Tag "Dollar"
By Prof Michel Chossudovsky for Global Research There is evidence that central banks in several regions of the World are building up their gold reserves. What is published are the official purchases.A large part of these Central Bank purchases of gold bullion are not disclosed. They are undertaken through third party contracting companies, with utmost discretion. US dollar holdings and US dollar denominated debt instruments are in effect being traded in
Amazing news all over the Internet: Latin America is about to dump the dollar, and so are Iran and Russia, and even China and some Gulf Arab states (also read Robert Fisk’s commentary about all this here). Remember when Saddam did the same thing? He got himself invaded ASAP. There are clear signs that the regime in Washington is preparing to fight in a few more regions of the world:
While the “big story” right now is the situation in Iran, check out this other “big story” which is not getting nearly as much attention: The American Empire Is Bankrupt by Chris Hedges De-Dollarization: Dismantling America’s Financial-Military Empire by Michael Hudson (thanks to C. for bringing these two articles to my attention!)
Reuters reports: Russia proposed on Thursday an IMF or G20 study on creating a new international reserve currency and China reiterated support for a broader discussion of the dollar’s role that was missing at the London G20 summit. Strengthened regional currencies would be a basis for the new unit, which could also be partially backed by gold, Russia said in a statement released on the sidelines of the summit. Chinese
RIA Novosti reports that Russian Prime Minister Vladimir Putin proposed on Tuesday that Russia and China gradually switch over to national currency payments in bilateral trade, expected to total $50 billion in 2008. “We should consider improving the payment system for bilateral trade, including by gradually adopting a broader use of national currencies,” Putin told a bilateral economic forum. He admitted the task would be tough, but said it was
Press TV reports: Brazil and Argentina have launched a new payment system in their bilateral trade, doing away with the US dollar as a medium of exchange. The two Latin American nations started the Payment System on Local Currency (SML) on Monday following a last month agreement inked by their presidents to use local currencies in a bid to end transaction in dollars. On Thursday, Argentine Central Bank President Martin
Press TV reports: Iran says a decision to convert its dollar-denominated foreign reserves to non-dollar reserves is critical and needs to be properly publicized. Iran’s government has had great achievements in various fields that must be publicized by the country’s officials, Mujtaba Samereh-Hashemi, Iran’s Senior Presidential Advisor, told reporters at the end of a cabinet minister’s meeting. One of the most important decisions made by the government was to convert
Press TV reports: Iran abandons dollar in oil dealsIran has completely stopped carrying out its oil deals in dollar following the OPEC proposal to trade crude in non-dollar currencies. “The dollar is no longer a reliable currency, considering its devaluation and the loss suffered by oil exporters,” said Iranian Oil Minister Gholam-Hossein Nozari. “Iran proposed in the last OPEC (Organization of Petroleum Exporting Countries) summit that member states use a
by Lew Rockwell Iran is now selling 65% of its oil in euros, 20% in yen, and only 15% in dollars, and even that 15% it plans to switch to “more creditworthy currencies” such as the UAE dirham. With the Bush administration threatening fullscale war against Iran almost every day, and taking any number of other warlike steps (sanctions, funding of terrorism, etc.), political reasons are enough to explain this
By Ambrose Evans-Pritchard, International Business Editor, “The Telegraph” Saudi Arabia has refused to cut interest rates in lockstep with the US Federal Reserve for the first time, signalling that the oil-rich Gulf kingdom is preparing to break the dollar currency peg in a move that risks setting off a stampede out of the dollar across the Middle East. “This is a very dangerous situation for the dollar,” said Hans Redeker,
By Ambrose Evans-Pritchard The Chinese government has begun a concerted campaign of economic threats against the United States, hinting that it may liquidate its vast holding of US treasuries if Washington imposes trade sanctions to force a yuan revaluation. Two officials at leading Communist Party bodies have given interviews in recent days warning – for the first time – that Beijing may use its $1.33 trillion (£658bn) of foreign reserves
Fri, 13 Jul 2007 21:39:03 The dollar has sharply plummeted against the yen this afternoon on reports Iran has asked Japan to stop paying for its oil in dollars. The dollar was driven down against the Japanese yen this afternoon, hit by the news that Iran had asked Japan to pay for its oil purchases in the Japanese currency and not in dollars. Iran has sent a letter to Japanese
