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Russia And China Officially Announce A "New Global Reserve Currency"

Uglytruth

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Looks like there is going to be a ds fight to the death. My guess is the ds loses.



Russia And China Officially Announce A "New Global Reserve Currency"​

And once again, as happens often with consequential news in the United States and the West, no one has noticed and no one seems to care.​


Quoth the Raven
3 hr ago
26
8

If you’ve blinked over the last month, you may have missed it…
China and Russia are taking their shot at the U.S. dollar. And as often happens with consequential news in the United States and the West, no one seems to notice or even care.
Since the beginning of the year, I have been writing about the possibility of Russia and China challenging the US dollar’s global reserve status. Now, it’s happening.

It shouldn’t be any surprise to those paying attention that Russia and China are strengthening their economic ties amidst continued Western sanctions on Russia as a result of the country’s war in Ukraine.
What may surprise some people, however, is that Russia and the BRICS countries, including Brazil, Russia, India, China, and South Africa, are officially working on their own “new global reserve currency,” RT reported in late June. Nobody even seemed to notice.

“The issue of creating an international reserve currency based on a basket of currencies of our countries is being worked out,” Vladimir Putin said at the BRICS business forum last month.
And of course, as Russia has been cut off from the SWIFT system, it is also pairing with China and the BRIC nations to develop “reliable alternative mechanisms for international payments” in order to “cut reliance on the Western financial system.”
In the meantime, Russia is also taking other steps to strengthen the alliance between BRIC nations, including re-routing trade to China and India, according to CNN:
President Vladimir Putin said Wednesday that Russia is rerouting trade to "reliable international partners" such as Brazil, India, China and South Africa as the West attempts to sever economic ties.
"We are actively engaged in reorienting our trade flows and foreign economic contacts towards reliable international partners, primarily the BRICS countries," Putin said in his opening video address to the participants of the virtual BRICS Summit.
In fact, “trade between Russia and the BRICS countries increased by 38% and reached $45 billion in the first three months of the year” this year, the report says. Meanwhile, Russian crude sales to China have hit record numbers during Spring of this year, edging out Saudi Arabia as China’s primary oil supplier.
"Together with BRICS partners, we are developing reliable alternative mechanisms for international settlements," Putin said.
China is buying more Russian oil than ever, but that doesn't mean that  Putin has total loyalty | Fortune
Putin continued, stating last month: "Contacts between Russian business circles and the business community of the BRICS countries have intensified. For example, negotiations are underway to open Indian chain stores in Russia [and to] increase the share of Chinese cars, equipment and hardware on our market."
In June, Putin also accused the West of ignoring"the basic principles of [the] market economy" such as free trade. "It undermines business interests on a global scale, negatively affecting the wellbeing of people, in effect, of all countries," he said.
President Xi echoed Putin’s sentiments, according to a June writeup by Bloomberg:
“Politicizing, instrumentalizing and weaponizing the world economy using a dominant position in the global financial system to wantonly impose sanctions would only hurt others as well as hurting oneself, leaving people around the world suffering. Those who obsess with a position of strength, expand their military alliance, and seek their own security at the expense of others will only fall into a security conundrum.”

Today’s article is not behind a paywall, because I believe its content to be too important - but if you have the means and wish to support my work, I’d love to have you as a subscriber:
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The developments obviously further my long held belief that a gold backed global reserve currency is on its way - something I have been writing about for months.
I’m also stunned that nobody seems to care that arguably the largest shift on the global macroeconomic playing field over the last half century may be taking place.
Sure, under the context of the conflict in Ukraine, the news may seem “par for the course” of sorts, which may result in the media and the financial world downplaying it. But put this piece of information out there on its own, without context - that there is a coordinated global challenge taking place to the U.S. dollar - and it would be the biggest news story in decades. Imagine if China and Russia just dropped this out of nowhere? Now, remember that both countries have been working on, and preparing for, this situation for years.
I mean, holy hell, look at Russia’s Treasury holdings as far back as 2018:
Russia's dollar reserves likely shifted to swaps after it dumped Treasuries
As I’ve noted before, Russia was also increasing its holdings of gold over the same period:

And this headline came out in 2020, just months before Russia’s invasaion of Ukraine

Does anytone think it’s a coincidence?
Nikkei wrote at the time:
Dedollarization has been a priority for Russia and China since 2014, when they began expanding economic cooperation following Moscow's estrangement from the West over its annexation of Crimea. Replacing the dollar in trade settlements became a necessity to sidestep U.S. sanctions against Russia.

