Secret moves launched by China, Russia, Japan, France, Arab States to end the Dollar

[samizdat]

What's the big deal? According to this chart- the US has 3 times as much money in only 2 years.

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Companion Post:

• Soros Event Sets in Motion New Attacks on Dollar

BRICS Plan to Challenge U.S. Dollar

By PATRICK SMITH, The Fiscal Times April 20, 2011

New eras do not announce themselves with billboards or welcoming brochures. They arrive by way of many disparate events. Last week we witnessed one: the gathering in southern China of leaders from the world’s most dynamic emerging economies --the nations we now call the BRICS (Brazil, Russia, India, China, and South Africa). The summit in Hainan most persuasively is a determination to use the BRICS' global clout to take some of the intellectual initiative away from the advanced industrial nations.

There is a long history behind such ambitions, beginning with the Non–Aligned Movement in the mid–1950s. More recently, after the Asian financial crisis in the late–1990s, the region was alive with ideas intended to make room for an alternative to the neoliberal economic strategy the West was urging: an Asian monetary fund, a regional central bank, bilateral currency swaps, an “Asian Davos.”

Some of these concepts have taken root, notably swap agreements intended to protect local currencies from a sudden rush (or departure) of speculators. There are now half a dozen of these pacts in effect around East Asia.

As a circle of power such as the European Union, the BRICS bloc is a work in progress, to be sure. But their summit was a loud, clanging bell telling the rest of the planet that their increasing sway in global affairs is not to be underestimated.

BRICS wants a more diversified international reserve
system, less centered on the dollar.

A decade ago, there was not even a thought of the BRICS as a group of nations with shared interests. But the past 10 years of historically unprecedented economic expansion has changed the BRICS status, as their leaders plainly recognize. Together they now represent 40 percent of the world’s people, 18 percent of world trade, and not quite half of global economic growth. The BRICS remain a varied lot, but if the summit is any guide, their intent is to challenge the U.S. and other advanced industrial nations as leading the global economy.

The direction of the one-day summit could hardly be clearer. BRICS expects a more prominent role in multilateral institutions such as the IMF and the World Bank, a stronger presence in the U.N. Security Council, coordinated regulation of the financial markets, and—note this well—a more diversified international reserve system less centered on the dollar. Any successful effort to develop an internationally accepted basket of reserve currencies—starting with the IMF’s Special Drawing Rights—would have to make officials at the U.S. Treasury nervous about long-term overseas support for American debt. It would, in effect, deprive the Fed of the zero interest rate policy—ZIRP in the trade—that is now in place.

Altogether, the catch-all phrase in the declaration is “greater democracy in international relations.” The BRICS intend this to apply to everything from financial issues to terrorism, security, climate change, and globally coordinated energy policies.

“The thought is to espouse an alternative to the reigning orthodoxy on globalization, and this is significant,” says Ha-Joon Chang, an economics professor at Cambridge University. “The question is whether they can continue coherently as a group and communicate a credible alternative effectively.”

It is a good question. India and China fought a war not so many years ago.

India, Brazil, and South Africa are democracies, while China and Russia are not. India and China are manufacturing economies, while the other three depend on resource exports. Not least, China runs considerable trade surpluses with India and Brazil, neither of which is especially pleased with Beijing’s import barriers. But the differences make the common ground more interesting.

There are three points that distinguish the Hainan gathering from all past efforts to coalesce a bloc of developing nations.

• One is the persistence of a non–Western vision amid an extended phase of economic expansion. There is no crisis to overcome this time, as in the mid–1990s, and none of the weak “third worldism” that inspired the Non–Aligned Movement half a century ago.
• Equally, the BRICS are playing to their own strengths. The intent, if you read the Hainan declaration, is plainly to capitalize on their growing economic influence by developing home-grown policy initiatives rather than simply defend themselves against the West’s traditional concepts of markets and societies.
• Finally, these nations cover four continents and appear to have advanced from the regional approach evident a decade ago: let’s have a Latin American common market and an Asian monetary agency.

Manmohan Singh, India’s prime minister, was among the five heads of state to convene in China last week. “The best is yet to come,” he said after the session was concluded. It would be wise to take the BRICS at their word.

