and am guessing <<Butler>> heard wrong, re
Well, I was thinking of something that I wrote about 10 days or so ago, and that is that the BRICS announced that their new combo currency would be issued in August of this year... The thing that was missing though was how this new currency would compete with dollars, euros, sterling, etc. And then it I found it! This new combo currency is going to be backed by some percentage of Gold... Talk about throwing a cat among the Pigeons! That's what the BRICS will do to the other currencies! Now, haven't I aways told you that in my thought the Chinese would back their renminbi with a percentage of Gold and then it would be the most valued currency in the world? Well, this is a way the Chinese can achieve that without the problems on a larger scale... The BRICS combo currency will contain, Real, Rubles, rupees, renminbi, and rand... So, that piece of renminbi will be backed by a percentage of Gold...
my understanding is that
(i) the RMB is not going to be 'backed' by gold, but that RMB derived from energy-trade shall always be exchangeable for gold at whatever international spot price (w/ digital currency, easy to tell which unit of currency was derived from energy as opposed to other trade), and
meaning one would always find on- off-ramps to / from RMB and assets purchasable using RMB, like HK-listed corporate instruments, including Saudi Aramco shares, etc etc, and
(ii) the trading pairs (no-daylight / instant settlement, etc etc on crypto exchange) would naturally include a lot of other participating BRIC++ currencies, as well as a combo currency basket, and includes non-currencies such as but not limited to BTC and ETH
iow, it is 'all happening' and we have a date, 'within 36 months of November 15th, 2022' Message 34081758
me bad, I should have been more explicit
Rubio did a fair job stating the blindingly obvious, made possible by the bi-partisan China Russia China Russia China Russia Iran Saudi Arabia ... Argentina ... Turkey ... Egypt ... France ... Germany show
I was and remain puzzled why Team USA got and staying involved in a self-goal conflict with everyone that might matter for I cannot fathom purpose, especially a conflict where the 'other' sides have nothing to lose except shackles ... like, what is the stratagem?
Recommendation: DO NOT UNLOAD GOLD
“If you sanction enough countries, you create almost a common market of economies that have an interest in an alternative way to conduct business with one another,” he said, noting that China has long tried to create an alternative to the SWIFT, the messaging network that underpins the global system for financial transfers. “I think it will be probably be accelerated now,” he said. “Recent events, what’s happened with Ukraine and now with the specter of Taiwan, it probably has accelerated their timeline.”
thehill.com
Rubio warns China is trying to topple dollar’s global dominance
Greg Nash
Sen. Marco Rubio (R-Fla.) asks Secretary of State Antony Blinken a question during a Senate Subcommittee on State, Foreign Operations, and Related Programs to discuss the President’s the FY 2024 budget for the Department on Wednesday, March 22, 2023.
Sen. Marco Rubio (R-Fla.), the vice chairman of the Senate Intelligence Committee, is warning that China is trying to replace the dollar with the yuan as the world’s most traded currency and has evaded U.S. sanctions on Russia by setting up transfer trade system independent of Western banks.
Rubio, in an op-ed for British news site The Telegraph, warned that the United States’s ability to punish other countries through financial and banking sanctions is being challenged by China’s yuan, which is now the most traded currency in Russia.
“This alternative financial system is currently limited by its scope,” Rubio wrote. “Nevertheless, it is providing a lifeline to Vladimir Putin as he resists punitive measures in the wake of his invasion of Ukraine.”
Rubio warned the emergence of an alternative financial system “creates a blind spot” in which other nations and companies that do business with the United States “can hide questionable behavior from the global community.”
“Moreover, as China’s economy continues to grow, more nations will enter Beijing’s orbit and this emerging system” of alternative finance, Rubio wrote.
“Two policy conclusions should follow from these developments. The first is that we need to revitalize domestic manufacturing,” the Florida senator said, arguing that “to survive and thrive in a multipolar era, we need to be able to make things again — from semiconductors to pharmaceuticals and everything in between.”
Rubio said the second takeaway is that the United States needs to get better and making and keeping allies and can “no longer count on foreign countries to follow our lead by default.”
“To balance Beijing’s growing anti-American coalition and to keep the dollar as strong as possible, the U.S. must build a coalition of its own,” he wrote.
Rubio said in a follow-up interview with The Hill that in reaction to the strict sanctions placed on Russia after its invasion of Ukraine, China appears to have accelerated its efforts to create a global financial system in parallel with the West.
“The Chinese are thinking that’s there’s going to be a Western-led sanctions as a result of something that happens in Taiwan. I think they begin to view as, ‘Well, this is the best way to protect ourselves, to make sure we can conduct business,’” he said.
Rubio said an alternative financial system also give countries that want to buy Russian oil at a discount a way to circumvent U.S. sanctions.
“I think the Chinese see an opportunity now and you’re beginning to see them make moves,” he said.
Rubio said he still believes sanctions are “effective” but he warned that the current and future administrations need to be “mindful” that the more sanctions that are applied internationally, the more incentive there will be for countries to participate in an alternative financial system based on the yuan.
“If you sanction enough countries, you create almost a common market of economies that have an interest in an alternative way to conduct business with one another,” he said, noting that China has long tried to create an alternative to the SWIFT, the messaging network that underpins the global system for financial transfers.
“I think it will be probably be accelerated now,” he said. “Recent events, what’s happened with Ukraine and now with the specter of Taiwan, it probably has accelerated their timeline.”
He said the Chinese eventually want to create “a new global order.”
“They said this, it’s open — especially if you read the English translation of the Mandarin speeches — it’s pretty clear they’re offering not just an alternative, but one they believe will become the dominant world order in which they’re creating parallel institutions to everything that was created after World War II: the World Bank, the IMF, existing trade agreements and so forth. And I think that eventually, the currency is going to be part of it,” he said.
“They operate on 50-year plans, not two-week plans like we do,” he added. “It was always to replace or supplant the U.S. as the world’s dominant economy on every front.” |