Ergo, it seems to me that the BRIC nations understand exactly how precarious of a financial situation the U.S. - and our dollar - is in. Despite the dollar’s recent strengthening, these nations have been in the midst of a multi-decade-long plan to de-dollarize. Even before the Ukraine conflict started, both China and Russia were stockpiling gold and working on denominating transactions outside of the U.S. dollar. It was another “secret” that was out there in the open.
Remember how “insane” this headline was just 6 months ago when I predicted it for the first time?

Everybody told me that it was a stretch. Today, it isn’t so much anymore.

Meanwhile, since the BRIC conference, ties between Russia and China continue to tighten, with Japan even warning this week about the pair’s “strengthening of military ties” - at the same time China has closely scrutinized a planned trip by House Speaker Nancy Pelosi to Taiwan.
Japan said this past week:
“As a result of the current aggression, it is possible that Russia’s national power in the medium- to longterm may decline, and the military balance within the region and military cooperation with China may change.
In the vicinity of Japan, Russia has made moves to strengthen cooperation with China, such as through joint bomber flights and joint warship sails involving the Russian and Chinese militaries, as well as moves to portray such military cooperation as strategic coordination.”
Japan said this alignment between the two countries “must continue to be closely watched in the future.”
While the economic gears turn behind the scenes, China is also becoming incresingly cagey about Taiwan. The country “has sent warplanes into Taiwan's self-declared air defense zone identification zone many times in recent months,” according to CNN, and recently alluded to the idea of a no-fly zone over Taiwan ahead of a planned visit by Nancy Pelosi.
President Biden commented on Pelosi’s travel plans this week, stating: “The military thinks it’s not a good idea right now. But I don’t know what the status of it is.”
We’re sure Pelosi will wind up going anyway. Remember, this is the same woman who danced her way through Chinatown while Covid was spreading to the U.S., from China, to prove she wasn’t racist.
I can hear her en route to Taiwan now:
“I negotiate million dollar stock trades for breakfast, I’m sure I can handle this Euro trash.”
Hart Bochner interview: Ellis in Die Hard, directing, and more | Den of Geek
 

Uglytruth

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Maybe we need to start thinking of the US dollar NOT as "ours" and start thinking of it as an evil tool of the ds to enslave the world.
 
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Uglytruth

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Is this the 330 Billion the ds locked up so Russina would default? Lots more hre than meets the eye.

1658504544188.png
 

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Any reputable LCS.
.
.
Its either that or pay off the mortgage to at least get the tribe's boot off from my neck. Not sure yet which direction I'll be going in
 

TAEZZAR

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Its either that or pay off the mortgage to at least get the tribe's boot off from my neck. Not sure yet which direction I'll be going in

I think PM's are set to go to HEAVEN !!! While chinajoebidet's dollar goes to HELL !!!
SHAKE  DOWN.gif


Dollar value 2022 - Copy.png
 

Uglytruth

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Its either that or pay off the mortgage to at least get the tribe's boot off from my neck. Not sure yet which direction I'll be going in
See how that worked out for Putin when he moved away from the ds bankster system.........

I'm thinking we are going to need to pick our sides.......... comrade.
 

Unca Walt

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Why this is not being on every TV/radio station amazes me. Nobody cares? Rilly?

One immediate impact I can see is a face-saving, faux "out" for Germany from the toilet they are in: They can accept the new reserve currency and get their gas so they do not die in the coming winter.

Another thing: I posted a metaphor about how a Slinky can actually "float" in an impossible way right in front of your face -- with the explanation that the "miracle" activity cannot exist for a very long time at all. With that in mind, the outright, palpable fake price of gold is that Slinky.

The "price" of gold drops quickly. <-- That would be the top of the Slinky, dropping down.

At the same time, the "price" of everything else rises quickly. <-- That would be the bottom of the Slinky going up.

