While the Mainstream Media news outlets keep you up to date on the latest weather developments, celebrity gossip, NCAA tournament brackets, NFL draft news and TV listings for the evening’s prime-time network programming, they always continue to focus on stories that fan the flames of racial diviciveness, make sure you stay afraid of ISIS or any other nonsense to keep you distracted. What they fail to mention is the real meat of the matter that is going to affect your way of life in a big way and more importantly going to affect the future your children will be faced with.
While the stock market cheerleaders in the financial news media contemplate the importance of semantics in the FOMC press releases (it is utterly absurd and ridiculous to watch these buffoons debate whether or not removing the word “patient” implies impatience or not…..and when and if the Fed is going to raise interest rates from 600 year lows of 0% to 0.25% –spoiler alert– they cannot and will not raise rates- they’ll just continue to talk about raising them as they’ve done for 6-7 years now) they completely ignore important issues like the ones covered in the following stories:
Sadly, most Americans are completely oblivious……
It’s Happening – More US Allies Join The Anti-Dollar Alliance
from Simon Black of SovereignMan.com
After the UK announced it will join new China-led Asian Infrastructure Investment Bank (AIIB) as a founding member late last week, Germany, France and Italy decided yesterday to follow Britain’s lead and join as well.
Welcome to the beginning of the end of the US dollar’s domination. It’s happening.
For the past few decades America was the undisputed global economic and political superpower.
The entire world happily used the US dollar, and hence, the US banking system. More importantly, the world happily placed its trust in the US government.
But there’s a limit to how irresponsible, reckless, and threatening you can be. Eventually such behavior catches up to you.
That time has now come.
The US government is now drowning in debt that can never be repaid. The US government’s own numbers, in fact, estimate its level of insolvency at roughly $60 trillion.
This means that when you add up all the assets of the United States—every acre of land, every tank, every drone, every drop of oil in the strategic reserve… and subtract all the debt and liabilities, the result is MINUS $60 trillion……
On top of that, the US government has chosen to use its once-trusted currency and banking system as weapons to blackmail the rest of the world……
FATCA (the Foreign Account Tax Compliance Act) is probably the best recent example.
FATCA’s provisions require every single bank in the world to jump into bed with the Internal Revenue Service and agree to all sorts of expensive, debilitating information-sharing agreements.
And any bank which dares to defy the US government gets effectively blackballed from the US banking system and subject to a 30% withholding tax.
On top of that, the US government has taken to slamming foreign banks with the most astonishing fines—$9 billion, for example, in the case of French Bank BNP Paribas.
BNP’s wrongdoing was conducting business with countries, like Cuba and Iran, that the US government doesn’t like.
Bear in mind, BNP is a French bank and broke no French law whatsoever.
Moreover, the business was done through its Swiss subsidiary, and they broke no Swiss law either.
That didn’t matter to Uncle Sam, which fined the bank $9 billion under threat of being kicked out of the US banking system.
Blackmail. Extortion. Intimidation. This isn’t the behavior of a trusted friend. It’s the behavior of an arrogant sociopath.
And the rest of the world is sick of it.
…..This has major implications for the United States. History shows that when reserve currencies change, the losing country almost invariably goes through significant turmoil.
Yes, things will change dramatically in the West in the coming years.
The standard of living that was attainable in the US because of its economic dominance will diminish.
But people who recognize and embrace these changes early will prosper, for there will be tremendous opportunities throughout this process.
Bottom line– the world is changing. We can’t stop the end of the dollar’s dominance. All we can control is how we react to it… and when.
• source: zerohedge.com
China launches new World Bank rival
China and India are backing a 21 country $100 billion Asian Infrastructure Investment Bank (AIIB) to challenge to the World Bank and Asian Development Bank.
Memorandum of understanding were signed with 21 Asian countries in Beijing Friday. Australia, Indonesia and South Korea were absent following hidden pressure from Washington…..
India will be the second largest bank shareholder though Kuwait, Qatar, Mongolia, Kazakhstan, Pakistan, Nepal, Oman, and all the countries of the Association of Southeast Asia, except Indonesia are involved…..
But Chinese officials are convinced the American opposition is an attempt to contain the global rise of China and its ambition to remain the dominant power in Asia.
• source: RT.com
Britain’s plan to join China’s ‘World Bank’ angers Washington
Britain has announced plans to become the first major Western country to join a Chinese-led development bank, drawing a concerned response from the US.
The $50bn (£33.6bn) Asian Infrastructure Investment Bank (AIIB) has been feted by Beijing as a way of financing regional development, and is seen as a potential rival to US-based institutions such as the World Bank……in a move to bolster relations with China.
The move drew a cautious response from Washington…….
China and 20 other countries signed a memorandum of understanding to establish the Beijing-headquartered bank in October.
• source: Telegraph.co.uk
EU allies defy US to join China-led Asian Bank
The new China-led Asian investment bank, a potential rival to institutions such as the Asian Development Bank and the World Bank, has enlisted more US allies as members after Britain decided to join last week.
The membership of the Asian Infrastructure Investment Bank (AIIB) is set to expand further, with three more European countries following Britain’s lead.
France, Germany and Italy have defied US instructions not to participate in the Bank, said UK daily, The Financial Times.
Meanwhile, Australian leaders have been lining up in the past few days to voice support for joining the AIIB, which marks a conspicuous U-turn from the cabinet’s previous stance.
In addition, South Korea, Switzerland and Luxembourg are deliberating over the decision to participate in the infrastructure investment Bank.
Nearly 30 countries have confirmed their participation in the AIIB, which is aimed at helping finance infrastructure projects across Asia and expected to be operational within 2015.
