbing for most of this year, raising questions about the sustainability of the global trade recovery. Decade-old oversupply issues swamped demand for containerized sea trade in the third quarter, a senior official at Maersk Line Ltd. said in an interview last week. Over 90 percent of trade is routed through ships, making the industry a bellwether for the worldwide economy.

    read more.

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December 14, 2017 Posted by | Economics | , | Leave a comment

Ruble-Yuan Trade Between Russia & China Makes Dollar Odd Man Out

  • Ruble-Yuan Trade Between Russia & China Makes Dollar Odd Man Out
    by https://www.rt.com/
    Moscow and Beijing are looking to extend the three-year $25 billion yuan-ruble swap deal and seek greater use of domestic currencies in trade. Experts have told RT this is likely to cut dependence on the US dollar.

    This week, Russian Prime Minister Dmitry Medvedev said “the financial regulators of the two countries are working on extending the bilateral currency swap agreement for the next three years.”

    “In 2016, the share of national currencies in payments for exports of Russian goods and services was 13 percent, imports 16 percent. In the first quarter of 2017, these figures rose to 16 percent and 18 percent, respectively,”
     said Russian Deputy Prime Minister Sergey Prikhodko.

    Both China and Russia are committed to promoting their own currencies, and this means the dollar share is likely to shrink.

    “That’s a fact, and it’s not just indicative of the volume of transactions in national currencies. Russia and China are already working together on several BRICS multilateral agreements. Trade in national currencies is just one aspect of the general trend that has emerged in the world over the past decade,”
     a Moscow-based analyst Mehdi Mehdiyev told RT’s German website, RT Deutsch.


    Trade in national currencies protects countries against “external influences,” helps to avoid risks of fluctuations in exchange rates; swap agreements also help reduce the budget deficit, Mehdiyev said.

    Chinese financial expert Andrew KP Leung told RT Deutsch that for Moscow, trading in national currencies is a way to bypass Western sanctions, and for Beijing to promote the yuan.

    “China is one of the largest buyers of Russian energy exports. The extension of the currency swap will reduce transaction costs for Russia and China. Trading in yuan will reduce Russia’s dependency on the US dollar,”
     said Leung.


    read more.

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November 4, 2017 Posted by | Economics, GeoPolitics | , , , , , , , , , , , , | Comments Off on Ruble-Yuan Trade Between Russia & China Makes Dollar Odd Man Out

Iran Suggests Russia Help ‘Isolate the Americans’ by Ditching Dollar

http://www.express.co.uk/news/world/874772/Iran-supreme-leader-Ayatollah-Ali-Khamenei-asks-Vladimir-Putin-isolate-US-ditch-dollar

Click on image for article.

  • Iran Suggests Russia Help ‘Isolate the Americans’ by Ditching Dollar
    by https://www.rt.com/
    The best way to beat US sanctions against Iran and Russia is joint efforts to dump the American currency in bilateral trade, according to Iranian Supreme Leader Ali Khamenei.

    “By ignoring the negative propaganda of the enemies, that seek to weaken relations between countries, we can nullify US sanctions, using methods such as eliminating the dollar and replacing it with national currencies in transactions between two or more parties; thus, isolate the Americans,”
     he said on Wednesday at a meeting with Russian President Vladimir Putin in Tehran.


    According to Khamenei, economic relations have vast room for improvement. “In the transportation sector, we can expand cooperation, using the main axis of Chabahar port to the port of Saint Petersburg, as well as in other economic areas,” he said.

    During the meeting, which lasted about an hour and a quarter, Putin replied that Russia considers Iran “a strategic partner and a great neighbor, and we will take advantage of every opportunity to expand and consolidate relationships in all dimensions.”

    The Russian president said the US wants to interfere in all matters of the world and the region and often ignores interests of its allies to do so. However, since 2014, despite the sanctions, “we devoted our funds to scientific and technological progress, and we had significant growth in the fields of biotechnology, IT, agriculture and space industries. Now, in spite of the initial concerns, we have realized that we can do whatever we decide to,” said Putin.

    Putin is visiting the Iranian capital to attend a trilateral summit with the leaders of Iran and Azerbaijan.

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November 3, 2017 Posted by | Economics, GeoPolitics | , , , , , , , , | Comments Off on Iran Suggests Russia Help ‘Isolate the Americans’ by Ditching Dollar

End of Petrodollar: Rise of Economic Protectionism to Reshape Global Trade

  • End of Petrodollar: Rise of Economic Protectionism to Reshape Global Trade
    by https://sputniknews.com/
    The era of petrodollar recycling is drawing to an end as shifts in technology and international politics render it redundant, meaning the US is entering volatile times.