[vector7]

What's the big deal? According to this chart- the US has 3 times as much money in only 2 years.

US Economy: Inflation Raging - As are the People

Written by Peter Kent

Friday, 22 April 2011 13:50

As gas prices go over the $4 mark and consumers are shocked at the new prices of food and other essential items as inflation continues to rage; tensions and tempers of the people have also begun to rise in the United States as the mood of the country has fallen to Jimmy Carter type levels from the late 1970’s. There seems to be no end in sight for the US economy and especially relief at the pump as the traditional summer driving season is set to commence. Many families are being forced to make difficult choices about whether or not to cut summer vacations, cut piano lessons or sports for their children and address other quality of life issues as the misery is spreading like wild fire. The Obama Administration has continued to print money to the point where many US economists and leaders fear the dollar will become as worthless as the paper it was printed on. The dollar has fallen to a 2.5-year low which is right around the time that Barrack Obama took office as President. McDonalds, an American icon of a fast food restaurant, has warned that it has no choice but to pass on higher inflation costs to consumers as their inventory has become more expensive to fulfill. Sports teams have also seen plenty of empty seats and suits at their events as consumers are watching ball games on TV rather than attending in order to save vital cash. Consumer Growth Partners, an economic group, stated that energy costs are now taking up more than 6-percent of the budget of the average American family which is known as the tipping point of no return. Energy costs that are over 6-percent eat away at disposable income. Meanwhile food prices are up almost 7-percent from where they were at the beginning of the year to make for a deadly economic combination in the United States.

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China May Buy $1 TRILLION of Gold

Sat, Apr 30, 2011

China has been diversifying away from the dollar, and into commodities and sounder currencies for years now.

But $1 trillion in gold? If it happens, such a large move would be a sharp rebuke to the dollar’s status as reserve currency, to say the least.

Bloomberg:

China’s Gold Reserves

China, which has just 1.6 percent of its reserves in gold, may invest more than $1 trillion in bullion, [Michael Pento of Euro Pacific Capital] said. “China wants to be an international player, and they need to own more gold than they currently have.”

…“China is out to have more gold than America, and Russia is aspiring to the same,” [Robert] McEwen, [the chief executive officer of producer U.S. Gold Corp] said yesterday in an interview in New York. “When you have debt, you don’t have a lot of flexibility. China wants to show its currency has more backing than the U.S.”

…China, with more than $3 trillion in foreign-currency reserves, plans to set up new funds to invest in precious metals, Century Weekly reported this week. Russia purchased 8 tons of gold in the first quarter.

This is why gold and silver are heading higher. Occasional dips are inevitable, of course. When they happen bears will declare the bubble popped (after a one-week correction).

Then the uptrend will continue, intact. And they’ll say, “bubble! bubble bubble bubble bubble bubble!”, again.

And gold bugs will be laughing all the way to the vault. Full Story >>



May 4, 2011, 12:22 p.m. EDT
Bank of Mexico buys 100 tons of gold in two months

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By Rhiannon Hoyle

(Adds context in 2nd paragraph; details of purchase in 3rd paragraph; data on Russia and Thailand in 5th paragraph; and comment from World Gold Council in 7th and 8th paragraph.)

LONDON (MarketWatch) -- Mexico's central bank purchased almost 100 metric tons of gold in February and March, another signal that emerging markets are likely to steadily raise their gold reserve holdings, industry participants say.

The purchase--reported in the International Monetary Fund's statistics on international reserves--follows a shift in the gold market to net central bank buying, following years of official sector sales, and should be welcomed as a positive boost for the yellow metal, said Jonathan Spall, Director of Commodities Distribution at Barclays Capital.

According to the data, the central bank of Mexico bought 93.3 tons of bullion over the two-month period, vastly increasing its total reserves, which stood at just 6.9 tons in January.

"Prior to this, they held very little metal, so it is a decent size change," Spall said. "People are going to view this as bullish, and will now be closely watching other countries in the region, and elsewhere, for further changes."

May IMF data also show continued buying by Russia and Thailand, of 18.8 tons and 9.3 tons respectively.

The official sector was a net seller for around two decades before shifting to become a considerable buyer last year, according to the World Gold Council.

