One of the world’s top energy importers, China, is set to roll out a yuan-denominated oil contract as early as this year. Analysts call the plan, announced by Beijing in September, a huge move against the dollar’s global dominance. The so-called petro-yuan is a “wake up call” for investors who haven’t paid attention to the…
The dollar is dead but the world doesn’t know it. It has been a slow death and the final stages will be very painful for the US and for the rest of the world. The US empire is finished financially and militarily. Nixon was convicted for the wrong crime It all started with the establishment…
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…
An agreement on using local currencies in trade has been inked between the central banks of Iran and Turkey. The aim is to improve economic links and make bilateral trade easier. Under the deal, the Iranian rial and Turkish lira will be easily converted to help reduce the costs of currency conversion and transfer for…
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…
Once upon a time, the U.S. dollar was backed by the gold standard in a framework that established what was known as the Bretton-Woods agreement, made in 1944. The dollar was fixed to gold at a price of $35 an ounce, though the dollar could earn interest, marking one notable difference from gold. The system ended up…
