African central bank leaders are currently discussing whether to hold the yuan as part of their foreign reserves, highlighting the Chinese money’s rise as one of the world’s major reserve currencies.
Government officials from 14 African nations in eastern and southern Africa are meeting today (May 29) in the Zimbabwean capital Harare to discuss sovereign reserve management, according to a report from the official China press agency Xinhua. The forum is being held by the Macroeconomic and Financial Management Institute of Eastern and Southern Africa (MEFMI), a regional establishment with members including Angola, Kenya, Tanzania, Zambia, and Tanzania. Besides strategizing on how to improve the weakened external positions of member nations during the global economic downturn, policymakers will also debate how to keep pace with large shifts in the global economy, where China has risen as a dominant and disruptive player.
“Most countries in the MEFMI region have loans or grants from China and it would only make economic sense to repay in renminbi (Chinese yuan),” MEFMI spokesperson Gladys Siwela-Jadagu said. “With China as the largest trading partner of over 130 countries, the main challenge for African countries is how to benefit from the new pattern of international commerce,” she added.
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shared by Paul Merrell on 03 Jun 18
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China's yuan gets support from Africa central banks to replace US dollar reserve - Quartz - 0 views
qz.com/...s-to-replace-us-dollar-reserve
war & peace economic-warfare de-dollarization China yuan Africa
shared by Paul Merrell on 03 Jun 18
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The move underscores China’s push to internationalize its currency in order to promote trade and investment, besides boosting its soft power. This is especially true in the era of Xi Jinping whose extended rule and assertive governance are set to reshape the country’s diplomatic, military, and economic place in coming years. The move is also indicative of China’s emergence as a greater power willing to fill in a financial gap, especially in the isolationist post-Brexit and “America first” era.
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shared by Paul Merrell on 03 Jun 18
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Taliban operations span the entire country, Afghan Interior Ministry confirms | FDD's L... - 0 views
www.longwarjournal.org/...interior-ministry-confirms.php
war & peace Afghanistan Taliban sitrep casualties stats
shared by Paul Merrell on 03 Jun 18
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The Taliban are operating in all regions of Afghanistan and casualties among Afghan police have increased, according to the Ministry of Interior (MoI). The MoI statements confirms reporting by FDD’s Long War Journal and contradicts a recent press briefing by General John Nicholson, the outgoing commander of Resolute Support and US Forces- Afghanistan. The Taliban has launched “military offensives on multiple fronts across the country” and security forces “are tackling insurgents as part of their preplanned operations in at least 14 provinces,” TOLONews reported based on statements made by the spokesman for the MoI. “This year the activities of the enemy has increased compared to previous years. The number of our operations also indicates that this year the number of casualties unfortunately has also increased,” MoI spokesman Najib Danish said, according to TOLONews. TOLONews claims that its sources within the Interior Ministry state that “currently on average 50 members of the security forces are being killed and wounded each day.” Danish’s statement that the Taliban are operating in all areas of the country confirms a mid-May report by published by FDD’s Long War Journal. In that report, LWJ determined that the Taliban has targeted Afghan government forces in nearly all of Afghanistan’s 34 provinces, as the military focuses on the Taliban threat in Helmand and Kandahar. Additionally, LWJ reported, based on statements from Afghanistan’s Ministry of Defense, that the Taliban directly threaten seven provincial capitals. Additionally, the MoI’s confirmation that the Taliban is on the offensive is backed by data compiled by LWJ on the status of Afghanistan’s districts. Currently the Taliban controls or contests 60 percent of Afghanistan’s 407 districts. These statements directly contradict the highly optimistic assessment of the situation in Afghanistan given by Nicholson, as well as statements by Pentagon Spokesperson Dana White, who has described the Taliban as “desperate,” and said it “has lost ground” and “has not had the initiative.”
