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"The Dollar Is Becoming Toxic" - Russian Intel Chief

Silver

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#1
“How did you go bankrupt?"
Two ways. Gradually, then suddenly.”


― Ernest Hemingway, The Sun Also Rises



"The Dollar Is Becoming Toxic" - Russian Intel Chief Slams "Aggressive, Unpredictable" US Behavior
by Tyler Durden
Wed, 06/19/2019 -



With the latest TIC data showing China following Russia's lead and reducing its US Treasury exposure (to two-year lows), as it increases its gold reserves (for six straight months), the unipolar US hegemon faces an ugly trend among the 'rest of the world' attempting to de-dollarize, as Sergey Naryshkin, director of the Russian Foreign Intelligence Service, calls the US dollar is an anachronism of the modern world economy.

Countries across the globe, including Russia, China, India, and others, have been working to diversify their foreign reserves away from the greenback.


And, as RT reports, the head of the Russian intelligence service has now voiced those concerns clearly - that the use of the dollar presents risks and more nations are looking into finding alternative tools for doing business.
"It seems abnormal that the United States, behaving so aggressively and unpredictably, continues to be the holder of the main reserve currency.”
“Due to the objective strengthening of multipolarity, the monopoly position of the dollar in international economic relations becomes anachronistic. Gradually, the dollar is becoming toxic.
And it's not just talk, as RT notes, Russia has taken concrete steps towards de-dollarizing the economy. So far, Moscow has managed to partially phase out the dollar from its exports, signing currency-swap agreements with a number of countries, including China, India, and Iran. Russia has recently proposed using the euro instead of the US dollar in trade with the European Union.
This comes on the heels of Malaysian Prime Minister Dr. Mahathir Mohamad proposing a gold-backed currency as a unit of account for trade between East Asian nations.
“For the past 40+ years we’ve tried to remove ourselves from a gold standard, we pretended it doesn’t exist... and that failed because gold is always telling the truth... and you don’t have to trust to somebody printing up a whole bunch of money,”​
Today's currency trading is manipulative, he added.

https://www.zerohedge.com/news/2019...intel-chief-slams-aggressive-unpredictable-us
 

the_shootist

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#2
“How did you go bankrupt?"
Two ways. Gradually, then suddenly.”


― Ernest Hemingway, The Sun Also Rises



"The Dollar Is Becoming Toxic" - Russian Intel Chief Slams "Aggressive, Unpredictable" US Behavior
by Tyler Durden
Wed, 06/19/2019 -



With the latest TIC data showing China following Russia's lead and reducing its US Treasury exposure (to two-year lows), as it increases its gold reserves (for six straight months), the unipolar US hegemon faces an ugly trend among the 'rest of the world' attempting to de-dollarize, as Sergey Naryshkin, director of the Russian Foreign Intelligence Service, calls the US dollar is an anachronism of the modern world economy.

Countries across the globe, including Russia, China, India, and others, have been working to diversify their foreign reserves away from the greenback.


And, as RT reports, the head of the Russian intelligence service has now voiced those concerns clearly - that the use of the dollar presents risks and more nations are looking into finding alternative tools for doing business.
"It seems abnormal that the United States, behaving so aggressively and unpredictably, continues to be the holder of the main reserve currency.”
“Due to the objective strengthening of multipolarity, the monopoly position of the dollar in international economic relations becomes anachronistic. Gradually, the dollar is becoming toxic.
And it's not just talk, as RT notes, Russia has taken concrete steps towards de-dollarizing the economy. So far, Moscow has managed to partially phase out the dollar from its exports, signing currency-swap agreements with a number of countries, including China, India, and Iran. Russia has recently proposed using the euro instead of the US dollar in trade with the European Union.
This comes on the heels of Malaysian Prime Minister Dr. Mahathir Mohamad proposing a gold-backed currency as a unit of account for trade between East Asian nations.
“For the past 40+ years we’ve tried to remove ourselves from a gold standard, we pretended it doesn’t exist... and that failed because gold is always telling the truth... and you don’t have to trust to somebody printing up a whole bunch of money,”​
Today's currency trading is manipulative, he added.

https://www.zerohedge.com/news/2019...intel-chief-slams-aggressive-unpredictable-us
It seems that Russia, China and the_shootist have the same basic monetary methodology in place! Dump the paper and stack the money!
 

gnome

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#3
As usual with Russia...absolutely right and the pot calling the kettle black.
The russian ruble:
 
Last edited:

Peter52

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#4
Mahathir's Asian Gold Currency Is A Return To Asian Values

"Speaking truth to power" is nice, I guess, but "speaking truth while in power" is exquisite. Mahathir Mohammad, prime minister of Malaysia, recently proposed a pan-Asian currency based on gold, using the very public forum of the International Conference on the Future of Asia in Tokyo for this opportunity.

Mahathir certainly ranks among Asia's great leaders, having well earned his position among the pantheon of superstars including Singapore's Lee Kuan Yew, China's Deng Xiaoping, and Japan's Ikeda Hayato.

During his earlier term as prime minister of Malaysia in 1981-2003 (yes, it was 22 years), Malaysia rose from an economy of subsistence rice agriculture, rubber and palm oil plantations, and tin mining to an industrial manufacturing center with a prosperous and modern middle class. Malaysians apparently know a good thing when they see it, so again in 2018 they raised the 93-year-old Mahathir to the country's top job.

Mahathir proposed that this gold-based currency would serve as an alternative currency throughout Asia, used in international trade and investment, perhaps in much the same way as the dollar serves as an alternative currency today, alongside independent local currencies.

"At the moment we have to depend upon the U.S. dollar but the U.S. dollar is also not stable. So the currency that we propose should be based on gold because gold is much more stable," he said at the conference.

Mahathir's proposal has many similarities to proposals that he has made at least as far back as the Asia Crisis of 1997-1998, when many Asian currencies collapsed.
Then, and continuing at least through 2007, Mahathir proposed a "gold dinar" again for international use among Islamic countries (in Asia this includes Malaysia and Indonesia, along with many countries of the Middle East).
The Islamic countries have a very long history of a gold dinar, a gold coin containing 4.5 grams of gold. The dinar (and its precursor, the Byzantine solidus) was the basic currency of the Islamic Caliphates from the seventh century through the thirteenth century, and the tradition carried on after that as well.

Muammar Gaddafi of Libya also made similar comments in favor of a common gold-standard policy for Islamic North Africa, and Africa as a whole. Some people think that the perceived threat of this plan, to the hegemony of the floating fiat U.S. dollar, was one motivation for the invasion of Libya by U.S.-led NATO forces in 2011, which cemented Gaddafi's downfall.

Mahathir noted that, in Asia, the idea of adopting another country's currency (such as the yuan or yen) is not popular, due to fears of a loss of sovereignty. Thus, the idea of an "international currency" is apparently to defuse such fears.
However, in time, if the project is popular, local currencies could also follow the policy of linking to gold, which would thus bring all of Asia under a common currency standard.
This solution would also maintain domestic currency sovereignty without the need for centralized institutions like the European Central Bank, and all the supranational superstructure that has accompanied it, which Britain, and possibly Italy, are now trying to escape.


https://www.forbes.com/sites/nathan...ncy-is-a-return-to-asian-values/#320b925f3870