In a move that is largely seen as Maduro giving Washington the middle finger, Venezuela has made good on its promise to layoff the U.S. dollar, publishing its oil prices in yuan on Friday. Last Friday, Maduro had announced the forthcoming change, but that threat came after 14 years of similar threats, made by former…
The Bannonite wing of the new American right is angry about China. The anger stems primarily from the fact that China’s manufacturing has outpaced that of the US and economies similar to that of the US, which in turn has arguably been a cause of US industrial decline. Steve Bannon recently gave a speech in…
Did the doomsday clock on the petrodollar (and implicitly US hegemony) just tick one more minute closer to midnight? Apparently confirming what President Maduro had warned following the recent US sanctions, The Wall Street Journal reports that Venezuela has officially stopped accepting US Dollars as payment for its crude oil exports. As we previously noted,…
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…
The trade ministers of the five BRICS nations (Brazil, Russia, India, China and South Africa) met this week in Shanghai, ahead of the annual summit of heads of state in Xiamen next month. Trouble looms across the board. China and India are immersed in a silly, almost Monty Pythonesque face-off in the Tibet/Sikkim/Bhutan tri-junction, with…