    Kristian Rouz — The rise of economic protectionism and nationalism in politics of the recent years, including the gradual implementation of US President Donald Trump’s agenda and Brexit reshaping the contours of European trade, are poised to bring an end to the petrodollar recycling. These developments signal the first overhaul of international economic relations since the Nixon administration in the early 1970s in the United States.

    The petrodollar system entailed the end of the gold standard in the US, which had its national currency pegged to the value of gold at $35 per ounce in the aftermath of World War II. However, the severe challenges that global economy faced in the late 1960s pushed the administration of Richard Milhous Nixon to abandon the system.

    “The essence of the deal was that the US would agree to military sales and defense of Saudi Arabia in return for all oil trade being denominated in US dollars,” The Huffington Post explains.

    The shale revolution in oil productionin the early 2010s rendered this system irrelevant in the US, as North America is becoming increasingly independent of crude oil imports and has, in fact, increased its own oil and petrochemical exports under President Trump.

    However, President Trump’s push for greater protectionism faces obstacles, mainly in the form of a significant Saudi investment in US Treasury bonds accrued over the past 40 years. The petrodollar system has allowed Saudi Arabia to increase its foreign reserves, and many other prominent oil-producing nations have followed the same foreign investment pattern.

    The US, on its part, was able to increase its money supply by printing dollars, which has produced major dollar devaluation, by over 30 percent since the early 1980s. Subsequently, other oil importers, in order to pay for energy, had to buy US dollars first.

    read more.

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October 16, 2017 Posted by | Economics, GeoPolitics | , , , , , , , , , , , , , , , , , , , | Comments Off on End of Petrodollar: Rise of Economic Protectionism to Reshape Global Trade

Russia Stockpiles Gold in Continued Push Away from US Dollar

https://www.rt.com/business/405526-russia-highest-gold-reserves/

Click on image for article.

https://www.rt.com/business/403465-dollar-end-china-crude-rogers/

Click on image for article.

October 4, 2017 Posted by | Economics, GeoPolitics | , , , , , , , , , | Comments Off on Russia Stockpiles Gold in Continued Push Away from US Dollar

The West Begins To Panic Over China’s OBOR Trade System

  • X22Report Published on Sep 20, 2017
    Existing homes sales decline, this is the third month in a row. German gold expert reports that gold has been manipulated since 1993 by the central banks and the banking system. The West begins to panic over the One Belt One Road trade system. This new trading system is will be a vast network throughout Asia, Africa and Europe.

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September 22, 2017 Posted by | Economics, GeoPolitics | , , , , , , , , , | Comments Off on The West Begins To Panic Over China’s OBOR Trade System

Putin Orders End to Trade in US Dollars at Russian Seaports

  • Putin Orders End to Trade in US Dollars at Russian Seaports
    by https://www.rt.com/
    Russian President Vladimir Putin has instructed the government to approve legislation making the ruble the main currency of exchange at all Russian seaports by next year, according to the Kremlin website.

    To protect the interests of stevedoring companies with foreign currency obligations, the government was instructed to set a transition period before switching to ruble settlements.

    According to the head of Russian antitrust watchdog FAS Igor Artemyev, many services in Russian seaports are still priced in US dollars, even though such ports are state-owned.

    The proposal to switch port tariffs to rubles was first proposed by the president a year and a half ago. The idea was not embraced by large transport companies, which would like to keep revenues in dollars and other foreign currencies because of fluctuations in the ruble.

    Artemyev said the decision will force foreigners to buy Russian currency, which is good for the ruble. In 2016, his agency filed several lawsuits against the largest Russian port group NMTP. According to FAS, the group of companies set tariffs for transshipment in dollars and raised tariffs from January 2015 “without objective grounds.”

    The watchdog ruled that NMTP abused its dominant position in the market and imposed a 9.74 billion rubles fine, or about $165 million at the current exchange rate. The decision was overturned by a court in Moscow in July this year.
http://voiceofrussia.com/2013_07_26/Moscow-Beijing-taking-on-the-dollar-5431/

Click on image for article.

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September 21, 2017 Posted by | Economics | , , , , | Comments Off on Putin Orders End to Trade in US Dollars at Russian Seaports

Putin Orders End To US Dollar Trade At Russian Seaports

  • Putin Orders End To US Dollar Trade At Russian Seaports
    by Tyler Durden, http://www.zerohedge.com/
    Whether in response to rising scorching tensions with the US, or simply to provide support for the ruble, on Tuesday Russian President Vladimir Putin instructed the government to approve legislation making the ruble the main currency of exchange at all Russian seaports by next year, RT reported citing the Kremlin website.

