The Central Bank of Russia has recently been buying bullion at an unprecedented pace. According to Argentine financial expert Gabriel Rubinstein, this policy is aimed at protecting the Russian economy in the event of crisis situations, including against dollar-related “manipulations” by the US. “Countries stockpile gold for strategic and defensive reasons; for instance, in case relations between nations are…
The US received a major blow to its global hegemony, and one which is sure to trigger more fighting talk from hawks in Washington. This week it was announced that China has established a ‘payment versus payment‘ (PVP) system to clear Chinese yuan and Russian ruble transactions. The aim, we’re told, is to to “reduce…
As seen in my previous article, US military power is on the decline, and the effects are palpable. In a world full of conflicts brought on by Washington, the economic and financial shifts that are occurring are for many countries a long-awaited and welcome development. If we were to identify what uniquely fuels American imperialism and…
Recently, US Secretary of the Treasury Steve Mnuchin stated, “If China doesn’t follow these sanctions [against North Korea], we will put additional sanctions on them and prevent them from accessing the US and international dollar system.” By this, he meant that the US would shut China out of the SWIFT system, through which the great…
The 1944 Bretton Woods international monetary system as it has developed to the present is become, honestly said, the greatest hindrance to world peace and prosperity. Now China, increasingly backed by Russia—the two great Eurasian nations—are taking decisive steps to create a very viable alternative to the tyranny of the US dollar over the world…
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…
