Monday, May 20, 2019

Tag: Bretton Woods

Global Trumpism: Why Trump’s Victory Was 30 Years in the Making and Why It...

Trump's victory was predictable, and was predicted, but not by looking at polls. Polling has taken a beating recently having failed to predict the victory of David Cameron's Conservative Party in the British general elections, then Brexit, and now the election of Donald Trump. One can argue about what’s...

Song Xin: Increase Gold Reserves And Join SDR

The Chairman of the China Gold Association and General Manager and Party Committee Secretary of China National Gold Group Corporation, the latter being China's largest gold mining enterprise, is Song Xin and happens to be one of my favorite commentators in China. This gentleman made waves in July 2014...

IMF admits disastrous love affair with the euro and apologises for the immolation of...

The International Monetary Fund’s top staff misled their own board, made a series of calamitous misjudgments in Greece, became euphoric cheerleaders for the euro project, ignored warning signs of impending crisis, and collectively failed to grasp an elemental concept of currency theory. This is the lacerating verdict of the IMF's...

Alan Greenspan wants the US to go back on the gold standard

"Under a gold standard, the amount of credit that an economy can support is determined by the economy’s tangible assets, since every credit instrument is ultimately a claim on some tangible asset. The abandonment of the gold standard made it possible for the welfare statists to use the...

Brexit Accelerates the British Pound’s 100 Years of Debasement

In 1967, U.K. Prime Minister Harold Wilson declared devaluation wouldn’t diminish the “pound in your pocket.” Chancellor of the Exchequer Norman Lamont admitted he was heard “singing in the bath” after sterling’s link to the deutsche mark was severed in 1992, sending the currency tumbling. If history is any guide,...

Brexit, but Buy Gold

This Thursday — just 48 hours from now — the United Kingdom may soon make the greatest monetary blunder since 1925. That’s when Churchill returned sterling to gold at £4.25 per ounce, the pre-war price. Keynes warned Churchill a much higher price was needed to avoid deflation. Churchill ignored...

China Quietly Prepares Golden Alternative to Dollar System

China, as current chair of the G-20 group of nations, called on France to organize a very special conference in Paris. The fact such a conference would even take place in an OECD country is a sign of how weakened the hegemony of the US-dominated Dollar System has become. On...

The Illusion of Balkan Energy Security

Since strong pressure on the Bulgarian government back in 2014 caused her to stop construction of the Russian gas pipeline, South Stream, that was to have supplied Russian gas to the Balkans and on to Austria and Italy, Brussels has argued that the stop was necessary because of “regional energy...

China’s obsession with IMF’s accounting unit and forging new global financial order reaches new...

Beijing is reviving efforts to broaden use of Special Drawing Rights to achieve longstanding strategic aim of dethroning US dollar in international monetary system. It is just one line in a foreign exchange document, but it signals a renewed seriousness. Last week, China's central bank started publishing the nation’s foreign exchange...
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Special Drawing Right (SDR)

The SDR is an international reserve asset, created by the IMF in 1969 to supplement its member countries’ official reserves. As of March 2016, 204.1 billion SDRs (equivalent to about $285 billion) had been created and allocated to members. SDRs can be exchanged for freely usable currencies. The value...

Jim Rickards: The U.S. Dollar Is A Shadow Gold Currency – The New Case...

Get ready to dispose of your preconceived notions regarding the Federal Reserve and its take on gold! Is it possible that the Fed wants a higher gold price after all? That is what Jim Rickards reveals in this riveting interview with Palisade Radio. Upon quick review, the Federal Reserve today...

Why are Russia and China Buying Gold, Tons of it?

Gold is one of the most fascinating of all rare metals. Throughout all history it has been given a special, at times sacred or spiritual value, since six thousand years ago when the Egyptian Pharoahs’ tombs were filled with it to accompany the dead on their journey. In times...

James Rickards: You Are Going to See World Money

Why a reform of the financial system is inevitable, with or without crisis. An introduction to lawyer, portfolio manager, government adviser, lecturer, and author James Rickards could easily be five pages long. Sifting through his CV, it’s easier to pick the things he doesn’t do rather than listing all the...

Is China Being Wooed by Fantasies of Western Acceptance?

In the area of finance and creation of new financial institutions much hope of many nations has been placed on China. Last year China played a catalytic role in helping establish a new BRICS Infrastructure Development Bank to finance infrastructure projects in select emerging economies. Soon after Beijing announced...

Travails of a Bankrupt Hegemon

Slightly more than seven decades ago, when the United Nations was officially founded in San Francisco, there was no question in the world about who was the Great Power, the World Hegemon. Today the situation has radically altered to the severe disadvantage of Washington and her ability to dictate...

Special Drawing Rights (SDRs)

he SDR is an international reserve asset, created by the IMF in 1969 to supplement its member countries’ official reserves. Its value is currently based on a basket of four major currencies, and the basket will be expanded to include the Chinese Renminbi (RMB) as the fifth currency, effective...

China’s Offering a World Bank Alternative – and U.S. Allies Are Signing Up

Beijing is only too happy to offer an alternative to Western-dominated international finance. What's more surprising is that leading Western economies are signing up. “With friends like this, who needs enemies?” This must be what Washington policymakers muttered to themselves following the decision by their allies in London, Paris, Rome, and...

The Bank of International Settlements (BIS): Meet The Secretive Group That Runs The World

Over the centuries there have been many stories, some based on loose facts, others based on hearsay, conjecture, speculation and outright lies, about groups of people who “control the world.” Some of these are partially accurate, others are wildly hyperbolic, but when it comes to the historic record, nothing...

Europe’s economic powerhouses snub US, sign up to China-led World Bank

France, Germany and Italy have joined the UK in signing on to Asian Infrastructure Investment Bank, against US wishes. France, Germany and Italy on Tuesday joined the U.K. in signing onto the Chinese-led Asian Infrastructure Investment Bank (AIIB), brushing off Washington's reservations about the burgeoning institution and leaving the U.S....

3 European Powers Say They Will Join China-Led Asian Infrastructure Investment Bank

BRUSSELS - Ignoring direct pleas from the Obama administration, Europe’s biggest economies have declared their desire to become founding members of a new Chinese-led Asian investment bank that the United States views as a rival to the World Bank and other institutions set up at the height of American...

What the new bank of BRICS is all about

As World Cup fever recedes, this week in Fortaleza heads of state from Brazil, Russia, India, China, and South Africa (the so-called BRICS countries) agreed to establish a New Development Bank (NDB) at their summit meeting. They will have a president (an Indian for the first six years), a...

Manufacturing Dissent: The Anti-globalization Movement is Funded by the Corporate Elites

This article was first published in 2010. The author’s introductory quote was first formulated in 2001 in the context of the Summit of the Americas in Quebec City which was held a few months before 9/11. “Everything the Foundation did could be regarded as “making the World safe for...

Zhou Xiaochuan: Reform the International Monetary System

The outbreak of the current crisis and its spillover in the world have confronted us with a long-existing but still unanswered question,i.e., what kind of international reserve currency do we need to secure global financial stability and facilitate world economic growth, which was one of the purposes for establishing...

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