Jayren
13th September 2017, 04:05
BRICS is an acronym for
Brazil, Russia, India, China
and South Africa, the
emerging economies originally
predicted by Goldman-Sachs
in 2001 to dominate the world
economy by 2050, comprising
48% of the world's current
population. The BRICS fund
was created by these countries
as an alternative development
bank to the International
Monetary Fund (IMF).
Contrary to what many may
think, the BRICS nations,
which concluded their recent
meeting in Xiamen, China last
Tuesday are not seeking to
disrupt the Central Bankers'
debt-based, fiat money system
of the IMF. They are actually
seeking to get a better seat at
the Central Bankers' table, with
their "currency basket" model,
which replaces the petrodollar.
China, by far the largest of
these economies is the largest
stakeholder in the BRICS fund
and it is also the biggest crude
oil importer in the world. China
is expected to launch a yuan-
denominated, gold-backed
crude oil futures security, in a
space where crude oil has only
been priced in US dollars since
the early 1960s.
We may recall that Iraq was
invaded by "Coalition troops"
soon after Saddam Hussein
began accepting euros for Iraqi
oil in February 2003. We may
also recall that Libya was razed
to the ground by NATO troops
shortly before the release of
Muammar Gaddafi's pan-
African currency, the golden
Dinar.
Given what happened to these
two countries and their leaders
when they stood up to the
monopolistic practices of the
West and given the aggravated
climate between the West and
North Korea, China's yuan-
based futures instrument could
easily be construed as a "shot
across the bow," which James
Corbett suggests could escalate
into "real shots" rather quickly.
Yuan-denominated crude oil
has myriad implications. One
is that it will enable traders in
US/EU-sanctioned territories,
such as Russia and Iran to
circumvent the petrodollar
completely in their crude oil
purchases.
It's a fascinating story that
has been coming to a head
for several years. James
Corbett does a great job with
this story.
Source: http://r20.rs6.net/tn.jsp?f=001rmZ4JDYASuuVVr3r_K88h74wLo4mnVEUlcIOqi41n1VR9uNrVM8wvxgYVACfCVrhd-1UwANZeK6ph2oG8iD87lFv2uZ5_aBLeZ0nq3Igvr5NNXmes-qzMe0IiMZM7t-L-FEj2AV1nRcC5eTTWeAX_iyF1bjQBXdjq0UDWk1HrF9TQYhcKptxNFowf9CCqc05xVEG8mnS66vo7Q-gcaw_YjCJ0PJ3ccjbGFM6AvxSI9bboJ2ouBMLA4wqW00J1LVhMG2nQmzVFPYOIjARdOu9AQ==&c=Fnyiz2ooRUF6fWU_cChyBZK8eOOQOrO2FklCI0mWujMW_lFm_bGImg==&ch=F5pPJUELJeQvIT1T1r_wR3GtSrYaO14myONHsCIZI_CP_99AEDyuaQ==
Brazil, Russia, India, China
and South Africa, the
emerging economies originally
predicted by Goldman-Sachs
in 2001 to dominate the world
economy by 2050, comprising
48% of the world's current
population. The BRICS fund
was created by these countries
as an alternative development
bank to the International
Monetary Fund (IMF).
Contrary to what many may
think, the BRICS nations,
which concluded their recent
meeting in Xiamen, China last
Tuesday are not seeking to
disrupt the Central Bankers'
debt-based, fiat money system
of the IMF. They are actually
seeking to get a better seat at
the Central Bankers' table, with
their "currency basket" model,
which replaces the petrodollar.
China, by far the largest of
these economies is the largest
stakeholder in the BRICS fund
and it is also the biggest crude
oil importer in the world. China
is expected to launch a yuan-
denominated, gold-backed
crude oil futures security, in a
space where crude oil has only
been priced in US dollars since
the early 1960s.
We may recall that Iraq was
invaded by "Coalition troops"
soon after Saddam Hussein
began accepting euros for Iraqi
oil in February 2003. We may
also recall that Libya was razed
to the ground by NATO troops
shortly before the release of
Muammar Gaddafi's pan-
African currency, the golden
Dinar.
Given what happened to these
two countries and their leaders
when they stood up to the
monopolistic practices of the
West and given the aggravated
climate between the West and
North Korea, China's yuan-
based futures instrument could
easily be construed as a "shot
across the bow," which James
Corbett suggests could escalate
into "real shots" rather quickly.
Yuan-denominated crude oil
has myriad implications. One
is that it will enable traders in
US/EU-sanctioned territories,
such as Russia and Iran to
circumvent the petrodollar
completely in their crude oil
purchases.
It's a fascinating story that
has been coming to a head
for several years. James
Corbett does a great job with
this story.
Source: http://r20.rs6.net/tn.jsp?f=001rmZ4JDYASuuVVr3r_K88h74wLo4mnVEUlcIOqi41n1VR9uNrVM8wvxgYVACfCVrhd-1UwANZeK6ph2oG8iD87lFv2uZ5_aBLeZ0nq3Igvr5NNXmes-qzMe0IiMZM7t-L-FEj2AV1nRcC5eTTWeAX_iyF1bjQBXdjq0UDWk1HrF9TQYhcKptxNFowf9CCqc05xVEG8mnS66vo7Q-gcaw_YjCJ0PJ3ccjbGFM6AvxSI9bboJ2ouBMLA4wqW00J1LVhMG2nQmzVFPYOIjARdOu9AQ==&c=Fnyiz2ooRUF6fWU_cChyBZK8eOOQOrO2FklCI0mWujMW_lFm_bGImg==&ch=F5pPJUELJeQvIT1T1r_wR3GtSrYaO14myONHsCIZI_CP_99AEDyuaQ==