Russia and China Dump the Dollar

As the web bots correctly predicted, November would be the start of a major tipping point. A Chinese missile launch off the coast of California, Ang San Suu Kyi's release from house arrest, Eric Cantona's call for a massive run on the banks, North Korea's missile attack on the South, a renewed European economic crisis (Ireland), and the stark reality that paying off a MERs mortgage will never result in free-and-clear title to the property coming to light are just some of the major markers that are tipping the scale as we head into 2011. Now this...

The Stench of US Economic Decay: Russia and China Dump the US Dollar
Dr. Paul Craig Roberts
Global Research

On Thanksgiving eve the English language China Daily and People’s Daily Online reported that Russia and China have concluded an agreement to abandon the use of the US dollar in their bilateral trade and to use their own currencies in its place.  The Russians and Chinese said that they had taken this step in order to insulate their economies from the risks that have undermined their confidence in the US dollar as a world reserve currency.

This is big news, especially for the news dead Thanksgiving holiday period, but I did not see it reported on Bloomberg, CNN, New York Times or anywhere in the US print or TV media. The ostrich’s head remains in the sand.


1 comment:

  1. Announcement: at the request of Géraldine Feuillien I split from BankRun of 2010 in order to allow her to fully enjoy the fruits of her labor. Henceforth I call my movement Le Run on The Bank. and its goal is January 6.

    I am not a man, I'm Cantona.

    Annonce: à la demande de Géraldine Feuillien je me suis dissocié du BankRun 2010 dans le but de lui laisser jouir pleinement du fruit de son travail. Désormais j'appelle mon mouvement Le Run on the Bank. et son objectif est le 6 Janvier.

    Je ne suis pas un homme, je suis Cantona.

    Anuncio: a petición de Géraldine Feuillien que se separó de BankRun 2010 para que le permitiera disfrutar plenamente de los frutos de su trabajo. De ahora en adelante que yo llamo mi movimiento Le Run on the Bank. y su objetivo es 6 de enero.

    Yo no soy un hombre, soy Cantona.