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Timothy Alexander Guzman – De-Dollarization Accelerates: Iran-Russia “New Trade Agreements” to Drop US Dollar

– The threat of war against Iran is not just about its natural resources, strategic control and supposedly to protect Israel, it is also about the US dollar being used for its oil trades. Iran is moving forward to replace US dollars for its foreign trade with Russia in rials and Russian rubles. This past January, Iran made a significant …

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Nick Beams – A new tipping point in the global economic crisis

The announcement by the global mining giant Anglo American that it will sack 85,000 workers world-wide, put 60 percent of its assets up for sale, and reduce its mining sites from 55 to just 20 signifies that the crisis of the world capitalist economy is heading toward a new tipping point. The world economy is threatened by a plunge into …

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Mike Bird – The Fed is at risk of repeating one of the biggest mistakes in the history of the US economy

Everything seems to be going wrong in the global economy right now. Chinese growth is slowing, Hong Kong’s Hang Seng is officially in a bear market, Greece is heading into elections, and emerging markets around the world are feeling the strain of the strong US dollar. In the advanced world, the United States and United Kingdom are seeing some decent growth, …

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Why It Really All Comes Down To The Death Of The Petrodollar

Last week, in the global currency war’s latest escalation, Kazakhstan instituted a free float for the tenge. The currency immediately plunged by some 25%. The rationale behind the move was clear enough. The plunge in crude prices along with the relative weakness of the Russian ruble had severely strained Kazakhstan, which is central Asia’s largest crude exporter. As a quick look at …

Anti-Russian sanctions hurt Europe harder than expected, threaten 2.5mn jobs – study

The sanctions imposed by the EU against Russia and Moscow’s retaliation would cost Europeans 100 billion euros in economic development and jeopardize up to 2.5 million jobs, a new study said. The EU imposed the sanctions against Russia over the Ukrainian political crisis, targeting access to foreign credits and oil and gas industry. Moscow responded with countersanctions that hit European …

Rubles

Forget Tanks. Russia’s Ruble Is Conquering Eastern Ukraine – Yulia Surkova and Daryna Krasnolutska

As a wobbly cease-fire keeps eastern Ukraine’s warring factions apart, Russia’s ruble is conquering new territory across the breakaway republics. In Donetsk, the conflict zone’s biggest city, supermarkets have opened ruble-only checkout counters to serve the fighters in camouflage lining up along pensioners. Bus and tram tickets come with a conversion from Ukraine’s hryvnia to the Russian currency. Gas-station workers …

Elvira_Nabiullina

Russia’s Central Bank Governor Is Way Smarter Than Ours

It wouldn’t be a first, but it would certainly be a – bigger – shock. That is to say, the Bank of England hijacked the head of Canada’s central bank some time ago, but, while unexpected enough, that would pale in comparison to the US hiring the present Governor of the Russian central bank, Elvira Sakhipzadovna Nabiullina. It would still …