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One of the World's Safest Places for Banking Is Rocked by Scandals - WSJ - 0 views
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Commonwealth Bank of Australia ’s oversight of money transfers from that account to Lebanon last year was among many failures cited by the Australian federal government’s financial intelligence agency in its nearly US$530 million fine of the bank on Monday. If approved, the fine—meant to settle a lawsuit brought by the agency and founded on breaches of the country’s Anti-Money Laundering and Counter-Terrorism Act—would be the largest corporate civil penalty ever paid in Australia. Australia’s banks have long held a reputation for being among the world’s safest for investors. But a series of scandals over the past year has rocked the country’s top financial institutions. Commonwealth Bank has seen separate penalties for conduct in alleged interest-rate rigging and bad governance. On Friday, Australia & New Zealand Banking Group Ltd. said it would defend against criminal prosecution for alleged cartel conduct in a 2015 capital raising. A public inquiry into the sector, launched last autumn by Prime Minister Malcolm Turnbull, has heard accusations against Australia’s leading financial firms of inappropriate lending, collecting fees from dead customers for financial advice and lying to regulators. The tribunal has already claimed several big scalps. Beginning in late April, the chief executive, chairman and several board members at Australia’s largest wealth management company, AMP Ltd. , resigned after the company admitted it had misled regulators and been slow to compensate customers for fees charged for financial advice it didn’t deliver.
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Disoriented investors now fear tighter regulation of a sector that has reliably returned a run of record annual underlying profits and solid dividends. The government has already beefed up penalties for corporate wrongdoing, including prison time, and strengthened the corporate regulator’s investigative powers. Commonwealth Bank shares recently tumbled to 5-year lows.
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Those mistakes included not assessing the inherent risk of so-called intelligent deposit machines before mid-2015. Commonwealth Bank also didn’t limit the number of times that customers could deposit money each day, or create reports on thousands of deposits of A$10,000 (US$7,569) or more at the machines. These flaws created an architecture that money launderers could exploit, the financial-intelligence agency said.
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ANZ last month said it would scrap sales-based bonuses for financial planners while paying compensation in about 9,000 cases where it had provided inappropriate advice. And the banking industry has agreed to binding changes around conduct, including tightened background checks for employees and improved transparency around fees.
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U.S. Deploys Marines to Syria for Raqqa Operation Into Highly Disputed - Congested Thea... - 0 views
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The United States deployed U.S. Marines to northeastern Syria to provide artillery support for local forces in the upcoming assault against Islamic State in Raqqa. Turkey criticized the U.S. for supporting Syrian YPG/YPJ forces which Turkey designates as PKK-linked terrorists. So far, the Syrian government has not officially criticized the deployment but complained that Turkish forces targeted Syrian troops in Manbij. Turkey, for its part, has launched major operations against the PKK.
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The deployment of U.S. Marines to the region prompted disputes between Turkey and the United States. One of the central issues is the question whether U.S. troops should back the Syrian Democratic Forces (SDF) which are dominated by the PYD and its military wings, the YPG and the all female YPJ, or whether the U.S. troops should back Turkish-led fighters under the umbrella of the so-called Free Syrian Army (FSA). The dispute happens as Turkish, Syrian, Russian, and U.S. troops and the various factions are preparing the assault on an estimated 4,000 fighters of the Islamic State (a.k.a. ISIS, ISIL, IS, Daesh) who are controlling the city of Raqqa. Any of these troops, the newly deployed U.S. Marines included, are entering a highly contested and highly congested theater. The contingent of U.S. Marines arrives Thursday. Their role is to provide artillery support, most probably for the SDF which already have U.S. Special Forces and “advisers” deployed among their ranks. After the arrival of the U.S. troops on Thursday, Turkey’s Foreign Minister Mevlut Cavusoglu warned that Turkish forces would strike the PYD’s YPG/YPJ forces in Manbij. This would imply that Turkey would carry out strikes against forces which already have Special Forces from Turkey’s NATO ally USA amidst their ranks. However, Cavusoglu argued that the Kurdish occupation of the town of Manbij and or Raqqa are a hindrance to what he describes as Turkish efforts to carve out a safe zone in northern Syria. Cavusoglu gave no deadline though for an attac but accused Washington of being confused in its planning for an attack on the IS stronghold of Raqqa.
