Subject: Finance, Monetary system
China Brazil claim for a new monetary system, from ePluribus Media, by Chris White, 24th March 2009.
……..Back in January and February China concluded a series of long term, 20 year, agreements for the supply of fuel with Russia, Venezuela and Brazil, and then later, a new set of agreements with Iran. China has also been making deals with Abu Dhabi and Saudi Arabia and with companies like Rio Tinto. In the US these are viewed as primarily financial deals, and discussed as loans, China is lending money. It could be though that these kinds of arrangements typify what Xiao Chuan means when he talks of separating commodity pricing and settlement from the credit functions of a reserve currency. There doesn’t need to be one single moment for the emergence of such a new arrangement. Just a series of continuing agreements for the long term supply of products and services where the deals are priced on a dollar unit of account and settled on the basis of a basket of non-dollar currencies mixed with gold and perhaps oil. These transactions wouldn’t need the creation of “money.” Balances would be closed out in whatever the reference basket was made up of.—-
Financial Sense University, As old per May 11th 2006!
Dollar in The Fall
Failure of Dollar: Source: Financial Sense University, as May 11th 2006
Comments: failure of actual Monetary System encompassing all currencies is hitting human imagination looking for “something” better. In less than 10 thousand years man have tried many forms of “money” interchange and lately from paper to plastic and more recently to e-money. In the hypothesis we are not going back to Paleolithic Era and with no depopulation catastrophes at sight the challenge seems not a trivial matter.
Tags: Xiao Chuan, Russia, Brazil, Venezuela, Abu Dhabi, Saudi Arabia, Medvedev, G20, exorbitant privilege, China Central Bank, Chris White’s blog, monetary system failure, mixed currencies,