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Showing posts with label bi-lateral trade. Show all posts
Showing posts with label bi-lateral trade. Show all posts

Saturday, June 3, 2017

India and Russia may soon conduct trade using bi-lateral currencies as India begins negotiations to join the Eurasian Economic Union

When the Chairman of the World Economic Forum (Davos) said earlier today at the St. Petersburg International Economic Forum (SPIEF) that the Russian based conference is now on par his own global confab, he wasn't pulling any punches because the reality is, SPIEF has become one of the most important global get-togethers between nations and businesses in the world.
Klaus Schwab, the founder and executive chairman of the Davos World Economic Forum (WEF), acknowledged that the St. Petersburg International Economic Forum (SPIEF) has now become as well-known and prestigious as WEF, Sberbank CEO German Gref said Saturday. 
MOSCOW (Sputnik) — The CEO of the largest Russian bank noted that a forum's success cannot be measured by the number of agreements signed at the event because a lot of work precedes any deal and a forum is only used as a platform for signing the agreement. 
"As a whole the forum, the organization of the forum is on a good level. The founder and head of the Davos World Economic Forum professor Schwab… said that if before we were transferring experience to the St. Petersburg Forum, now we can state that we are the two equal forums. It is a very high appraisal from a person who had created the largest forum in the world," Gref said. - Sputnik News
And as an example for just how much SPIEF has become economically important to global finance, on June 3 India signed on with Russia to conduct negotiations about joining up with the Eurasian Economic Union (EEU), and to perhaps one day soon begin conducting trade in each other's bi-lateral sovereign currencies.

The Russia-led Eurasian Economic Union (EAEU) and India signed a petition on the beginning of talks to establish a free trade area, a Sputnik correspondent reported Saturday. 
The petition was concluded during the St. Petersburg International Economic Forum (SPIEF) by Eurasian Economic Commission (EEC) Trade Minister Veronika Nikishina and India's Commerce and Industry Minister Nirmala Sitharaman. 
"We are at the very beginning of this road. Usually such difficult negotiations are carried out for several years. That is why we do not know when they will finish. But we will try to implement it in a reasonable timeframe. A period of two to three years will be a very successful result," Nikishina told Sputnik. - Sputnik News
Regarding bi-lateral currency use:
Moscow and New Delhi have not yet worked out details on when to introduce bilateral trade in national currencies, Nirmala Sitharaman, India's Minister of State for Commerce and Industry, told Sputnik on Saturday. 
On Thursday, Russia and India signed a joint declaration on coordinating efforts to introduce trade in national currencies to reduce dependence on other currencies.
India is the seventh largest global economy and already a member of the BRICS coalition.  So to have them embarking on a quest for de-dollarization when it comes to future trade agreements will manifest into an incredibly shocking blow to dollar hegemony.

Tuesday, May 2, 2017

Japan to join China in weaning Asian economies off the dollar by facilitating direct yen currency swaps

Despite the fact that Japan is lacking a equivalent payments system to SWIFT like China now has, they will soon be joining the world's second largest economy in helping to wean the rest of Asia off the dollar by facilitating direct bi-lateral currency swaps.

Focusing primarily on the ASEAN economies, and jumping in as a competitor to the Yuan's growing dominance in the region, Japan is preparing to introduce a new program that will seek to establish currency swap agreements with most Asian countries that will include allowing them to use the Yen as a currency reserve, and even as a medium of exchange to buy or sell dollars.