"Mexico seems to be following the trend established by several other central banks recently and is moving toward restoring a prior balance between gold and currency reserves," said George Milling-Stanley, Managing Director of Government Affairs at the WGC.

The Bank of Mexico traditionally holds most of its reserves in U.S. dollar-denominated investments.

Since selling more than $30 billion in the exchange market to shore up the peso between October 2008 and October 2009 during the global financial crisis, the central bank has been building reserves to record levels as protection against future bouts of global financial turmoil.

The main source of reserves is oil revenue, as the bank changes dollars for state oil monopoly Petroleos Mexicanos. The bank also uses put options to buy up to $600 million a month from commercial banks when the peso is appreciating against the U.S. dollar.

The peso is currently trading at its strongest level against the dollar since early October 2008, closing Tuesday at MXN11.5620 after dipping below MXN11.50 in recent sessions.

Foreign reserves were a record $125.8 billion as of April 29.

[vector7]

Russia, China sign deal to switch to trade in rubles, yuan


Russian Central Bank
© RIA Novosti. Ruslan Krivobok
18:13 23/06/2011
NIZHNY NOVGOROD, Russia, June 23 (RIA Novosti)

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Multimedia

• Russia and China: bilateral relations

Russia and China will switch to trade in rubles and yuan to boost bilateral trade and economic cooperation, following an agreement signed between the central banks of both countries, Russian Central Bank Deputy Chairman Viktor Melnikov said on Thursday.

"This agreement allows for settlements through Russian and Chinese banks not only in the freely convertible currencies but also in the yuan and the ruble," Melnikov said.

Russia and China have also agreed to boost bilateral trade from $60 billiion in 2010 to $100 billion by 2015 and to $200 billion by 2020, Melnikov said.

People's Bank of China Deputy Chairman Ma Delun said the agreement would give the two nations the opportunity to increase the value of deals in their national currencies and "help bring them closer to international reserve currencies."

The deal will also help Russia and China reduce foreign exchange risks and currency conversion costs, Ma and Melnikov said.

[vector7]

Companion Threads:

• China in Africa: Developing Ties
  
• Why China is Trying to Colonise Africa
• How China's Taking Over Africa, And Why The West Should Be VERY Worried
• China Builds And Launches A Satellite For Nigeria
• China, Nigeria Seek To Further Military Cooperation
• What Are Chinese Troops Doing On Zimbabwe's Streets?
• China To Deploy Peacekeepers To Darfur In October, Military Says
• Congo and China Forge Economic Partnership
• Algeria, China Teamed On Nuke
• China Flexes Its Economic Muscle In Africa
• How China has created a new slave empire in Africa
• China Eyes Big Africa Spree
• China - Advance In Africa Arouses Western Distrust

Renminbi may replace dollar in Sino-African trade

In a sign of China’s growing influence as Africa’s largest trading partner and investor, Standard Bank estimated that up to 40%, or $100bn, of China’s trade would be denominated in renminbi by 2015.

SURE KAMHUNGA

Published: 2011/08/30 06:40:31 AM

CHINA’s renminbi could replace the dollar as the main currency to finance trade between Chinese and African countries, research by Standard Bank shows.

In a sign of China’s growing influence as Africa’s largest trading partner and investor, Standard Bank estimated that up to 40%, or $100bn, of China’s trade would be denominated in renminbi by 2015.

This amounted to more than the total Sino-African trade last year, the bank’s Beijing-based economist Jeremy Stevens said in a research paper released yesterday .

"In addition, at least $10bn of Chinese investment in Africa will be denominated in renminbi over the same period," he said.

The Chinese currency already accounts for 13% of the South African Reserve Bank’s trade- weighted exchange rate for the rand, making it the third most important currency in the basket. Mr Stevens said China had no intention of "dumping" the dollar, but merely wanted to broaden its currency’s geographical reach and allow the renminbi to be used for investment purposes.

"The change, which will be gradual, is symptomatic of a more multi polar world," he said.

The bulk of China’s estimated $3,2-trillion in official reserves was still dollar-denominated, including $1,1-trillion in US Treasury bonds .

However, the use of the renminbi showed that many companies, including some in SA, were becoming comfortable transacting in the currency, Peter Sun, Standard Chartered Bank’s MD of transactional banking, said last week.