• source: bricspost.com
UK snubs US to join China-led Asian bank
Overlooking US censure, the UK has announced its decision to join China’s Asian Infrastructure Investment Bank, becoming the first “major western country” to apply for membership.
• source: theBricsPost.com
America’s European “Allies” Desert Obama, Join China-led Infrastructure Bank
It appears the sea of de-dollarization has reached the shores of Europe. With Australia and UK having already moved in the direction of joining the China-led AIIB, The FT reports that France, Germany, and Italy have now all agreed to join the development bank as ‘pivot to Asia’ appears to be Plan B for Europe. As Greg Sheridan previously noted, “the saga of the China Bank is almost a textbook case of the failure of Obama’s foreign policy,” but as The FT concludes, the European decisions represent a significant setback for the Obama administration, which has argued that western countries could have more influence over the workings of the new bank if they stayed together on the outside.
As The FT reports,
France, Germany and Italy have all agreed to follow Britain’s lead and join a China-led international development bank, according to European officials, delivering a blow to US efforts to keep leading western countries out of the new institution.
The decision by the three European governments comes after Britain announced last week that it would join the $50bn Asian Infrastructure Investment Bank, a potential rival to the Washington-based World Bank.
The European decisions represent a significant setback for the Obama administration, which has argued that western countries could have more influence over the workings of the new bank if they stayed together on the outside and pushed for higher lending standards.
The AIIB, which was formally launched by Chinese President Xi Jinping last year, is one element of a broader Chinese push to create new financial and economic institutions that will increase its international influence. It has become a central issue in the growing contest between China and the US over who will define the economic and trade rules in Asia over the coming decades.
This follows Australia and UK…
Australia, a key US ally in the Asia-Pacific region which had come under pressure from Washington to stay out of the new bank, has also said that it will now rethink that position.
When Britain announced its decision to join the AIIB last week, the Obama administration told the Financial Times that it was part of a broader trend of “constant accommodation” by London of China. British officials were relatively restrained in their criticism of China over its handling of pro-democracy protests in Hong Kong last year.
Britain tried to gain “first mover advantage” last week by signing up to the fledgling Chinese-led bank before other G7 members.
Britain hopes to establish itself as the number one destination for Chinese investment and UK officials were unrepentant.
• source: zerohedge.com
US “Isolated” As Key Ally Japan Considers Joining China-Led Bank
…..Now, it appears the last valuable friend the US has in the bid to keep China from undercutting the ADB is beginning to consider a bid to join up. Here’s more from Reuters:
Japan’s foreign minister signaled cautious approval of the institution that the United States has warned against…
The opposition to the AIIB began crumbling after Britain said earlier this month that it would join the institution, saying it was in its national interest. France, Germany and Italy swiftly followed suit.
Australia now appears close to joining, although no formal decision has been made, and Beijing said Japan and South Korea were also considering the possibility. Asked about the three countries joining the bank, China’s Foreign Ministry said it was “open” to it.
• source: zerohedge.com
Moscow Launches Ruble-Renminbi Futures To “Facilitate Trade Between China And Russia”
While the west huffs and puffs, and threatens to unleash even more “costs” on Russia in the form of additional sanctions which will assure that Europe’s latest deflationary recession is even more acute, an “isolated” Russia is looking to outside, and to the east, and as part of its most recent de-dollarization initiative, the Moscow Exchange announced it has started trading Chinese Renminbi-Russian Ruble currency futures.
…..And in other news, US Treasury Secretary Jack Lew wonders why America’s “international credibility and influence is being threatened“…
• source: zerohedge.com
4 thoughts on “De-Dollarization Continues”
I have posted on some of these topics, and they hardly ever get any attention. The American people, for the most part, as you know, have their collective head in the sand.
Unfortunately, especially for the young, the die seems to be cast, from what I can see. The powers that be have already started sucking up to this East rising routine. They are the rats scurrying away from the ship they are responsible for sinking: they are the iceberg to our Titanic.
It doesn’t look good for us, that’s for certain. A friend of mine has believed for many years now that the US has outlived its purpose, and so will now be allowed to fall. I believe my friend is right!
Thanks for taking the time. Sadly, most are completely oblivious to what is going on…….The US is “spreading democracy” wherever it can to keep the resources of conquerable nations traded in US Dollars to keep the debt ponzi scheme going as long as possible. By creating instability on multiple fronts: Middle East, Ukraine,…and keeping the people afraid of terrorists, cyber threats, etc while they are told the economy is just fine……they’ll have the scapegoats ready when Americans wake up and ask WT@#$% happened?
Exactly! This is the message we are all trying to get out there!
Like you, I sense a responsibility to your children, my friends’ children and future generations to at least try to do something. Political involvement and activism is a waste of time right now, since the powers that be simply use this kind of activity against the people, by keeping them chasing a dangling carrot that doesn’t exist. It is the entire system/order of things that, I believe, must be done away with, so humanity, at some time in the future, can begin anew, and create a world that isn’t filled with this kind of hell every day!
I try to get here more often, but between reading and posting, I find myself almost warn out some days. I just want you to know I am here to support you, as I know you are for me and others!
Sure, especially for the children. I get p!@#$ed every month when my teenage daughter’s statement from the credit union comes in. Working hard, saving and watching it grow is a real hard philosophy to teach when her nice little pile she has managed to sock away grew by a little over $1 again last month.
It is sad when practically everything you thought you knew about finances and economic fundamentals can be flushed down the toilet. None of it applies. These artificially suppressed interest rates are robbing savers blind of purchasing power and no one seems to care…….Then again a rise in interest rates would blow the lid off all the derivatives bringing an abrupt end to the whole scheme.
Thanks! I appreciate the support and the conversation.