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The deployment marks an escalation of U.S. military involvement in Syria. Several hundred Special Operations troops have been advising the YPG-led Syrian Democratic Forces. Last weekend, some of those Special Forces, a hundred U.S. Rangers, deployed in Manbij in a bid to deter clashes between YPG fighters and Turkish-led fighters. The deployment comes as the administration of U.S. President Donald Trump debates a Raqqa plan drafted by Lt. Gen. Stephen Townsend, the U.S. commander overseeing the campaign against the Islamic State. However, on Thursday the top U.S. commander in the Middle East signalled that there will be a larger and longer American military presence in Syria, allegedly to accelerate the fight against the Islamic State group and quell friction within the complicated mix of warring factions there. Gen. Joseph Votel, head of U.S. Central Command, told Senators that he will need more conventional U.S. forces to insure stability once the fight to defeat Islamic State militants in their self-declared capital of Raqqa is over. The U.S. military, he said, can’t just leave once the fight is over because the Syrians will need help keeping IS out and ensuring the peaceful transition to local control.
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Surprisingly, the Syrian government has not lodged a formal complaint against the latest deployment. U.S. troops are operating in Syria without a mandate from the UN Security Council or an “official” invitation from Syria. It may be that an “unofficial” or classified agreement has been reached involving Syria, Russia and the USA, but so far no verifiable information about such an agreement has been made available to the press. However, there have been Syrian complaints about Turkish activities. A Syrian military source said on Thursday that Turkish military forces targeted positions held by the Syrian Arab Army (SAA) allied forces in Manbij with artillery and rockets. The Turkish shelling reportedly targeted border guard checkpoints and claimed several lives. Russian President Vladimir Putin and Turkish President Erdogan, for their part, met in an attempt to bolster Turkish – Russian relations. Adding complexity to the highly volatile situation is that the Syrian PYD and its military wings, the YPG / YPJ are traditional allies of Turkey’s Kurdistan Worker’s party (PKK). The PKK as well as the PYD have functioned as a Russian / Syrian / and in part Iranian version of what NATO forces would describe as stay-behinds (or proxies).
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Syrian War Report - March 9, 2017: Govt Forces Crash ISIS In Aleppo, Aim Raqqah | The V... - 0 views
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Meanwhile, the Pentagon is preparing to expand the military force deployed to Syria. The US military is expanding the Kobani Airport runway in order to be able to receive large transport aircraft, the Basnews agency, based in the capital of the Kurdistan Region of Iraq, reported on Monday, citing a source in the US-backed Syrian Democratic Forces (SDF). “The source explained that “the airport runway in the past was 1,100 meters long with the width of 60 meters, and it is expected to be expanded to 1,700 meters long and 110 meters wide,” adding that a four-meter-tall wall will also be erected around the airport,” the article reads. The Kurdish People’s Protection Units, which are the core of the SDF, have been allegedly discharged from protecting the area. The airport is now guarded by US troops. The intensification of the operation to retake Raqqah will push Washington to increase its military presence in Syria, deploying more troops, artillery pieces and other military equipment. These forces will likely be redeployed from Iraq after the end of the anti-ISIS operation in the western part of Mosul.
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Former Greek Finance Minister: Universal Basic Income Is Now A Necessity - 0 views
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Yanis Varoufakis and Noam Chomsky discuss the concept of a basic income guarantee also known as a universal basic income.