The dollar has traditionally been the historical benchmark currency used by African companies trading or doing business with foreign partners, including China.

The increasing use of the renminbi follows the recent, unusual public criticism by China of US economic policies after the dollar’s drop following the country’s credit rating downgrade by Standards & Poor’s.

But the growing "internationalisation" of the renminbi as a currency for payments in Africa was evident, said Mr Stevens.

Standard Chartered last year opened its first African onshore renminbi trading account for local metals trader Portland Steel, joining Standard Bank, which already offers facilities allowing clients to make or receive payments in renminbi.

"China wants to increase the pairs against which the renminbi can trade, broaden the currency’s geographical reach and allow the renminbi for investment purposes ," Mr Stevens said.

He said the use of the Chinese currency should not be confused with talk about a new global reserve currency.

The clamour has been rising steadily for a global reserve currency, which would give more weight to developing countries, reflecting their growing importance in the world economy.

"Internationalisation is first about transactions: buyers and sellers doing business in the currency. A reserve currency, on the other hand, is about the desire to hold the renminbi as a store of value," Mr Stevens said.

"Renminbi internationalisation is about transactions, intending to add efficiency and resilience to China’s trade and investment flows. China is not about to dump US treasuries in some maligned quest to trigger a financial collapse and depreciation of the dollar. China will embark on a gradual diversification of additional reserves in a manner that prevents instability."

Mr Stevens said that China would start the renminbi internationalisation programme by targeting African partners which are destinations for sizeable Chinese exports, regional heavyweights and countries which had mature financial markets — "first Nigeria and SA, then Kenya, and afterwards Angola and Ghana".

[American Patriot]

Too bad, cuz those Euros aren't worth much these days.

/chuckles

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Iran, Russia Replace Dollar with National Currencies in Trade Exchanges TEHRAN (FNA)- Iran and Russia have replaced US Dollar with their own currencies in their trade ties, a senior Iranian diplomat announced on Saturday.

Speaking to FNA, Tehran's Ambassador to Moscow Seyed Reza Sajjadi said that the proposal for replacing US Dollar with Ruble and Rial was raised by Russian President Dmitry Medvedev in a meeting with his Iranian counterpart Mahmoud Ahmadinejad in Astana on the sidelines of the Shanghai Cooperation Organization (SCO) meeting.

"Since then, we have acted on this basis and a part of our interactions is done in Ruble now," Sajjadi stated, adding that many Iranian traders are using Ruble for their trade deals.

"There is a similar interest in the Russian side," the envoy stated, adding that that Moscow is against unilateral sanctions on Iran outside the UN Security Council, specially the recent sanctions against Iran's Central Bank (CBI).

"The move (imposing sanction on the CBI) is unacceptable. Russians have clearly announced that they will not accept these sanctions and Iran's nuclear issue is resolvable just through negotiations."

Iranian President Mahmoud Ahmadinejad hit back at the US after Washington introduced new sanctions against Iran's central bank.

President Ahmadinejad told an annual meeting of senior central bank officials that Iran's central bank would respond with "force" to the new US sanctions intended to pressure Tehran to abandon its nuclear program.

He said the bank was strong enough to defeat "enemy plans".

The sanctions - which cut off from the US financial system foreign firms that do business with the central bank - are part of a defense bill signed by President Barack Obama earlier this month

The extra US sanctions aim to squeeze Iran's oil sales, most of which are processed by the central bank, although many even in the West believe that the move would prove futile.

During the last two years, Iran has been replacing dollar with other currencies in its trade with the outside world.

Iran has replaced dollar in its oil trade with India, China and Japan. Late in November, the Reserve Bank of India (RBI) issued the needed permission to the Central Bank of Iran to open rupee accounts with two Indian banks, namely UCO and IDBI, as a long-lasting solution to the two countries' payment problems.

Both accounts were opened in the respective banks' Mumbai branches.

A top official of city-based UCO Bank said while payments for his country's oil imports would initially be in rupees, it would be then converted into a separate currency, which was yet to be decided by the apex bank.