The result to the obverver is that, yes, you can let go of a stretched coil, and the coil will seemingly float in air for a short time.

The "price" of gold is baldly manipulated by the huge, fast trading of paper. Trade, short, buy, trade, short, buy.

But suddenly, Russia and China have introduced a new factor in the Slinky charade: TIME. The opposite ends are approaching fast. When there is no more room -- utter free-fall.

 
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Unca Walt

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OOP.

I just saw this:

And of course, as Russia has been cut off from the SWIFT system, it is also pairing with China and the BRIC nations to develop “reliable alternative mechanisms for international payments” in order to “cut reliance on the Western financial system.”

Some country boy will be singing: "The Day The Dollar Died"...
 

TAEZZAR

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See how that worked out for Putin when he moved away from the ds bankster system.........

I'm thinking we are going to need to pick our sides.......... comrade.


OOP.

I just saw this:

And of course, as Russia has been cut off from the SWIFT system, it is also pairing with China and the BRIC nations to develop “reliable alternative mechanisms for international payments” in order to “cut reliance on the Western financial system.”

Some country boy will be singing: "The Day The Dollar Died"...
Is this the WWIII, financial instead of bullets war, happening before your eyes ? We don't have the balls to dump the ds bankster system (the fed), so we will lose.
 

Uglytruth

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I'm thinking PM's, preps, zero debt, Rubles, yuan, rupe, Brazilian real might be a good hedge.
Anyone look into investing in other currencies?
 

TAEZZAR

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I'm thinking PM's, preps, zero debt, Rubles, yuan, rupe, Brazilian real might be a good hedge.
Anyone look into investing in other currencies?
I am not crying, nor complaining. Facts are facts.
I cannot invest in anything while rebuilding our home. Money is tight.
That being said, I would love to invest in the Rubel along with PM's, I see it as a low risk investment.
I would also much rather Putin as a leader than the moron, whore & drunkard, in charge.
We have been lied to long enough, it is well past time to react ! :gold::Grrr::Grrr::Grrr:
 

Unca Walt

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It won't be the ruble. It most ricky-tick will look and smell like the gold-backed ruble, but the BRICs who will make up this new reserve currency will have to give it a shiny new name. They are working on it right now to make it BRICs inclusive.

BRICs = Brazil (cruzeiro), Russia (ruble), India (rupee), and China (renminbi)
 

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The US has found out the hard way that reserve status isn't a blessing. Yea it's worked for us for a few decades, but we are seeing the end result as we speak. As the dollar climbs in strength it decimates 3rd world countries who have debt based in dollars.

Do we even need a reserve currency? In a sane world we would have currencies backed by gold, silver or other commodities. All countries holdings would need to be verified by independent agencies annually. The amount of money in circulation would need to be monitored closely and any country pricing more than their commodity reserves would have their currency devalued on the world stage.

I may be wrong but isn't there like 11 trillion dollars outside of the US floating around? If so that is eventually coming home.. Inflation to infinity
 

Unca Walt

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Fiat just does not work in the long term.

There were Vermilion Notes in China as the first paper currency. The penalty for forgery was skinning alive. Didn't stop the avalanche of forgeries that destroyed the notes.

Cigarlover is spot on: Real shit for real shit. Currencies that cannot exceed the value of the currency-making country. It is simple, but sadly... it requires no banking combines.
 

Uglytruth

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Fiat just does not work in the long term.
It would if there is honesty. Instead we have banksters that belong tortured, dead & buried and an example to whoever takes over their position.
 

Uglytruth

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Fiat seems more and more like a game of hot potato. What can people hold so they will not get burned. USD until the end? Metals are not allowed to do their job! The world hates the reserve currency and rightfully so. Buy land and be taxed out of it? No debt? Many already there. Pull purchases forward............. then what?
 

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It won't be the ruble. It most ricky-tick will look and smell like the gold-backed ruble, but the BRICs who will make up this new reserve currency will have to give it a shiny new name. They are working on it right now to make it BRICs inclusive.

BRICs = Brazil (cruzeiro), Russia (ruble), India (rupee), and China (renminbi)
He is right.... It will be a combined currency. Lynette is probably keeping up with it as she has followed the subject for decades. She said there is a basket of currency already and money was recently put in. Not BRIC specific if I recall.
 