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In this video, former finance minister of Greece, professor of economics, author, and founder of the Democracy in Europe Movement 2025 (DiEM25), Yanis Varoufakis, argues why the Basic Income is a necessity today. His arguments take into account a macro socio-economic, psychological, philosophical and moral perspective. In addition to the speech, Varoufakis addresses a wide range of questions from the public. What is the social democratic tradition about? And how did influence Capitalism in the 20th century? Why is Social Democracy coming to an end? And how is the process of financialization & the rise of technology contributing to its demise? What is Bankruptocracy? What problems is it posing to our society? What is the current narrative on the relationship between the markets & state in terms of wealth generation? And how and why is a change required in this narrative in order to make the Basic Income a reality? What are the arguments are against a Basic Income? And how should they be confronted? How is a Basic Income aligned with the Libertarian philosophy? Will it promote freedom of choice and self-determination? How will a Basic Income promote creativity in our society? All of these questions and much more are addressed in the video:
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Coming to grips with the fact that we do and will not have jobs for everyone: Can basic income replace the failed welfare state system?
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U.S. deploys troops along Turkish - Syrian border as buffer between Kurds and Turkey - ... - 0 views
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The United States is deploying armored vehicles and a small number of troops along the Syrian – Turkish border after recent airstrikes killed about 20 Syrian – Kurdish fighters of the People’s Protection Unit (YPG). The YPG is a key member organization of the U.S. backed Syrian Democratic Forces (SDF).
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The troops and armored vehicles were deployed on Friday amidst increased tensions between the YPG and Turkey, as well as increased tensions between Turkey and Turkey’s Kurdistan Worker’s Party (PKK). Footage posted by Syrian activists online showed a convoy of U.S. armored vehicles driving on a rural road in the village of Darbasiyah in the Kurdish region of northern Syria, a few hundred meters from the Turkish border. Clashes in the area were reported Wednesday a day after the Turkish airstrike which also destroyed a Kurdish command headquarters. The YPG reported that a series of air strikes and attacks between April 25 and April 28 resulted in the death of at least 20 of their fighters. Both Russia, Syria and the United States expressed grave concerns about Turkey’s military actions against the YPG. All three stressed that Turkey should rather focus on fighting the self-proclaimed Islamic State (ISIS, ISIL, Daesh). The Turkish AKP government, for its part, considers the YPG as a terrorist organization on par and allied with the PKK. Moreover, Turkey strongly opposes the creation of a Kurdish state construct or a federal, predominantly Kurdish construct in northern Syria, fearing it would strengthen the PKK. Turkey is therefore counting on its cooperation with Islamist insurgents, often with links to Al-Qaeda affiliates, under the euphemism Free Syrian Army (FSA).
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Pentagon Spokesman, U.S. Navy Capt. Jeff Davis, did not dispute that U.S. troops are operating with elements of the Syrian Democratic Forces (SDF) along the Turkish border, but he would not get into specifics. The SDF is a Kurdish-dominated alliance fighting IS that includes Kurdish and Arab fighters as well as fighters from other local ethnic and other militia. Deserted Free Syrian Army officers and fighters are also part of the SDF. Davis commented “We have U.S. forces that are there throughout the entirety of northern Syria that operate with our Syrian Democratic Force partners,” Davis said. “The border is among the areas where they operate.” He said the U.S. wants the SDF to focus on liberating the IS-held town of Tabqa and the extremist group’s de facto capital, Raqqa, “and not be drawn into conflicts elsewhere.” In March 2016, about 200 Marines were deployed to Syrian Kurdistan backed with howitzers, significantly widening the U.S. support for the SDF, especially in the highly complex battlefield around Raqqa.
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The United States and Turkey have been openly at loggerheads over the Democratic Union Party (PYD) and its military wings, the YPG, and the all-female YPJ since October 2016. The government of the Syrian Arab Republic recognizes the YPG and SDF for their roles in fighting ISIS. Syrian President Bashar al-Assad, earlier this year, also recognized the United States role in supporting the YPG and SDF. In mid-April 2017, Syrian President Bashar Al-Assad said the Syrian government supports and will cooperate with anyone who liberates the city of Raqqa from the self-proclaimed Islamic State, the United States included. Assad stressed however, that help in fighting terrorism must not be confused with an attempt by the U.S. to occupy the country.
