by Don Hank
My recent article on dedollarization (http://www.renewamerica.com/columns/hank/141009) mentioned several countries that were dedollarizing but not the UK, which had not yet joined the fray.
However, the UK has meanwhile taken the most significant and daring step of all. Friday’s morning paper says the United Kingdom is issuing SOVEREIGN BONDS denominated in…are you ready for this?
RENMINBI… You can now buy UK bonds denominated in the Chinese yuan!
The UK is the first Western country to do such a thing. Their other bonds were denominated in USD, euros, Japanese yuan and Canadian dollars.
However, don’t expect the MSM will ever call this “dedollarization,” even thought that is exactly what it is intended.
Anyone who believes that dedollarization is limited to Russia and the BRICS or who believes that dedollarization is not going to affect the supremacy of the dollar in world trade is on the wrong track — the same track on which the freight train is bearing down on us all.
Time to get off that track.
What is that track called?
It is called bullying by the US oligarchy (relax, Mr. American. YOU have nothing to do with this. Your government is not your own. But a word of caution: believing the MSM propaganda makes you unwittingly complicit). Read about it here.
The remedy is called dedollarization, though none dare name its name, as you may read here:
QUOTE: The French Finance Ministry said it was instead seeking support from EU partners to bolster the use of the euro in international business as a way of reducing the potentially very costly exposure of European firms to U.S. sanctions law. [the term dedollarization is commonly found in the world press but a search with that word on the sites of major online US newspapers brings up next to nothing, as my article linked above shows. Trusting these news outlets can only bring you pain in the long run]
You see? The US oligarchy, acting like the kid who steals your lunch money, thinks its power is unlimited, but it ignores the signs that the rest of the world is sick of being the 90-pound weakling and is beefing up its arsenal to fight back. This feeling of utter invincibility (a misguided sense of American exceptionalism) on the part of US oligarchs is one reason why none of the major news outlets like NYT, WSJ, and even Stratfor will ever talk about dedollarization. They are all victims of normalcy bias. “It can’t happen to us.” (Here again is my article on dedollarization and the way the press spikes the story)
It is happening right now, but as long as the MSM is muzzled, or muzzle themselves, Americans will be blind-sided by the impact of a world using currencies other than the dollar and the resulting loss of the dollar’s value.
Further, none of this news even touches on Russia, but Russia is also the victim of costly sanctions and a stealth program aimed at destroying its trade relations with one of its most important partners, ie, Ukraine. The Soros-induced uprising in Ukraine is falsely portrayed as “spontaneous” but it is anything but (how do we know Soros was behind it? He said so as shown here. But the US government also played a large role, as Victoria Nuland admitted here). The meddling in Ukraine was motivated in large part by the Wolfowitz doctrine of isolating Russia. But it is backfiring big time, as reflected by another item in today’s news:
Quote: Germany is the major EU economy most exposed to the Ukraine crisis, given its strong bilateral trade relationship with Russia. In September, the ZEW Index of German business confidence plunged again – hitting a nine-year low.
Here it comes, Folks. The unintended consequences of meddling by the US power elites are raining down on the entire world. Are you ready?
If I had some extra cash, I would invest in one of those renminbi-denominated bonds from the UK or Russia.