Russian economist says that Yuan will become next reserve currency

11:39 AM china, dollar, petro dollar, russia, yuan No Comments

As the United States becomes more isolated with the international community over Ukraine, one partnership is strengthening even more.  Last week, a Chinese spokesperson declared support for the Russian annexation of Crimea, and recognized the sovereignty of this new nation.  In response, Russian economist Yevgeny Gavrilenkov declared at the 15th governmental Chinese economic development forum that the Chinese Yuan will become the next global reserve currency after the fall and collapse of the U.S. dollar.

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ECB creates new banking union to take control over all banks in Eurozone

11:38 AM banking union, banks, ecb, Eurozone No Comments

On March 20, the European Central Bank (ECB) finalized a deal where they would create a new banking union, and have complete control over all banks in the Eurozone.  This new union would allow the central bank to determine the insolvency of any bank facility, and have to the power to bailout, or cease operations of even small or regional banks tied to a sovereign state or country.

European Union negotiators agreed on Thursday to complete Europe’s banking union with a new agency to shut euro zone banks that are too weak to survive and a fund to help cover the costs, according to a draft agreement.
The deal also envisages giving the European Central Bank the primary role in triggering the closure of a bank, making it harder for the new ‘resolution’ agency to do so and limiting the scope for country ministers to challenge such a move. – Economic Times

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Russia close to signing new energy agreement that would end the Petro-Dollar

11:34 AM china, dollar, energy, oil, petro dollar, russia, u.s. No Comments

If the United States wanted to alienate Russia through its use of economic sanctions, then the former Cold War adversary has an answer for this, and one that would instantly turn the tide against the American empire.  In an announcement today from Tokyo, Russian spokesman Igor Sechin told reporters that his nation is in the final stages of a new natural gas agreement with China that would  be close to equal the amount of trade the Eurasian country currently does with the West, and create the scenario where nations would no longer have to go through the Petro-Dollar to buy and sell oil, goods, or other commodities, and in effect, create a backlash where it is the U.S. that is the one isolated.

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Nations dumping dollar reserves to the tune of $100 billion last week

1:05 PM china, dollar, reserve currency, russia, treasuries, Ukraine No Comments

The biggest threat to the U.S. dollar is not events in Ukraine, nor the economy, and not the stock markets.  No, the biggest threat has always been the over $16 trillion in offshore currency that might one day find its way back to the U.S..

And unfortunately, that day may be coming much faster than the U.S. anticipated.  A new report from the Treasuries In Custody (TIC) report showed that just last week, foreigners dumped over $100 billion of Treasuries, and helped drop the dollar from 80.3 to its current level of 79.45.

 

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Dr. Paul Craig Roberts: U.S. wants to get their hands on Ukraine to loot it

1:04 PM confiscation, gold, oil, paul craig Roberts, russia, Ukraine, us No Comments

On March 12, former Assistance Secretary of the Treasury Dr. Paul Craig Roberts spoke as a guest on USA Watchdog.  During his 50 minute interview, Dr. Roberts addressed America’s desperate need to win out over Ukraine, with their ultimate goal being the confiscation of wealth and resources, and not one of freeing the Ukrainian people.

“So, why is Ukraine important?  Well, there is the Black Sea naval base that Russia has there.  They have a lease on it until 2042.  You have Eastern Ukraine, which is former Soviet military industrial complex . . . for Washington, they say, look we can really bring a serious strategic threat to Russia here.  We can devalue their nuclear deterrent by putting anti-nuclear bases in Ukraine on their border.  So, when we put pressure on them, they have to think much harder when they stand up to us because we will have the upper hand. . . . So, that’s the real reason for what they are doing.  There are other economic reasons.  They want to get their hands on Ukraine.  They want to loot it.”  - USA Watchdog

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New economic report shows Wall Street’s ‘weather’ excuse a fraud

1:02 PM economy, employment, fed, federal reserve, weather No Comments

In last week’s Beige Book, the Federal Reserve blamed harsh weather as being the primary factor for a slowing economy.  This report also came after several Wall Street banks, brokers, and analysts used harsh weather as an excuse when over 20 indicators came in below expectations this winter.

