RUSSIA-BRICS PLAN TO DISMANTLE DOLLAR RESERVE SYSTEMMay 20, 2013
So many of you sent me this one that I have to post it. Additionally, it provides more of a geopolitical and financial backdrop for my comments on last Thursdays News and Views from the Nefarium on the geopolitical dangers posed by Mr Putin and the kind of Neo-Tsarism he represents. Here's the article:
And there's this:
The essence of this assault, as I averred yesterday, is I suspect more complex than just the financial. Russia and China (and particularly the latter), would be in a position to know of the vast Japanese plunder of Asia during World War Two in operation Golden Lily, of the secret and vast system of finance that it was used for, given President Truman's decision to keep the whole matter top Secret, and to create a hidden system of "unvouchered funds" for political and covert operations. As I argued yesterday, and more in detail in Covert Wars and Breakaway Civilizations, the sheer size of this system would seem to have exceeded the covert operations requirements of the entire postwar-Cold War period, and may have been a primary means of the funding of black research projects. Left in place, there would come a point of no return such that it could withstand any possible coalition.
Something like this, I believe, is behind the BRICSA's, and particularly Russia's, reasoning:
"The goals are clear. In the section titled 'Strategic goals,' the first point on the BRICS’ agenda is the reform of the world financial system in order to make it 'fairer, more stable, and more efficient.' In the later chapters, it is spelled clearly that this 'reform' is actually a dismantling of the dollar system.
"It is worth noting that the place of this issue in the list of the BRICS’ priorities speaks volumes about its importance. Judging by the order of priorities, depriving the dollar of its status as the world reserve currency is more important than 'preventing breaches of sovereignty' (a.k.a. the 'Syrian problem') or 'expanding economic cooperation.'"
The flip side of the coin, of course, is that the Western oligarchs must step up their timetable to prevent that from happening.
But there's something else happening too, and I hope you caught it:
"Since the Durban Summit, at least one of those measures has been implemented: RT reported that 'China’s Dagong Global Credit Rating agency is to set up the joint venture with US-based Egan-Jones Ratings Co (EJR) and Russia's RusRating JSC to challenge the three major US ratings agencies.' As BRICS countries try to achieve the rest of their stated goals, it remains to be seen if the dollar system survives the joint onslaught of the biggest emerging economies."
That is, as confidence in western nations themselves erodes in their own governments, political institutions, and financial districts, expect more and more of these types of alliances - including ratings agencies - between the BRICSA nations and western corporations. Already in the USA there are areas or trading zones being carved out where the BRICSA nations - mostly China - have unique privileges and almost quasi-sovereign territorial status. Expect more of it, and expect more pushback from the western oligarchs.
See you on the flip side.