Image result for japan currency swaps
Japan seeks to establish bilateral currency swap frameworks with members of the Association of Southeast Asian Nations as a hedge against tight fund supplies in a financial crisis and also as a counter to the growing influence of the yuan. 
The Finance Ministry will propose the initiative soon. Japan's finance minister and central bank chief will meet with their ASEAN counterparts for the first time in four years, to coincide with the Asian Development Bank's annual meeting starting May 4 in Yokohama. 
Tokyo hopes the initiative will make Asian countries' financial systems and currencies more stable. Its first negotiations will involve Indonesia. 
The swap arrangements would let Japan supply foreign banks and other institutions with yen funds chiefly via the respective country's central bank. Financial institutions could unwind yen holdings under that framework, which may improve liquidity and stem the ripple effect during a financial crisis. 
ASEAN countries could even procure the dollar with the yen, then employ the greenback in propping up their own currencies. 
Japan's move comes as ASEAN members look to wean themselves off the dollar, a trend that could support wider adoption of the yen. In 2015, Vietnam set a zero interest rate on dollar deposits in a bid to encourage the use of other currencies. Indonesia mandates that settlements made inside its borders be in the rupiah. 
Japan also is taking aim at China, which is busy trying to internationalize the yuan. The International Monetary Fund says the yen accounts for 4.21% of foreign currency reserves held by countries, beating the yuan's 1.07%. However, Beijing has entered into bilateral currency swap agreements with Malaysia, Thailand and other Asian countries. Singapore and the Philippines decided to add the yuan to their foreign currency reserves last year. - Nikkei Asia

Thursday, March 9, 2017

Russian bank follows Japan's lead in bypassing the dollar through connecting to China's CIPS system for interbank settlement

Last month, several Japanese banks took the unprecedented step in bypassing SWIFT and the dollar by connecting directly to China's CIPS platform for interbank settlement.  Now on March 9, Russia is following suit as one of their largest banks announced today that they are officially connecting to CIPS to conduct their own interback settlement with China that will no longer require intervention with the global reserve currency.

Image result for china and russia against the us
Russia's VTB Bank has been successfully connected to Chinese-based Cross-Border Inter-Bank Payments System (CIPS), the bank said on Wednesday. 
"VTB has been linked up to the system via correspondent banks and has successfully completed test operations in late 2015. We are monitoring the development of the introduction of the next phase of the CIPS, which is supposed to increase the operational efficiency of transactions," VTB's press office said in a statement. - Sputnik News
China officially opened their CIPS messaging platform last October as a way to both expand internationalization of the RMB, and to allow for much easier processing between nations in their bi-lateral trade agenda.  And over time the cost savings for both sides of the trade equation will be significant since trade partners will no longer be required to pay currency swaps to SWIFT in their having to buy dollars to act as a medium of exchange.

As more and more nations find direct bi-lateral trade a better and more equitable way of conducting commerce between economies, the less need there will be for countries to have to buy dollars to function in antiquated trade models.  And at the leading edge of this is China, who through coalitions such as the Shanghai Cooperation Organization and Silk Road projects are steadily expanding the idea of direct trade, and in the natural currencies held by each respective partner.

Friday, February 3, 2017

Long time U.S. vassal state Japan to bypass dollar and SWIFT to transact using China's CIPS system in inter-bank settlement

Ever since China began to duplicate Western financial institutions starting in 2013, more and more nations have begun matriculating towards the East, and away from dollar hegemony.  And one of the most important of these new infrastructures is the Chinese CIPS platforms which functions for the RMB the same way SWIFT does for the dollar.

Yet unlike the way SWIFT charges for swaps when nations have to use the dollar as a middleman since it still reigns as the world's singular reserve currency, CIPS allows for much lower transaction fees and the convenience of bypassing the U.S. currency through direct bi-lateral currency settlement.