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shared by Paul Merrell on 29 Mar 17
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Ending Syria's Nightmare will Take Pressure From Below - 0 views
www.counterpunch.org/...-will-take-pressure-from-below
war & peace U.S.-foreign-policy Syria Trump-administration Syria-Balkanization
shared by Paul Merrell on 29 Mar 17
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On Wednesday, the US airlifted hundreds of mainly-Kurdish fighters to an area behind ISIS lines where they were dropped near the town of al-Tabqa. The troops– who are part of the US-backed Syrian Democratic Forces or SDF– were accompanied by an undisclosed number of US Marines serving as advisors. Ostensibly, the deployment was intended to encircle ISIS positions and retake the area around the strategic Tabqa Dam. But the operation had the added effect of blocking the Syrian Arab Army (SAA) from advancing along the main road towards Raqqa, the so called Capital of ISIS. While the blocking move might have been coincidental, there’s a strong possibility that Washington is in the opening phase of a broader strategy to splinter the war-torn country and prevent the reemergence of a united secular Syria. According to Almasdar News: “The Coalition supported the offensive with air movement and logistical support, precision airstrikes, Apache helicopters in close air support, Marine artillery, and special operations advice and assistance to SDF leadership,” the US-led coalition said in a statement.” (AMN News) In a matter of weeks, Washington’s approach to the war in Syria has changed dramatically. While the US has reportedly ended its support for the Sunni militias that have torn the country apart and killed over 400,000 people, the US has increased its aid to the SDF that is making impressive territorial gains across the eastern corridor. The ultimate goal for the SDF fighters is an autonomous Kurdish homeland carved out of West Iraq and East Syria, while US objectives focus primarily on the breakup of the Syrian state, the removal of the elected government, the control over critical pipelines routes, and the redrawing of national borders to better serve the interests of the US and Israel.
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The most recent adaptation of Yinon’s plan was articulated by Brookings Institute analyst Michael O’ Hanlon in a piece that appeared in the Wall Street Journal titled “A Trump Strategy to End Syria’s Nightmare”. In the article, O’ Hanlon states bluntly: “To achieve peace, Syria will need self-governance within a number of autonomous zones. One option is a confederal system by which the whole country is divided into such zones. A less desirable but minimally acceptable alternative could be several autonomous zones within an otherwise still-centralized state—similar to how Iraqi Kurdistan has functioned for a quarter-century…. Security in the Sunni Arab and Kurdish autonomous zones would be provided by local police and perhaps paramilitary forces raised, trained and equipped with the direct support of the international community. …(“A Trump Strategy to End Syria’s Nightmare”, Wall Street Journal) In an earlier piece, O’ Hanlon referred to his scheme as “Deconstructing Syria” a plan that “would produce autonomous zones that would never again have to face the prospect of rule by either Assad or ISIL.” Many of the details in O’ Hanlon’s piece are identical to those in Trump’s plan which was announced by Secretary of State Tillerson just last week. The Brookings strategy appears to be the script from which the administration is operating.
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In his presentation, Tillerson announced that US troops would not leave Iraq after the siege of Mosul was concluded which has led many to speculate that the same policy will be used in Syria. Here’s an excerpt from an article at the WSWS that explains this point: “US Secretary of State Rex Tillerson declared Washington’s intention to keep troops deployed more or less indefinitely in the territories now occupied by Islamic State in Iraq and Syria in remarks delivered at the beginning of a two-day meeting of the US-organized anti-ISIS coalition in Washington. “The military power of the coalition will remain where this fraudulent caliphate has existed in order to set the conditions for a full recovery from the tyranny of ISIS,” he told an audience that included Iraqi Prime Minister Haider al-Abadi. He gave no indication of when, if ever, US troops could be withdrawn from a war zone extending across Iraq and Syria, where there has been fighting of greater or lesser intensity throughout the 14 years since the US first invaded Iraq.” (Tillerson pledges long-term US military role in Iraq and Syria, World Socialist web Site) US Defense Secretary James “Mad Dog” Mattis reinforced Tillerson’s comments adding that the US plans a indefinite occupation of Iraq (and, possibly, Syria) stating that it was in America’s “national interest.”
