This is big news, especially for the news dead Thanksgiving holiday period, but I did not see it reported on Bloomberg, CNN, New York Times or anywhere in the US media. The ostrich's head remains in the sand.
Previously, China concluded the same agreement with Brazil.
As China has a large and growing supply of dollars from trade surpluses with which to conduct trade, China is signaling that she prefers Russian rubles and Brazilian reals to more US dollars.
The American financial press finds solace in the episodes when sovereign debt scares in the EU send the dollar up against the euro and UK pound. But these currency movements are just measures of financial players shorting troubled EU-denominated debt. They are not a measure of dollar strength.
The dollar's role as world reserve currency is one of the main instruments of American financial hegemony. We haven't been told how much damage Wall Street fraud has inflicted on EU financial institutions, but the EU countries no longer need the US dollar for trade between themselves as they share a common currency. Once the OPEC countries cease to hold the dollars that they are paid for oil, dollar hegemony will have faded away.
Another instrument of American financial hegemony is the IMF. Whenever a country cannot make good on its debts and pay back the American banks, in steps the IMF with an austerity package that squeezes the country's population with higher taxes and cuts in education, medical and income support programs until the bankers get their money back.
This is now happening to Ireland and is likely to spread to Portugal, Spain, and even to France. After the American-caused financial crisis, the IMF's role as a tool of US imperialism is less and less acceptable. The point could come when governments can no longer sell out their people for the sake of the American banks.
There are other signs that some countries are tiring of America's irresponsible use of power. Turkey's civilian governments have long been under the thumb of the American influenced Turkish military. However, recently the civilian government moved against two top generals and an admiral suspected of involvement in planning a coup. The civilian government further asserted itself when the prime minister announced on Thanksgiving day that Turkey is prepared to react to any Israeli offensive against Lebanon. Here is an American NATO ally freeing itself from American suzerainty exercised through the Turkish military. Who knows, Germany could be next.
Meanwhile in America the sheeple remain content with, or blind to, their role as sheep to be slaughtered to feed the rich. The Obama administration has managed to come up with a Deficit Commission whose members want to pay for the multi-trillion dollar wars that are enriching the military/security complex and the multi-trillion dollar bailouts of the financial system by reducing annual cost-of-living increases for Social Security, raising the retirement age to 69, ending the mortgage interest deduction, ending the tax deduction for employer-provided health insurance, imposing a 6.5% federal sales tax, while cutting the top tax rate for the rich.
Even the Federal Reserve's low interest rates are aimed at helping the banksters.
The low interest rates deprive retirees and those living on their savings of interest income. The low interest rates have also deprived corporate pensions of funding. To fill the gap corporations are issuing billions of dollars in corporate bonds in order to fund their pensions. Corporate debt is increasing, but not plant and equipment that would produce earnings to service the debt. As the economy worsens, servicing the additional debt will be a problem.
In addition, America's elderly are finding that fewer and fewer doctors will accept them as patients as a 23% cut looms in the already low Medicare payments to doctors. The American government only has resources for wars of aggression and bailouts of rich banksters. The American citizen has become a mere subject to be bled for the ruling oligarchies.
The police state attitude of the TSA toward airline travelers is a clear indication that Americans are no longer citizens with rights but subjects without rights. Perhaps the day will come when oppressed Americans will take to the streets like the French, the Greeks, the Irish, and the British.
Reader Comments
This is all part of the plan to depopulate the planet. The wealthy elite know that the planet's resources can't maintain the current population which is expanding all the time.
I don't think their plan will work though. They will eventually, through arrogance, overplay their hand and have their asses handed to them by angry starving mobs... despite all their fancy body scanners.
is always ticking...and yes the greedy will get their cumuppence in short due course.
Oh god help us if Russia is financially in line with China. We are in big trouble if we can't align ourselves with these two Countries in a mutually financial way. We have screwed too many international relationships with our greed and corrupt business deals, but it is the American people who will pay the price in the end.
If Russia and China are able to bring Western Europe into their way of thinking, then a third war is not only possible, but very benificial to Russia and China in particularly. This is a very bad move for the arrogant few who run this Country, I am afraid they are overestimating this Country's willingness to go to war. Low wages, no jobs, etc may have worked in the past, but I don't feel we will be as successful right now. Someone somewhere here in America is being too optimistic!
A Rose by any other name would smell just as foul.
What does it matter which printer the paper money came from?
Does it matter which central bank inputs those zeros into the account ledger?
It's all the same. All the current US Fed actions signal, is that the end-game approaches, catch us if you can.
This is the memo being sent out, like it or not.
You always use the current idiots to destroy things as an excuse to bring in the new batch waiting in the wings.
Russia is upset that they haven't been yet allowed to enjoy the free-for-all in this global con game. China has been brought up to date technologically, but not politically yet.
The US actions have dramatically put the Hollywood clock's countdown centerstage for all the world to see. It helps build up the tension, the stress and the general 'excitement'. Like those tasty little snacks served before the main meal to wet our appetite.
It's all fake. Is one lie better than the next? They're just different leaves on the same tree of deceit. Perhaps it is a question of perception and choice? People always seem to prefer local lies to international ones as they are accustomed to its flavor and smell, but the same ingredients are used in this same recipe, just local spices differ for the local herd of sheep. You cannot escape the approaching storm of collapse as it will affect all, only a question of degree. I suppose this is like those 'defensive stocks' on Wall Street. What makes them 'worthy investments' in a downturn, is that they go down less than the others, but they still go down. Some like it fast, some slow, but the quicksand awaits them all. They are all 'birds of a feather', and if they try to divide, they will find a new conqueror awaits each and all.
Everyone in the U.S. ought to get gold and silver coins, of other countries, and get as much as they can into foreign currency and set up some Term Deposits that will give them interest too!
Too many people still have their life savings in mutual funds, money market accounts and stocks. There will not be social security or medical care for the seniors. They need to protect what they have in order to survive and, at the least, be able to have a home, warmth/cool and food.
Get out of U.S. fiat money and then deal with the other downfalls as they come, for now.
...but i doubt it.