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Uglytruth

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Almost like a crypto........ in order to get a movement going it has to be welcoming and available to everyone in the world.

I still see huge issues with one currency. Wages being one & regional costs being another. I see the US standard of living dropping like a rock so we are all "equal".
 

Unca Walt

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Interesting times...
 

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I still see huge issues with one currency. Wages being one & regional costs being another. I see the US standard of living dropping like a rock so we are all "equal".
THAT is a real big issue !!!!
 

Uglytruth

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I'm very interested in hearing others thoughts on this.

Does that bottle of pills cost $1.00 in one location and $100 or $1000 in another.
How is that changed?
Who wins and who loses?
Do they get raises or do we get discounts.

One currency would seem to benefit the consumer. Or does it create a whole mess of other problems?

Think of it as the seniors taking bus trips to Canada to get prescriptions filled or goign to Mexico for dental work.
 

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https://english.almayadeen.net/news/economics/moscow-exchange-will-stop-trading-in-yen-on-aug-8-cites-risk



Moscow Exchange will stop trading in Yen on Aug 8, cites risks



The Moscow Exchange (MOEX) will suspend the Japanese Yen trading on August 8 due to risks and difficulties in making calculations.



"On August 8, 2022, the Japanese yen trading will be suspended on the Moscow Exchange currency market … From August 8, the Japanese Yen will also not be accepted as collateral for transactions on the markets of the Moscow Exchange. The suspension of operations is due to potential risks and difficulties in making calculations in the Japanese yen," the Moscow Exchange said in a statement.



Japan's currency has been depreciating against the US dollar, reaching a 24-year-low as of last month. At home, the country has also been dealing with soaring price hikes with the unstable economic situation.



Last month, the Japanese yen sold at the lowest price against the US dollar for the first time since 1998, as the United States is battling soaring consumer prices, one of whose repercussions has been a widening monetary policy gap between Japan and the US.



The yen has been in freefall for months, especially in light of the Fed aggressively hiking interest rates to try and mitigate the soaring inflation. The current financial situation is expected to maintain its momentum through the coming period as the US grapples with several issues, including the sanctions on Russia that have been causing supply cuts, surging gas prices, and rising food prices.



The Bank of Japan said it would adhere to its long-standing monetary easing program, which it hopes would lead to stable growth, a step that goes against what the Fed is doing at home.



The contradicting policies have given the USD a lot more ground against the Japanese currency, with the former buying 135.19 yen. This beats the former record of 126 yen on the dollar, which was the Japanese currency's lowest since 2002.



This high rate has not been seen since the 1998 Asian currency crisis, and it marks a dramatic drop from the record-high January rates of around 115 yen per USD.
 

nickndfl

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Good time to take a vacation in Japan

And a good work around would be to have a currency like soverigns or gold francs. The coins weighed the same and had the same purity respectively, but circulated in different countries and had different artistic designs.
 

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or goign to Mexico for dental work.
That has been going on for 55 years that I know of.
They are educated here & speak good English.
They are half price, or less, and very good. :2 thumbs up::finished:
 

Joe King

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Pull purchases forward............. then what?
Keep pullin' until ya have everything you'll ever need.

I see the US standard of living dropping like a rock so we are all "equal".
That would need to happen in order for the globalists dream of World government to come to fruition. Ie: the USA as just another seat at the table, equal to all others, as opposed to wanting to run the show.

It's our gov's "running of the show", so to speak, over the past 80+ years and the taking advantage of the situation that has got them to the point of wanting out from under the $.
...and can ya really blame 'em?

Had we been prudent in our monetary and fiscal policies and run them in such a way as to have maintained the gold standard, the dollar would still be as good as gold today.
 

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When opec stops selling oil for dollars that is the countdown to hyperinflation and likely war or coupe’s in Venezuela and Saudi Arabia.

The power to create money and not immediately suffer the consequences will not be given up easily.

PMs, BTC, anything useful will be better than the dollar if we lose opec.
 

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Had we been prudent in our monetary and fiscal policies and run them in such a way as to have maintained the gold standard, the dollar would still be as good as gold today.

Money needs to be separate from politics; The 1% wouldn’t be able to consolidate their wealth otherwise.
 

