The Israel Deception

Is the return of Israel in the 20th century truly a work of God, or is it a result of a cosmic chess move to deceive the elect by the adversary?

Showing posts with label imf. Show all posts
Showing posts with label imf. Show all posts

Saturday, April 22, 2017

Fear of bank runs and insolvency behind IMF's newest proposal for elimination of cash

While both the Fed and the mainstream media will never tell the truth on how solvent or insolvent a bank is right up to the day when they go under or collapse, the IMF a few weeks ago issued a new report pushing for the elimination of cash as the means to keep account holders from taking their money out of domestic and global institutions.

The fear of bank runs and all out bank insolvencies are what are at the heart of the IMF's push to eliminate physical cash and bring all economies under the dominion of a digital system according to the former head of Germany's Federal Association of German Industry in an interview he participated in on April 21.

Image result for the move to eliminate cash is to stop bank runs
In its recent report, the International Monetary Fund (IMF) proposed to abolish cash and recommended to adopt measures in order to restrict its use. In an interview with Sputnik Germany, former head of the Federal Association of German Industry (BDI) Hans-Olaf Henkel said that this "could lead to terrible consequences." 
Henkel believes that one of the main reasons behind this proposal is the desire of financial institutions to force people to keep their money in banks. 
"The European Central Bank (ECB) does not want that depositors to keep their money under the pillow. If any bank in Europe goes bankrupt, then depositors have a guaranteed right that the state will return them the amount of up to 100,000 euros. But not more," the economist told Sputnik Germany. 
So, if a bank goes bankrupt, people who have savings of over 100,000 euros will remain with nothing. Thus, many keep their cash not in banks, Henkel argued. - Sputnik News

Thursday, January 19, 2017

Newly disclosed documents show CIA involved in gold manipulation and pushing IMF's SDR as a 'gold replacement'

Earlier this week, the CIA released millions of formerly classified documents that involved many of their plans and operations over the past 50 years.  And one interesting disclosure involves how the CIA was focused on controlling the gold markets through the London Fix, and how pushing the IMF's SDR could potentially be a replacement for the world's reliance on gold as money.

CIA Concerns of Gold Market Manipulation (link) -  Document: Intelligence Memorandum - The World Gold Market- Semi Annual Review January - June 1970. 
The 1970 CIA memorandum reviewed in the video below shows a CIA concerned about gold market manipulation by the Swiss whom they characterize as "in an excellent position to influence the London free market fixing." The memorandum points to "strong circumstantial evidence that Zurich bullion dealers, under the leadership of the Union Bank of Switzerland are again manipulating the gold markets
This manipulation in turn was interfering with an IMF agreement with South Africa to sell its gold to the IMF under certain conditions when it could not sell its newly mined out put on the free market:.  
“While the [IMF] agreement essentially provides a floor of $35 an ounce for South African gold, it guarantees a free market supply large enough to keep the free market price at or near the floor at least through 1970.” 
The CIA memorandum bemoans Swiss manipulation of the gold market: “There is  strong circumstantial evidence that Zurich bullion dealers, under the leadership of the Union Bank of Switzerland are again manipulating the gold markets” “London bullion dealers had hoped that the 1969 agreement between the IMF and South Africa would restore London as the focal point of the world gold market. It has not.” 
Ironically, as page 5 of the memorandum notes, much of the recent gold fix rigging exposed in recent year, was correctly anticipated by the CIA some 47 years ago:"Manipulation of the free market price is suggested by the extremely narrow price range that prevailed for eleven consecutive weeks -- from later January through mid-March. During this period, more than 85% of all morning and afternoon fixings fell within the $34.97 to $35.01 range, with nearly 40% of all quotations set at exactly $35.00.   
Moreover, Swiss bullion dealers are in an excellent position to influence the London free market fixing. At each of some 255 morning fixing a year, the manager of Rothschild's bullion and foreign exchange department suggests an opening price based on a previous half hour of intensive telephone conversations with people at the Bank of England and a host of others, mainly dealers in Switzerland. 
Representatives of the four other houses are in constant telephone contact with their trading rooms and these in turn are in direct communication with as many as a dozen key clients scattered across Europe. The result is that supply and demand conditions in Zurich are strongly reflected at the London fixings." - Zerohedge
And this is what they had to say about pushing the SDR:
CIA Talks up the IMF's  Strategic Drawing Rights (link) - Document: Intelligence Memorandum - Special Drawing Rights: Paper Gold In Action - September 1970 
The gold standard under Bretton Woods Agreement was showing cracks in 1970. The CIA memorandum notes: “the only available means of increasing reserves abroad was through continued deficits in the US balance of payments, But the US no longer had excess gold reserves and other countries had become reluctant to accept large additions to their dollar holdings.” 
The CIA memorandum reflects the tenuous position of the gold market and the inclusion of gold in the international monetary system just prior to the break up of the Bretton Woods Agreement in 1971. The CIA viewed the newly created SDR as a potential replacement for gold calling it:  “a new type of liquidity as permanent as gold it self - to insure increases in liquidity”... “The SDR is a form of money and credit”
“SDRs can not be extinguished by being exchanged by gold -they can only be traded among central banks. And unlike gold, there are no private uses for SDRs that compete with their use as an international currency.” 
CIA however concludes that “Nevertheless, SDRs are not soon likely to supplant the dollar in the international monetary system. Foreign central banks need working balances which are presently denominated largely in dollars.” 
The primary foundation of the American empire was its ability to control the global reserve currency through the issuance of the U.S. dollar.  And when physical gold started to show to the world how fragile that currency actually was, even the CIA became involved in the manipulation of the gold price, pushing disinformation on its utility, and ensuring that peoples in the West remained under the dominion of a devaluing currency that would sustain the empire into the 21st century.