However, RBC Capital Markets came out with a newly detailed report on March 11 showing how consumers actually increased their spending overall in two categories, but that these numbers simply validated what most true economists already knew… that the retail economy is in a massive recession and is a long way from any legitimate recovery.

 

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Terrorist sympathizer hiding as executive in Obama’s I.R.S.

1:01 PM irs, muslim, obama, president obama, terrorism, terrorists No Comments

Move over Muslim Brotherhood, for President Obama has found an upgrade.  In a shocking new discovery, a terrorist sympathizer and abettor for Al Qaeda has been found to be working within the Internal Revenue Service (IRS) as a Financial Management Analyst for the Deputy Chief Financial Officer.

While the Internal Revenue Service was investigating Tea Party patriots in the run-up to last year’s presidential election, it dispensed with basic background checks and hired a convicted Islamist traitor as a high-level official.

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$100 Trillion: World floats on a sea of debt

12:59 PM debt, gdp, global economy, reserve currency No Comments

On March 9, the Bank of International Settlements (BIS) released its quarterly report and found that for the first time ever, global debt has reached $100 trillion, with 40% of that debt coming in just the past five years.

Total global debt has exploded by 40% in just 6 short years from  2007 to 2013, from “only” $70 trillion to over $100 trillion as of mid-2013, according to the BIS’ just-released quarterly review.

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Russian threat of dumping dollar could lead to $16 trillion collapse of economy

2:40 PM dollar, economic collapse, russia, treasuries, u.s., Ukraine No Comments

Talking heads and pundits will tell you that Russia’s threat to sell their U.S. dollar reserves and confiscate assets should America or Europe choose to impose economic sanctions is not that big of a deal.  However, the corporate media misses one vital piece of information, and that is the possibility that should Russia begin dumping their treasuries en masse in the open market, then it could trigger an immediate $16 trillion return of all dollars offshore as countries already wanting to get rid of U.S. currency find the perfect opportunity to not be left holding the bag.

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Russia throws economic sanction threats back at the U.S. and EU

2:38 PM dollar, economic sanctions, eu, russia, sanctions, treasuries, u.s. No Comments

There is a biblical proverb that says, the borrower is slave to the lender, and this reality is quickly availing itself on America as they attempt to threaten Russia with economic sanctions due to their invasion of Ukraine and Crimea.  However, as the harsh reality of the proverb goes, America would face more dire consequences than Russia would if the Euro-Asian superpower chooses to impose their own sanctions by dumping the dollar, dumping their Treasury reserves, and defaulting on their outstanding debts.

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China hegemony grows in Africa with new military base

2:35 PM Africa, china, military, zimbabwe No Comments

Beginning in January of this year, the African nation of Zimbabwe ushered in a new era of monetary relationship when it chose to end dollar supremacy in their currency system and instead allow for use of the Chinese Yuan. Now, just two months later, Zimbabwe is expanding upon that relationship by allowing China to build a new military base within its borders.

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FDIC ends February with two bank failures in Eastern U.S.

2:33 PM bank closure, bank failure, fdic, pennsylvania, virginia No Comments

Millennium Bank, N.A., located in Sterling, VA, and Vantage Point Bank, located in Horsham, PA, were closed down by the FDIC on Friday, Feb. 28.  These bank failures are the only two for the month of February, and bring the total amount of bank closures in 2014 to five.

2/28/2014 *** VA *** Sterling *** Millennium Bank, N.A. *** $7.7 million dollar estimated FDIC DIF cost.

2/28/2014 *** PA *** Horsham *** Vantage Point Bank *** $8.5 million dollar estimated FDIC DIF cost.

The total DIF for failed banks this week is $15.2 million.

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