Hiroshima Bank and 13 other Japanese regional banks will connect to an interbank payment network that enables direct yuan wiring to mainland China -- a move that will lower transaction fees and boost convenience for customers. 
Joining the China International Payments System will reduce fees and processing days. Juroku Bank and Joyo Bank are also among the Japanese banks taking advantage of the system introduced by the People's Bank of China. They will be connected one by one after the end of the Chinese New Year holidays via the Bank of Tokyo Mitsubishi UFJ, which connected to the system last year. 
Previously, payments to mainland China had to be processed by clearing banks such as those in Hong Kong. CIPS can cut costs by several dollars (10 yuan equals $1.45) per transaction. Payments can be completed on the same day if certain conditions are met. - Asia.Nikkei

As the world continues to reject the dollar and the old financial model of a singular reserve currency, more countries are seeing the benefits of transacting in a bi-lateral environment.  And once enough of these nations decides to follow this new economic model being laid out from Beijing, and create the critical mass needed to bypass the dollar completely, then the reserve currency will simply fade away via de facto consent, and force change onto the Western institutions that have run the global financial system for decades.

Tuesday, December 22, 2015

Everyone rushing to dump U.S. dollars as October sees decline of almost $150 billion

A new report came out on Dec. 15 from the U.S. Treasury Department showing the overall foreign holdings of U.S. Treasuries and dollar based reserve instruments.  And for the month of October, nearly $150 billion was divested from global accounts, and marks the biggest dumping of dollars in any month of this year.
A combination of the acceptance and expansion of the Yuan currency, and the need for nations to protect their economies by dissolving their reserves are primarily to account for this dollar dumping.  And it is expected that when we get to see November and December’s numbers by the Treasury Department, the selloff will be much greater as more options become available for nations to transact outside the reserve currency.

Read more on this article here...

Monday, September 28, 2015

China adds new Eurasian country into its fold of bi-lateral currency and trade nations

On Sept. 27 China announced a new agreement with the nation of Georgia to conduct currency swaps and direct bi-lateral trade using each others currencies.  This move adds another nation into the fold of trade partners that will function outside the dollar, and widens the growing cracks that are hemorrhaging within the polar dollar reserve currency system.
Since 2013, China, along with the rest of the BRICS nations, have embarked on a global effort to bring a return to bi-lateral trade and end the singular reserve currency system that has been part of America’s hegemony for more than 70 years.  And with recent agreements signed last week with Britain and Argentina, this new one with Georgia will also help bandage sour relations they have with Russia since it will engender trade among the BRICS countries that doesn’t necessarily affect geo-political grievances.

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Monday, September 21, 2015

China approves new agreement with Argentina for bi-lateral trade in own currencies

Argentina has gone through extreme economic turmoil over the past few years, including a default on their sovereign bond obligations that has put their nation in financial extremes that are even affecting their political system.  But like Iceland, who chose to suffer a short term recession in exchange for punishing the bankers who created their financial crisis, the country may now be looking for new ways to get out from under the Western backed monetary system of control.
On Sept. 20, China authorized the creation of a Yuan swap-line agreement with Argentina which will facilitate direct bi-lateral trade between the two countries using the RMB instead of the dollar.

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Friday, September 4, 2015

U.S. sanctions on Russia backfiring as Japan looks to increase Rouble-Yen swaps

Ever since the end of World War II, Japan has been little more than a vassal state for Washington, and all one has to do is look at a recent financial scheme in which the Far Eastern economy sold out its own people to the U.S. by allowing all their pension funds to be replaced with dollar based Treasuries.
Yet even as Koruda and Abe raise their hands in salute to their Western masters in most things financial, one policy that the U.S. has imposed upon the world is forcing Japan to re-evaluate their own programs and it may be beginning with their trade agreements they have with Russia.
Japan Bank for International Cooperation (JBIC) is turning to currency swaps as using the US dollar in transactions is difficult because of the Western anti-Russia sanctions, the bank’s senior managing director said answering a question from Sputnik. 
“We’re now studying that [the effects of ruble devaluation]. We need some of the swap arrangements with the local banks. We are elaborating opportunities with Russian banks such as Gazprombank, VTB, VEB… Because of the US sanctions, we cannot use the US dollar anymore, we have to switch to other currencies,” Tadashi Maeda said on Thursday, speaking after a conference at the Eastern Economic Forum (EEF) in the Russian city of Vladivostok. - Sputnik News

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