This right here is beginning to be too much too soon. LOL America is going to hell on a hay basket.
The agreement is a symbolic blow to US global financial hegemony and a signal of Russia-China rapprochement –In a symbolic blow to U.S. global financial hegemony, Russia and China took a small step toward undercutting the domination of the U.S. dollar as the international reserve currency on Tuesday when Russia’s second biggest financial institution, VTB, signed a deal with the Bank of China to bypass the dollar and pay each other in domestic currencies.
–The so-called Agreement on Cooperation — signed in the presence of Chinese President Xi Jinping and Russian President Vladimir Putin, who is on a visit to Shanghai — was followed by the long-awaited announcement on Wednesday of a massive natural gas deal 10 years in the making.
“Our countries have done a huge job to reach a new historic landmark,” Putin said on Tuesday, making note of the $100 billion in annual trade that has been achieved between the two countries.
–Demand for the dollar, which has long served as a safe and reliable reserve currency in international transactions, has allowed the U.S. to borrow almost unlimited cash and spend well beyond its means, which some economists say has afforded the United States an outsize influence on world affairs.
–But the BRICS countries — Brazil, Russia, India, China and South Africa, a bloc of the world’s five major emerging economies — have long sought to diminish their dependence on the dollar as a means of reshaping the world financial and geopolitical order. In the absence of a viable alternative, however, replacing it has proved difficult.
–For its part, “China sees the dominance of the dollar in international trade transactions as a remnant of American global dominance, which they hope to overthrow in the years ahead,” said Michael Klare, a professor of peace and world security studies at Hampshire College. “This is a small step in that direction, to reduce the primacy of the dollar in international trade.”
Recent Posts: The Global Rewind | Talking about anything from around the world.
In my time blogging, I’ve often asked myself why do people do the things they do? Even when they are things that put them in risky situations that could possibly kill them. Most times these things are out of amusement and passion like this guy here. Wu Yongning, 26, was doing workouts at the top […]
Via NPR: Michael Slager, the white former police officer who was filmed killing an unarmed black man in North Charleston, S.C., has been sentenced to 20 years in prison. In sentencing Slager, who pleaded guilty earlier this year to a federal civil rights violation, the judge ruled Thursday that he committed second-degree murder and obstruction […]
- 8,790 hits
- Flaky Crust Jamaican Beef Patties Recipe
- Morehouse Grads Create Financial Service Start-Up with Black Millennial Men in Mind
- BLM Activist Says Philly School Resource Officer Assaulted His 8-Year-Old Son, Investigation Underway
- Angela Rye Has A Message For Omarosa ‘Bye Girl’
- Republican State Lawmaker Dan Johnson Accused of Sexual Assault Apparently Committed Suicide
- As Rape Allegations Emerge Against Russell Simmons, Some Don’t Know Who to Believe
- Roy Moore Won’t Concede in Alabama, But Jones Says ‘It’s Time to Move On’
- Oprah Winfrey to Receive Cecil B. DeMille Award at Globes
- Chicago Approves Paying $31M to 4 Wrongfully Convicted Men
- Omarosa Speaks Out After Parting Ways from White House