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“We will pursue a new foreign policy that finally learns from the mistakes of the past…We will stop looking to topple regimes and overthrow governments…. Our goal is stability not chaos, because we want to rebuild our country [the United States] …In our dealings with other countries, we will seek shared interests wherever possible and pursue a new era of peace, understanding, and good will.” There won’t be any peace under Mattis or McMaster, that’s for sure. Both men are anti-Moscow hardliners who think Russia is an emerging rival that must be confronted and defeated. Even more worrisome is the fact that uber-hawk John McCain recently stated that he talks with both men “almost daily” (even though he has avoided talking to Trump since he was elected in November.) According to German Marshall Fund’s Derek Chollet, a former Obama Pentagon official. “(McCain) is trying to run U.S. defense policy through Mattis and effectively ignore Trump.” (Kimberly Dozier, Daily Beast contributing editor) Chollet’s comments square with our belief that Trump has relinquished his control over foreign policy to placate his critics.
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In response to Mattis’s comments, Syrian President Bashar al Assad said: “Any military operation in Syria without the approval of the Syrian government is illegal, and any troops on the Syrian soil, is an invasion, whether to liberate Raqqa or any other place. …The (US-led) coalition has never been serious about fighting ISIS or the terrorists.” Clearly, Washington is using the fight against ISIS as a pretext for capturing and holding territory in a critical, energy-rich area of the world. The plan to seize parts of East Syria for military bases and pipeline corridors fits neatly within this same basic strategy. But it also throws a wrench in Moscow’s plan to restore the country’s borders and put an end to the six year-long conflict. And what does Tillerson mean when he talks about “interim zones of stability” a moniker that the Trump administration carefully crafted to avoid the more portentous-sounding “safe zones”. (Readers will recall that Hillary Clinton was the biggest proponent of safe zones in Syria, even though they would require a huge commitment of US troops as well as the costly imposition of a no-fly zone.) Tillerson’s comments suggest that the Trump administration is deepening its involvement in Syria despite the risks of a catastrophic clash with Moscow. Ever since General Michael Flynn was forced to step down from his position as National Security Advisor, (Flynn wanted to “normalize” relations with Russia), Trump has filled his foreign policy team with Russophobic hawks who see Moscow as “hostile revisionist power” that “annex(es) territory, intimidates our allies, develops nuclear weapons, and uses proxies under the cover of modernized conventional militaries.” Those are the words of the man who replaced Flynn as NSA, Lt. General HR McMaster. While the media applauded the McMaster appointment as an “outstanding choice”, his critics think it signals a departure from Trump’s campaign promise:
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Washington’s Syria policy is now in the hands of a small group of right-wing extremists who think Russia is the biggest threat the nation has faced since WW2. That’s why there’s been a sharp uptick in the number of troops deployed to the region.
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shared by Paul Merrell on 22 Dec 17
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Countries defy Trump, approve Jerusalem UN resolution | SBS News - 0 views
www.sbs.com.au/...pprove-jerusalem-un-resolution
war & peace U.S.-foreign-policy Jerusalem-embassy UNGA-resolution
shared by Paul Merrell on 22 Dec 17
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More than 100 countries defied President Donald Trump on Thursday and voted in favour of a United Nations General Assembly resolution calling for the United States to withdraw its decision to recognise Jerusalem as Israel's capital.The motion was adopted with a decisive vote of 128 to nine, with 35 abstentions.President Donald Trump had warned ahead of the vote in the 193-nation assembly that "we're watching" and threatened reprisals against countries backing the measure, which reaffirms that the status of Jerusalem must be resolved through negotiations.