[vector7]

Russia, Iran Proceed With Bilateral Trade, Drop Dollar; Russian Warships Park In Syria; Iran Accelerates Nuclear Enrichment

Submitted by Tyler Durden on 01/08/2012 15:37 -050

For anyone wondering how the abandonment of the dollar reserve status would look like we have a Hollow Men reference: not with a bang, but a whimper... Or in this case a whole series of bilateral agreements that quietly seeks to remove the US currency as an intermediate. Such as these: "World's Second (China) And Third Largest (Japan) Economies To Bypass Dollar, Engage In Direct Currency Trade", "China, Russia Drop Dollar In Bilateral Trade", "China And Iran To Bypass Dollar, Plan Oil Barter System", "India and Japan sign new $15bn currency swap agreement", and now this: "Iran, Russia Replace Dollar With Rial, Ruble in Trade, Fars Says." And ironically, the proposal to dump the greenback did not come from Iran. Per Bloomberg: "Iran and Russia replaced the U.S. dollar with their national currencies in bilateral trade, Iran’s state-run Fars news agency reported, citing Seyed Reza Sajjadi, the Iranian ambassador in Moscow. The proposal to switch to the ruble and the rial was raised by Russian President Dmitry Medvedev at a meeting with his Iranian counterpart, Mahmoud Ahmadinejad, in Astana, Kazakhstan, of the Shanghai Cooperation Organization, the ambassador said." Is Iran gradually becoming the poster child of an energy rich country that just says no to the dollar: "Iran has replaced the dollar in its oil trade with India, China and Japan, Fars reported." Next thing you know China, Russia and Japan will engage in bilateral trade agreements with the Eurozone in exchange for purchasing European or EFSF (which at last check are now forced to give 30% guaranatees) bonds, and bypassing dollars completely.

But yes, aside from everyone else, virtually everyone (footnote 1) is still using the dollar as currency of global exchange.

And just to make sure that the message is heard loud and clear, Russia just docked several warships in Syria, the same country the US told all American citizens to leave two months ago. From China Daily:

Russian warships patrolling the eastern Mediterranean Sea have docked at Russia's naval supply facility in the Syrian port of Tartus, the private Addounia TV reported Saturday.

Governor of Tartus Imad Naddaf received the ships' leaders and expressed appreciation to Russia's support for Syria, the report said.

Russia's state-owned Itar-Tass news agency quoted a source from the Russian Navy as saying that "It is planned that the port of Tartus will be visited by a big anti-submarine ship of the Northern Fleet 'Admiral Chabanenko' and an escort ship 'Yaroslav Mudry'."

"Our ships are supposed to stay in Syria for several days," the source said, without giving more details about the warships' mission in the country.

The move is considered by many observers as an apparent show of Russia's support for Syrian President Bashar al-Assad whose country has been gripped by a nearly 10-month bloody unrest.

The Russian Navy, however, claimed the move was part of scheduled exercises and had no connection with the situation in Syria.

The warships, led by "Admiral Kuznetsov," the country's only aircraft carrier, have started their patrol missions in the Northeast Atlantic and the Mediterranean Sea on December 6 to "ensure the security of the sea navigation and other Russian maritime economic activities," according to the Russian Navy.

That this is happening just as Reuters inform us that Iran is about to move the invasion timetable by a few months is rather disturbing - recall that "according to Ehud Barak, the Israeli Defense Minister, after September, a successful military attack on Iran’s nuclear sites will no longer be possible, because Iran will widen the redundancy of its facilities and spread them out over more sites, including the impenetrable site at Fordow (near Qom), which is located inside a mountain." From Reuters:

Iran will in the "near future" start enriching uranium deep inside a mountain, a senior official said, a move likely to further antagonize Western powers which suspect Tehran is seeking nuclear weapons capability.

A decision by the Islamic Republic to conduct sensitive atomic activities at an underground site - offering better protection against any enemy attacks - could complicate diplomatic efforts to resolve the long-running row peacefully.

Iran has said for months that it is preparing to move its highest-grade uranium refinement work to Fordow, a facility near the Shi'ite Muslim holy city of Qom in central Iran, from its main enrichment plant at Natanz. The centrifuges and other equipment needed to start enrichment were installed at Fordow last year.

Iran is already refining uranium to a fissile purity of 20 percent - far more than the 3.5 percent level usually required to power nuclear energy plants - above ground at Natanz.