Sunday, September 25, 2016

Russia and China accumulates even more gold in August as world prepares for the end of dollar hegemony

This coming week could see one of the most anticipated financial events since central banks began their unprecedented policies of money expansion, stimulus, and quantitative easing six years ago.  In fact, dependent upon what China chooses to announce before Sept. 30, it could also be the most important financial paradigm shift since the U.S. took the reserve currency off the gold standard in 1971, or even as big as the implementation of the original Bretton Woods monetary agreement itself.

That is because China is preparing to both enter into the elite playing field as a fully recognized global currency through their inclusion in the IMF's SDR basket, and to also report their gold reserve holdings which dependent upon how much they choose to reveal, could create a seismic event that facilitates the beginning of the end of dollar hegemony.

And with both Russia and China continuing to accumulate large amounts of gold as recently as August, expectations are that China will report a number much greater than most analysts are conceiving.

This fact is not lost on the budding partnership of Russia and China, who continue to accumulate gold at a feverish pace. Russia continued to add to their reserves in the month of August, in which they added an additional 21.77 tonnes of the yellow metal, bringing their total gold reserves to 49.1 million ounces! 
In addition to this, China has also continued to move a portion of their massive fiat reserves into the more tangible form of money, gold bullion. They are continuing to accumulate gold, knowing that they are the most likely successor to the US dollar, and have the highest probability of being crowned with the "reserve currency" status. 
When that day will come is anyone's best guess, but what is no secret is the fact that China is set to rock the precious metals markets in the immediate future. By the end of this month , they are expected to announce an updated estimate of their gold holdings, something that many in the financial world believe is long overdue.
The reasoning for them finally tipping their hand and showing their cards is due to the fact that they are strongly being entertained to become a key member of the highly elite global banking currency, the SDR, and this is one of the stipulations in regards to their acceptance. 
The SDR is what some have called the "king" of fiat money and is a powerful currency in global settlements. This is perhaps just one more step for China in their path towards becoming the official reserve currency of the world. - Sprott Money

Tuesday, August 16, 2016

Economists are looking at the potential of adding gold as the 6th currency to the IMF SDR

As the Chinese get ready to not only become the 5th member of the SDR basket of currencies in September, they are also being given the authority to issue M SDR bonds for the first time in decades.  But among these new changes to the IMF's international currency there is another element being discussed by certain economists, and it involves placing a 6th currency into the basket.

And that currency is gold.