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Seven countries - Guatemala, Honduras, Togo, Micronesia, Nauru, Palau and the Marshall Islands - joined Israel and the United States in opposing the measure.
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Trumnp's threats softened the blow: 35 abstentions and 21 nations that didn't show up. But still, the U.S. and Israel held the pariah's position on this one.
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shared by Paul Merrell on 22 Dec 17
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176 nations at UN call for Palestinian statehood - Arab-Israeli Conflict - Jerusalem Post - 0 views
www.jpost.com/...r-Palestinian-statehood-518535
war & peace Palestine Israel Occupation natural-resources
shared by Paul Merrell on 22 Dec 17
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he General Assembly voted 176-7 on Tuesday to affirm the Palestinian right to self-determination, one day after Palestinian Authority President Mahmoud Abbas pledged to renew his quest for state membership in the international body.The vote is nonbinding and has no impact beyond underscoring international support for Palestinian statehood among most of the UN’s 193 members.
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The United States, Canada and Israel were among the seven that opposed the text; four states abstained.While the General Assembly approves a similar text each year, PLO Ambassador to the UN Riyad Mansour said this year’s vote had to be seen within the context of international opposition to US President Donald Trump’s declaration that Jerusalem is the capital of Israel.
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It is one of a number of moves the Palestinians are taking at the UN this week to underscore their claim that Israel and the US are isolated on the world stage when it comes to the Israeli- Palestinian conflict.On Wednesday, the General Assembly will vote on a resolution stipulating the right of the Palestinian people to their natural resources in “occupied territory,” Mansour added. This includes the West Bank and east Jerusalem.But the PLO needs Security Council approval to become a UN member state, which means that the US can block its momentum.The PLO is seeking a way to circumvent the US; to date there are few UN organs that provide an alternative to a Security Council vote.The primary organ for neutralizing the Security Council is the General Assembly’s Uniting for Peace Resolution 377A, approved in 1950 to neutralize the Soviet Union’s power at the Security Council, which at the time was blocking action on Korea.Since then, the General Assembly has held 10 emergency session under Resolution 377A, half of which have been about Israel.The last one was opened in 1997 over Israeli construction in Jerusalem’s Har Homa neighborhood, located over the Green Line. Eighteen General Assembly meetings have been held under that session’s title.The last such emergency session was in 2009, regarding the IDF’s Operation Cast Lead against Hamas in the Gaza Strip.
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shared by Paul Merrell on 13 Aug 18
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Russia Finance Minister: We May Abandon Dollar In Oil Trade As It Is Becoming "Too Risk... - 1 views
www.zerohedge.com/...il-trade-it-becoming-too-risky
war & peace economic-warfare Russia de-dollarization
shared by Paul Merrell on 13 Aug 18
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One month ago, the bond market and political pundits did a double take when according to the latest Treasury International Capital report, Russia had liquidated virtually all of its US Treasury holdings, selling off the bulk of its US government bonds in just two months, March and April.
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And with the US threatening to impose a new set of "crushing" sanctions on Russia, including in retaliation for the alleged Novichok nerve gas attack in the UK, Russia not only intends to continue liquidating its US holdings, but to significantly reduce its reliance on the US Dollar. Speaking in an interview for the Rossiya 1 TV channel, Finance Minister Anton Siluanov said that Russia "aims to keep reducing its investments in American securities" following new U.S. sanctions and said that the "US dollar is becoming an unreliable tool for payments in international trade." The minister also hinted at the possibility of using national currencies instead of the dollar in oil trade. "I do not rule it out. We have significantly reduced our investment in US assets. In fact, the dollar, which is considered to be the international currency, becomes a risky tool for payments," Siluanov noted.