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https://english.almayadeen.net/news/economics/moscow-exchange-will-stop-trading-in-yen-on-aug-8-cites-risk



Moscow Exchange will stop trading in Yen on Aug 8, cites risks



The Moscow Exchange (MOEX) will suspend the Japanese Yen trading on August 8 due to risks and difficulties in making calculations.



"On August 8, 2022, the Japanese yen trading will be suspended on the Moscow Exchange currency market … From August 8, the Japanese Yen will also not be accepted as collateral for transactions on the markets of the Moscow Exchange. The suspension of operations is due to potential risks and difficulties in making calculations in the Japanese yen," the Moscow Exchange said in a statement.



Japan's currency has been depreciating against the US dollar, reaching a 24-year-low as of last month. At home, the country has also been dealing with soaring price hikes with the unstable economic situation.



Last month, the Japanese yen sold at the lowest price against the US dollar for the first time since 1998, as the United States is battling soaring consumer prices, one of whose repercussions has been a widening monetary policy gap between Japan and the US.



The yen has been in freefall for months, especially in light of the Fed aggressively hiking interest rates to try and mitigate the soaring inflation. The current financial situation is expected to maintain its momentum through the coming period as the US grapples with several issues, including the sanctions on Russia that have been causing supply cuts, surging gas prices, and rising food prices.



The Bank of Japan said it would adhere to its long-standing monetary easing program, which it hopes would lead to stable growth, a step that goes against what the Fed is doing at home.



The contradicting policies have given the USD a lot more ground against the Japanese currency, with the former buying 135.19 yen. This beats the former record of 126 yen on the dollar, which was the Japanese currency's lowest since 2002.



This high rate has not been seen since the 1998 Asian currency crisis, and it marks a dramatic drop from the record-high January rates of around 115 yen per USD.
The Senate's demands to the DOJ and FBI for their underwear is due August 8 also. Gonna be a hot day for a lotta folks.
 

Uglytruth

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It's our gov's "running of the show", so to speak, over the past 80+ years and the taking advantage of the situation that has got them to the point of wanting out from under the $.
Agree but it's not our govt and hasn't been for over a centruy. The ds is using our boys to police the world & enslave other countries.
When the US went off the gold standard it was around 50 years......... put in the petro dollar ............then 100 year after the start or 50 years after the petro dollar it's so messed up it can't be saved & for 50 years other countries have been suffering so the ds can prosper.

Why did the rest of the world less than 30 years after WWII agree to the petro dollar to begin with? In my mind if I was a leader of any country I would have never agreed to it............... or was the ds entrenched in leadership positions everywhere by then? How does kissinger fit into this?
 

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Why did the rest of the world less than 30 years after WWII agree to the petro dollar to begin with? In my mind if I was a leader of any country I would have never agreed to it............... or was the ds entrenched in leadership positions everywhere by then? How does kissinger fit into this?


There were several coupes and wars in the Middle East the last century instigated by the cia and mi6. They convinced the oil producers it’s in their best interests to play ball with us. They have far more security allying themselves with us than not. This explains why our government is anti Iranian despite Saudi Arabia attacking us on 9/11 and supporting wahhabism. Al qaeda, isis, taliban are all aligned with the radical Islam that comes out of Saudi and we don’t even sanction them, but if Iran sneezes we are ready to go to war with Iran.

The 1953 Iranian coup d'état, known in Iran as the 28 Mordad coup d'état (Persian: کودتای ۲۸ مرداد), was the overthrow of the democratically elected Prime Minister Mohammad Mosaddegh in favor of strengthening the monarchical rule of the Shah, Mohammad Reza Pahlavi on 19 August 1953.[5] It was orchestrated by the United States (under the name TPAJAX Project[6] or "Operation Ajax") and the United Kingdom (under the name "Operation Boot").[7][8][9][10] The clergy also played a considerable role.

Opec is backed by the US military; I’m not sure what’s going on with Europe exactly but I’m sure the USA is in nato for something to do with the European banks not destroying the dollar also.
 

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So the ds used energy back then also because the US can manufacture war from machines to people.

So what use does the ds have for trans gay everything military & little ability to manufacture much of anything anymore. Where is the leverage in that.