The country said last year it would move this higher-grade enrichment to Fordow, which like other Iranian nuclear sites is regularly inspected by the IAEA, and also sharply boost output capacity.

The United States and Israel, Iran's arch foes, have not ruled out strikes against the Islamic state if diplomacy fails to resolve the dispute.Iran disclosed the existence of Fordow to the IAEA only in September 2009 after learning that Western intelligence agencies had detected it.

The bottom line is that once the transition to Fordow is complete there will be no more possible ways to spin an invasion. Which gives a rough "window of opportunity" - expect to see it reflected ever more in the price of Brent as the September deadline is pushed forward by weeks and months.

As for the escalation in the USD-depegging, all that needs to happen now is for the brand spanking new Chinese aircraft carrier to do some wargames of its own in the Straits of Hormuz for the pre-terminal escalation chaos to be complete.

[vector7]

Translating Zero Hedge: Your Wages Will Be Cut In Half

Posted on January 19, 2012 by horse237

Yesterday Zero Hedge ran a story that most people will never see or really understand. Zero Hedge reported that the Russians have sold off half of their US Treasury bonds over the past year. China has been dumping their dollar holdings too but still have over a trillion dollars left. Other foreigners have been dumping their dollars too. The current US inflation rate is 12%.

Ben Bernanke has been creating trillions of dollars to bail out banks in Europe, to buy worthless securities from US banks and to fund the US debt.

That will accelerate inflation. Inflation will go from 12% to 15% and then 20% in less than a year. The media will no longer be able to repeat the lie that the inflation rate is only 3 1/2%. Inflation will become an issue in the 2012 races for congress, Senate and the presidency.

Accelerating inflation will force people overseas to dump any dollars they receive for selling Americans food, clothes, electronics, cars, oil and other raw materials as soon the transaction is completed. This phenomenon is called an increase in the velocity of money. It is a sign your economy is transitioning from an inconveniently high rate of inflation to hyperinflation.

The US dollar is an international reserve currency which means that if France wants to buy food from Brazil they will likely have to use US dollars to make that transaction. In colonial America the colonists had to earn British pounds or gold to buy something from overseas. Michael Hudson in his book Super Imperialism described how the US was funding its wars by inflating the supply of currency used to settle trade. Since WW II we have been getting real goods like cars and clothes from foreigners in exchange for increasingly worthless paper. When Hudson explained this to the Pentagon, a general said, “Wow. We are ripping people off.”

I would define hyperinflation as beginning at 25% for an international reserve currency like the dollar. That is why when inflation surged in the latter part of the Carter presidency (1979-1980) Chairman of the Federal Reserve Paul Volcker raised interest rates. Home mortgages went to 15 1/2%. Ben Bernanke cannot raise interest rates today. His only option would be to devalue the dollar which is what he said he would do in that now infamous speech he made in Washington DC on 11-21-2002.

That means after the 2012 elections the Russians, the Chinese, Iran, Venezuela plus their clients states and a few other nations can and will force a devaluation of the dollar by refusing to accept Federal Reserve Notes in international trade. If Americans balk, China just has to dump a hundred billion dollars and buy commodities driving the price of food out of the reach of WalMart shoppers. Of course I realize the Chinese will just be doing what the bankers want them to do.

An international conference will be held at which the dollar will be devalued by about 40% as predicted by Bernanke. This will complete that 50% pay cut I have been predicting.

The Chinese will have dumped most of their dollars before the conference so that their economy will not be harmed by a dollar devaluation. If Americans can’t afford to buy Chinese products, China will just sell them to people whose currencies were revalued upwards.

I would suggest you buy storable food, silver coins (not collectibles) and household items that will just increase in cost.

Of course this was all planned long ago by the bankers. I will conclude with this quote from a previous essay:

The Fundamental Fact of Your Existence as a modern man or woman is that the bankers of New York and London want to reduce you to Debt Slavery.

Accept that fact and move on to the solution.

And I also said:

That is their plan for you.

What is your plan for them?

Author’s Notes: These are related articles.