    The head of Russian antitrust watchdog FAS Igor Artemyev, many services in Russian seaports are still priced in US dollars, even though such ports are state-owned. So, in order to “protect the interests” of dockworkers and their complyees with foreign currency obligations, the government was instructed to set a transition period before switching to ruble settlements.

    read more.
https://www.rt.com/business/403465-dollar-end-china-crude-rogers/

Click on image for article.

https://sputniknews.com/politics/20160915/1045341538/gold-yuan-china-dollar-eurasia.html

Click on image for article.

https://www.rt.com/business/319938-putin-dollar-oil-trade/

Click on image for article.

http://www.rt.com/business/314732-china-oil-contracts-dollar-yuan/

The Satanic WW3 drums will escalate. Watch for explosions, ‘accidents’ … in China. Click on image for article.

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September 20, 2017 Posted by | Economics | , , , , , | Comments Off on Putin Orders End To US Dollar Trade At Russian Seaports

The US Pushes Trade War With China Threatening The World’s Trading System

  • X22Report Published on Sep 18, 2017
    The entire inflation meme that the Government and Central Banks are pushing is a lie. There is a pension storm headed our way and it’s going to be horrific. Jim Rogers warns that sanctions against NK and China are going to hurt the US. The US pushes its agenda and pushes a trade war with China threatening the world’s trading system. 

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September 19, 2017 Posted by | Economics, GeoPolitics | , , , , , , , , , | Comments Off on The US Pushes Trade War With China Threatening The World’s Trading System

A US Trade War with China Will End US Monopoly on Global Financial System – Jim Rogers

  • A US Trade War with China Will End US Monopoly on Global Financial System – Jim Rogers
    by https://www.rt.com/
    If the Trump administration puts sanctions on China, this would hurt America more because it just forces China and Russia and other countries to cooperate, says investor and financial commentator Jim Rogers.

    US Treasury Secretary Steven Mnuchin warned on Tuesday that the US could impose economic sanctions on China if it does not implement the new sanctions regime against North Korea, saying that the restrictions could involve cutting off Beijing’s access to the US financial system.

    “If China doesn’t follow these sanctions, we will put additional sanctions on them and prevent them from accessing the US and international dollar system, and that’s quite meaningful,”
    Mnuchin said at the Delivering Alpha Conference in New York City.


    The UN Security Council unanimously approved a resolution banning North Korea’s textile exports and capping its oil imports following Pyongyang’s sixth nuclear test conducted last week.

    RT spoke to famous investor, author, and financial commentator Jim Rogers to discuss global perspectives in the case of the US imposing sanctions on China.

    RT: 
    What is the likelihood that the US will go through with and actually impose economic sanctions on China if it does not implement the new sanctions regime against North Korea?

    read more.

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September 18, 2017 Posted by | Economics, GeoPolitics | , , , , , , , , , , , | Comments Off on A US Trade War with China Will End US Monopoly on Global Financial System – Jim Rogers

China Dollar Dump Means Hyperinflation – Chris Martenson

  • China Dollar Dump Means Hyperinflation – Chris Martenson
    by Greg Hunter’s USAWatchdog.com (Early Sunday Release)
    Resource analyst and futurist Chris Martenson says everyone should be taking notice of our “dangerous markets.” At the center of the danger zone is the declining U.S. dollar.  Martenson explains, “We are talking about a steady erosion of the dollar as a reserve currency.  I think that is most likely.  The only thing that could make that really go fast is some kind of war.  The United States and China, we got to keep our eye on this because Trump has been threatening a trade war with China.  China responded and said if you do that, we may dump the dollar. . . . So, there is all this trade and financial back and forth and maybe even actual war at some point. . . . China has the ability to really impact the dollar in a big way on the world stage.  We better hope it does not come to that because a slow erosion we can adjust to; a quick erosion is going to really roil the markets and maybe blow a few of them up.”

    Martenson contends the U.S. could see hyperinflation in a short time if China “dumps the dollar.” Martenson explains, “The way that works is let’s say they want to unload $500 billion on some Tuesday morning.  Who is going to buy that $500 billion?  Who is on the other side of that trade?  Well, if there are not enough people bidding for those dollars, the price has to fall until you find enough people to absorb those, and the dollar would fall in value against all other sorts of other things such as other currencies, oil, gold, silver and all those things. . . . We would be looking for a paired event.  What we would be looking for is interest rates starting to rise on Treasuries and the dollar starting to fall in value in value against a variety of things.  Once we see those two things, we know we have a financial war or a monetary war. . . . That’s what blows up the derivatives market.  That’s what makes difficulties for traders.  That’s what makes the high frequency computers say I don’t like this and bolt and instantly evaporate from the markets.”

    read more.

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September 18, 2017 Posted by | Economics | , , , , , , , , , , , , , , | Comments Off on China Dollar Dump Means Hyperinflation – Chris Martenson