Lots of things need to burn........
 

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So the ds used energy back then also because the US can manufacture war from machines to people.

So what use does the ds have for trans gay everything military & little ability to manufacture much of anything anymore. Where is the leverage in that.

Lots of things need to burn........

That crap was introduced as an homage to their master. The freaking devil himself.
 

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The word "FAIR" pops out at me. I don't see the ds / US welcome......

Putin said at the time. “We are ready to openly work with all fair partners,”


Targeting the US Dollar’s Hegemony: Russia, China, and BRICS Nations Plan to Craft a New International Reserve Currency​

Targeting the US Dollar’s Hegemony: Russia, China, and BRICS Nations Plan to Craft a New International Reserve Currency


While inflation data in Europe and the U.S. has risen significantly higher last month, Russia and members of the BRICS countries revealed leaders in the five major emerging economies are in the midst of “creating an international reserve currency.” Analysts believe the BRICS reserve currency is meant to rival the U.S. dollar and the International Monetary Fund’s (IMF) Special Drawing Rights (SDRs) currency.

Vladimir Putin Reveals the Creation of a New International Reserve Currency at the 14th BRICS Summit — Turkey, Egypt, and Saudi Arabia Consider Joining BRICS​

During the last month, the West has been struggling with red hot inflation and energy prices skyrocketing higher. Politicians in the U.K., Europe, and the U.S. have been trying to blame the economic calamity on a number of things like the Ukraine-Russia war and Covid-19.

Data from last month’s consumer prices in America and Europe have climbed to all-time highs and many analysts say Western countries are in a recession or about to experience one. Meanwhile, at the end of June, members of the BRICS nations met at the 14th BRICS Summit to discuss world affairs.

Targeting the US Dollar’s Hegemony: Russia, China, and BRICS Nations Plan to Craft a New International Reserve Currency
The five leaders of the BRICS nations from China, Russia, Brazil, India, and South Africa.
During the BRICS Summit, Russian president Vladimir Putin announced that the five-member economies — Brazil, Russia, India, China, and South Africa plan to issue a “new global reserve currency.”

“The matter of creating the international reserve currency based on the basket of currencies of our countries is under review,” Putin said at the time. “We are ready to openly work with all fair partners,” he added. Additionally, Turkey, Egypt, and Saudi Arabia are considering joining the BRICS group. Analysts believe the BRICS move to create a reserve currency is an attempt to undermine the U.S. dollar and the IMF’s SDRs.

Targeting the US Dollar’s Hegemony: Russia, China, and BRICS Nations Plan to Craft a New International Reserve Currency
At this year’s BRICS Summit, Russian president Vladimir Putin announced a new international currency developed by BRICS was in the works.
“This is a move to address the perceived U.S.-hegemony of the IMF,” the global head of markets at ING, Chris Turner, explained at the end of June. “It will allow BRICS to build their own sphere of influence and unit of currency within that sphere.”

While the news of a reserve currency created by BRICS may be a surprise to some, specific accounts about the member countries countering the U.S. dollar have been reported on for quite some time. At the end of May 2022, a Global Times report noted members were urged to end their dependence on the dollar’s global dominance.

Russian Business Relations and BRICS Countries Intensify — China’s President Xi Jinping Says Countries That ‘Obsess With a Position of Strength’ and ‘Seek Their Own Security at the Expense of Others’ Will Fall​

Putin explained the following month that “Contacts between Russian business circles and the business community of the BRICS countries have intensified.” The Russian president further noted that Indian retail chain stores would be hosted in Russia, and Chinese cars and hardware would be imported regularly. Putin’s recent statements and commentary at the BRICS Summit have made people believe the BRICS members are not “just a ‘talk shop’ anymore.”

In addition to South Africa, Russia has also increased foreign aid and has delivered weapons to Sub-Saharan African countries. Furthermore, Putin and other BRICS leaders have been targeting U.S. hegemony and exceptionalism in specific statements published by the media.