2012 Timeline: Assets Seizure, Hyperinflation And Debt Slavery
http://vidrebel.wordpress.com/2011/1...-debt-slavery/

America Is Now A Criminal Enterprise And That Is The Good News
http://vidrebel.wordpress.com/2011/1...the-good-news/

The Mathematics Of Austerity: Proving Austerity Never Was Even Intended To Work
http://vidrebel.wordpress.com/2011/0...ended-to-work/

A Fractional Reserve Gold Standard: The Next Big Fraud
http://vidrebel.wordpress.com/2011/1...ext-big-fraud/
Nine Myths And Misconceptions About Money That Can Literally Kill You
http://vidrebel.wordpress.com/2011/06/30/1054/

Reference: That Zero Hedge article is here:

China Brings US Treasury Holdings To One Year Low, Russia Cuts Treasury Exposure By 50% In One Year
http://www.zerohedge.com/news/china-...gs-50-one-year

[American Patriot]

Americans blithely travel on through life watching their idiotic Sit Coms and "Reality Shows".

Too bad we don't have a "TAA Reality Show". Might wake a few folks up.

More likely to be banned from television though.

[vector7]

They tried but got stopped...we've been infiltrated!

[samizdat]

woops...

India to pay gold instead of dollars for Iranian oil. Oil and gold markets stunned
DEBKAfile Exclusive Report January 23, 2012, 5:57 PM (GMT+02:00) Tags: India China sanctions Iranian oil European Union

Iranian oil for India
India is the first buyer of Iranian oil to agree to pay for its purchases in gold instead of the US dollar, DEBKAfile's intelligence and Iranian sources report exclusively. Those sources expect China to follow suit. India and China take about one million barrels per day, or 40 percent of Iran's total exports of 2.5 million bpd. Both are superpowers in terms of gold assets.
By trading in gold, New Delhi and Beijing enable Tehran to bypass the upcoming freeze on its central bank's assets and the oil embargo which the European Union's foreign ministers agreed to impose Monday, Jan. 23. The EU currently buys around 20 percent of Iran's oil exports.
The vast sums involved in these transactions are expected, furthermore, to boost the price of gold and depress the value of the dollar on world markets.
Iran's second largest customer after China, India purchases around $12 billion a year's worth of Iranian crude, or about 12 percent of its consumption. Delhi is to execute its transactions, according to our sources, through two state-owned banks: the Calcutta-based UCO Bank, whose board of directors is made up of Indian government and Reserve Bank of India representatives; and Halk Bankasi (Peoples Bank), Turkey's seventh largest bank which is owned by the government.
An Indian delegation visited Tehran last week to discuss payment options in view of the new sanctions. The two sides were reported to have agreed that payment for the oil purchased would be partly in yen and partly in rupees. The switch to gold was kept dark.
India thus joins China in opting out of the US-led European sanctions against Iran's international oil and financial business. Turkey announced publicly last week that it would not adhere to any sanctions against Iran's nuclear program unless they were imposed by the United Nations Security Council.
The EU decision of Monday banned the signing of new oil contracts with Iran at once, while phasing out existing transactions by July 1, 2012, when the European embargo, like the measure enforced by the United States, becomes total. The European foreign ministers also approved a freeze on the assets of the Central Bank of Iran which handles all the country's oil transactions.
However, the damage those sanctions cause the Iranian economy will be substantially cushioned by the oil deals to be channeled through Turkish and Indian state banks. China for its part has declared its opposition to sanctions against Iran.
DEBKAfile's intelligence sources disclose that Tehran has set up alternative financial mechanisms with China and Russia for getting paid for its oil in currencies other than US dollars. Both Beijing and Moscow are keeping the workings of those mechanisms top secret.

[vector7]

woops...
India to pay gold instead of dollars for Iranian oil. Oil and gold markets stunned

DEBKAfile Exclusive Report January 23, 2012, 5:57 PM (GMT+02:00)
Tags: India China sanctions Iranian oil European Union


Iranian oil for India

That's a BIG DOT!!!

[samizdat]

[samizdat]

That's a BIG DOT..., yup...just wanna click my heels and go home...o well, sowing seed papas, sweet potatoes, garlic etc.

[American Patriot]

Maybe we should take a card out of Iran's deck... and blockage the Straits of Hormuz?

LMAO!

[vector7]

Here is the continuation interview to Kevin Freeman's "Secret Weapon"...


