The world’s top oil importer, China, is preparing to launch a crude oil futures contract denominated in Chinese yuan and convertible into gold, potentially creating the most important Asian oil benchmark and allowing oil exporters to bypass U.S.-dollar denominated benchmarks by trading in yuan, Nikkei Asian Review reports. The crude oil futures will be the…
What is the purpose of money? Where does it come from? Inequality generates trade and specialisation creates the need for money . A good money is widely marketable and must function as a genuine store of value, thus paper money should be consigned to the board game Monopoly. Inequality Leads To Trade In a state…
It is more obvious every day that with the accession of Donald Trump to the presidency of the United States—I refuse to use the word “election,” because I am convinced that Trump was designated for this position by the “deep state” and the controlled media—a major world disaster is not only likely but probably inevitable….
The likelihood of serious geopolitical conflict is increasing, current levels of debt across the developed world are unsustainable, and the real probability of currency wars to retain perceived global share may well and truly pop several chains of imploding bubbles. Buckle up Russia has been home to many prophets, seers, healers and mystics such as…
Trading in local currencies has already started — and lays the groundwork for facilitating BRICS transactions in gold Recent progress made in streamlining trade in local currencies has brought Moscow and Beijing closer to creating a financial architecture that could facilitate transactions in gold. As we reported last week, Moscow and Beijing took another step towards…
Moscow and Beijing took another step towards de-dollarization with the announcement of the opening of a renminbi clearing bank in Russia on Wednesday. Local currency transactions were first used in both countries’ border regions. Today, more and more Chinese and Russian financial institutes and enterprises are using local currencies to invest and settle accounts, as the yuan-ruble trade platform is…