Targeting the US Dollar’s Hegemony: Russia, China, and BRICS Nations Plan to Craft a New International Reserve Currency
Putin has criticized and condemned the U.S. and West for financial sanctions on various occasions throughout the years.
At this year’s St. Petersburg International Economic Forum, Putin addressed the crowd with a 70-minute speech and talked about the U.S. ruling the world’s financial system for years. “Nothing lasts forever,” Putin said. “[Americans] think of themselves as exceptional. And if they think they’re exceptional, that means everyone else is second class,” the Russian president told the forum attendees.

Speaking with Russian ambassadors in a biennial speech, Putin said the West was weakening a great deal in terms of economic power. “Domestic socio-economic problems that have become worse in industrialized countries as a result of the (economic) crisis are weakening the dominant role of the so-called historical West,” Putin remarked to the ambassadors. “Be ready for any development of the situation, even for the most unfavorable development.”

Russia and Putin have been saying that the U.S. dominance in the world of finance has been dying for years now. In October 2018, speaking at the Valdai forum, Putin said the U.S. sanctioning specific countries (including Russia) would undermine trust in the U.S. dollar.

The Russian president noted that most of the fallen empires have made the same mistake. “It’s a typical mistake of an empire,” the Russian leader declared at the time. “An empire always thinks that it can allow itself to make some little mistakes, take some extra costs, because its power is such that they don’t mean anything. But the quantity of those costs, those mistakes inevitably grows.” Putin continued:

And the moment comes when it can’t handle them, neither in the security sphere or the economic sphere.
Moreover, in June, Bloomberg published a report about the BRICS Summit and noted that China’s president Xi Jinping suggested that NATO was responsible for antagonizing the Russian Federation. Xi also said that certain countries that bolster exceptionalism will falter by suffering from security vulnerabilities.

“Politicizing, instrumentalizing and weaponizing the world economy using a dominant position in the global financial system to wantonly impose sanctions would only hurt others as well as hurting oneself, leaving people around the world suffering,” Xi detailed. “Those who obsess with a position of strength, expand their military alliance, and seek their own security at the expense of others will only fall into a security conundrum.”


The Financial World Splits in Half: Alternative Payment Rails, Stockpiling Gold, and the Clash of a Robust Dollar and Ruble​

The strengthening of the BRICS nations has been going on well before the conflict in Ukraine began. For instance, in 2014, Russia fully developed the System for Transfer of Financial Messages (SPFS), and later the Mir payment system was launched. That same year, in response to the annexation of Crimea, Russia started to stockpile gold in vast amounts.

Targeting the US Dollar’s Hegemony: Russia, China, and BRICS Nations Plan to Craft a New International Reserve Currency
Financial messages using SPFS have increased a great deal over the years alongside the use of CIPS and the Mir payment system.
China has been hoarding massive amounts of gold as well, as both countries hiked their gold reserve purchases a great deal a few years before the war. Russian banks also joined the China International Payments System (CIPS) making it easier for the two countries to trade. In April last year, China opened its borders to billions of dollars of gold imports, according to a report from Reuters.

Targeting the US Dollar’s Hegemony: Russia, China, and BRICS Nations Plan to Craft a New International Reserve Currency
Both China and Russia have been stockpiling gold over the last few years.
Since World War I, the U.S. dollar has been the world’s global reserve currency and America emerged as the largest international creditor. Fast forward to today, and the dollar is booming against a number of other currencies, and the USD is the most robust it has been in an entire generation. The U.S. dollar currency index (DXY) gained over 10% this year and outpaced strong currencies like the Japanese yen.

Just recently, the euro met parity with the dollar, and other currencies like the Indian rupee, Polish zloty, Colombian peso, and the South African rand have faltered against the greenback in recent times. However, the Russian ruble has been a strong competitor to the dollar this year and has been one of the best-performing fiat currencies in 2022.

With inflation soaring and interest rates getting hiked by the Federal Reserve, Kamakshya Trivedi, the co-head of a market research group at Goldman Sachs stressed that it’s been a “pretty tough mix” to deal with. Despite the uncertainty, the analyst at Goldman Sachs thinks the dollar, at least for now, will remain robust. But in comparison to the greenback’s recent spike in value, most of that rise is in the past, Trivedi remarked.

“For now, we still expect the dollar to trade on the front foot,” Trivedi wrote on July 16. “There might be a bit more to go, but probably the largest part of the dollar move may well be behind us.”