GBTV Interview w/ Glenn Beck & Kevin Freeman Book "Secret Weapon" Economic Terrorism Stock

Who's really to blame for America's catastrophic financial meltdown and devastating national recession? Contrary to what the "Occupy Movement" might tell you, it's not greedy Wall Street executives. No, as one of America's top financial professionals reveals in this shocking new book, the real culprit is economic warfare, with our foreign enemies exploiting our lurking financial weaknesses.

In Secret Weapon, Kevin D. Freeman unveils how all the evidence—including motive, means, and opportunity—points to America's foreign enemies as deliberately pushing our economy over the brink.

In this stunning exposé, Freeman reveals:

The evidence linking Communist China and Islamic finance to economic warfare against the United States.

Why initial reports linked the 2008 stock market crash to economic terrorism—and why the Obama administration continues to look the other way.

How the financial attack unfolded—and how the perpetrators tried to cover their tracks.

Why you should expect another financial attack even more devastating than the last one—and how you can protect yourself from it.

In Secret Weapon you'll learn what our enemies know and what the Obama administration has chosen to ignore—that our financial system is profoundly vulnerable to financial terrorism, and that we are being targeted for further and even more destructive attacks by our enemies, who want to cripple America as the world's leading economy.

If you want to protect yourself and protect our country, then you need to read Secret Weapon to understand how we have entered a new age of warfare—an age our enemies want to make the Dark Ages of the United States.

GBTV: Glenn continues his conversations with author Kevin Freeman



Glenn Beck and Kevin Freeman: The 2008 crash is economic terrorism against USA

On GBTV Glenn Beck is talking with Kevin Freeman about the 2008 crash that is economic terrorism against USA.

Who's really to blame for America's catastrophic financial meltdown and devastating national recession? Contrary to what the "Occupy Movement" might tell you, it's not greedy Wall Street executives. No, as one of America's top financial professionals reveals in this shocking new book, the real culprit is economic warfare, with our foreign enemies exploiting our lurking financial weaknesses.

In Secret Weapon, Kevin D. Freeman unveils how all the evidence—including motive, means, and opportunity—points to America's foreign enemies as deliberately pushing our economy over the brink.
In this stunning exposé, Freeman reveals:

The evidence linking Communist China and Islamic finance to economic warfare against the United States
Why initial reports linked the 2008 stock market crash to economic terrorism—and why the Obama administration continues to look the other way
How the financial attack unfolded—and how the perpetrators tried to cover their tracks.

Why you should expect another financial attack even more devastating than the last one—and how you can protect yourself from it.

In Secret Weapon you'll learn what our enemies know and what the Obama administration has chosen to ignore—that our financial system is profoundly vulnerable to financial terrorism, and that we are being targeted for further and even more destructive attacks by our enemies, who want to cripple America as the world's leading economy. If you want to protect yourself and protect our country, then you need to read Secret Weapon to understand how we have entered a new age of warfare—an age our enemies want to make the Dark Ages of the United States.

[samizdat]

thanks, Vector. If you peek at GBTV, I´d appreciate pointers toward good free clips about 3 times a month. He normally presents a pretty profound perspective, and I've lost track of him.

[American Patriot]

Just a thought here.

The definition of "Terrorism" itself has several "defined" definitions, however, each country has their own ideas, judicial systems, and even individuals since they all disagree.

The problem is there is only ONE definition of what terrorism actually is.

Terrorism is the use of any methods that cause people to become fearful. That's all there is to it.

Piracy is terrorism.

Gang activity to intimidate, rob, rape, murder and scare people into not talking to the cops, or giving up their belongings is terrorism.

Any CRIMINAL activity that terrorizes a victim is terrorism.

Economic Activity is defined as:

The term economic terrorism is strictly defined to indicate an attempt at economic destabilization by a group. More precisely, in 2005 the Geneva Centre for Security Policy defined economic terrorism in the following terms:

Contrary to "economic warfare" which is undertaken by states against other states, "economic terrorism" would be undertaken by transnational or non-state actors. This could entail varied, coordinated and sophisticated or massive destabilizing actions in order to disrupt the economic and financial stability of a state, a group of states or a society (such as market oriented western societies) for ideological or religious motives. These actions, if undertaken, may be violent or not. They could have either immediate effects or carry psychological effects which in turn have economic consequences.^[1]