“So there you goto include a commodity like gold into the SDR as a six currency component could help to make the SDR, more neutral to global cycles and more representative of the shift in economic power witnessed over the last two decades. 
The idea of adding gold to the SDR was also studied by professor Catherine Schenk in 2011. According to her study to, ‘re-introduce a role for gold in the international monetary system’ would,  ‘provide a counterweight to the impact of the depreciation/appreciation of the US$’, and could, ‘reduce vulnerability to the USD exchange rate’
Professor Robert Mundell, a special advisor to the Chinese government, is also in favor of bringing gold back to the monetary system: ‘There could be a kind of Bretton Woods type of gold standard where the price of gold was fixed for central banks and they could use gold as an asset to trade within central banks. The great advantage of that was that gold is nobody’s liability and it can’t be printed. So it has a strength and confidence that people trust. So if you had not just the U.S. but the U.S. and the EU (area) tied together to each other and to gold, gold might be the intermediary and then with the other important currencies like the yen and Chinese Yuan and British pound all tied together as a kind of new SDR, that could be one way the world could move forward on a better monetary system.’  -  CD Fund

Tuesday, May 31, 2016

Is Putin riding on Greece to help end the sanctions against Russia from the EU?

Ever since the U.S. imposed economic sanctions on Russia in the early part of 2014, the European Union has followed Washington’s policy like a lapdog or a vassal state.  But the effects of these bi-lateral sanctions have caused immense strains between the political and economic segments of each nation within the EU, culminating in numerous protests, strikes, and even rises in new radical political parties.
However, the EU has one interesting format in which Russia could potentially exploit, and that is that every treaty, act of war, or sanction must be ratified unanimously by all member states within the Union.  And the crack by which Vladimir Putin could use to break the coalition has always been Greece.
Greece is an EU nation that has been brutally crushed by the likes of Germany, the IMF, and the oligarchs in Brussels.  And their ongoing six years of forced austerity is derived primarily from onerous loans forced upon them by banks such as Goldman Sachs, and corrupt technocrats assigned to run Greece following the 2008 financial collapse.  Thus a growing hatred of both Germany and the European Commission by the people of Greece is a door right now being used by Russia to break just one country that could stand up and reject the renewal of sanctions against them when they come up for a vote in June.
Putin
Read more on this article here...

Tuesday, May 17, 2016

Corporate CEO’s spurn Obama and the IMF by saying Brexit will help not hurt UK businesses

Just as revelations have emerged on just how draconian the Trans-Atlantic Trade and Investment Partnership (TTIP) is for European countries, so too is the rhetoric being spewed by politicians such as Barack Obama and Christine Lagarde in regards to the Brits leaving the Eurozone little more than a demand for political coercion.  Because while the President of the United States threatens the EU with import sanctions if they choose not to play ball with the ‘arm twisting’ regime out of Washington, CEO’s for 300 corporations are dismissing the U.S. commander-in-chief and are now in support of a Brexit since they believe it will help, not hinder, UK businesses.


Read more on this article here...

Tuesday, April 12, 2016

IMF downgrades entire global economy following bank warnings of imminent defaults

It is both sad and funny how the mainstream propagandists can say that the economy and financial systems are absolutely fine one week, and then less than five days later warn of imminent disaster due to the potential of global credit defaults.  But this is exactly what has happened as the IMF downgraded the entire global economy on April 12, and both Bank of America and Deutsche Bank publicly announced serious dangers in the credit markets.
Moments ago the IMF did what it does better than anyone (with the exception of the Fed): it once again admitted its forecast of world growth had been too optimistic, and as a result in its just released quarterly World Economic Outlook report, it cut its forecast for 2016 global GDP growth from 3.4% to 3.2%, and from 3.6% to 3.5% for 2017. Indicatively, back in July 2014 the IMF was forecasting 4.0% GDP growth in 2016. It is now 20% lower. - Zerohedge


Yet in addition to the IMF's new forecast of an economic slowdown, and European bank warnings of credit defaults, the biggest danger may be coming from the Far East as a former IMF Chief Economist for the IMF announced that Japan is in its 'Endgame', and has reached the point of no return as it resides at a debt level of 250% of its annual GDP.

There is a reason why we have seen multiple central banks move into negative interest rates, call for direct payments to their citizens, and promote the idea of banning cash, because the reality is that the world is rushing headlong into the next financial crisis, and the clock is ticking for everyone to secure their wealth and get out of the system before they lose it all.

And we all know where the best safe haven is.



Monday, April 4, 2016

IMF discusses creating a financial collapse event in Greece according to new Wikileaks report

In the continuing saga of Eurozone financial difficulties, Greece continues to be the linchpin for the economic Troika of the IMF, European Commission (EC), and European Central Bank (ECB) to hold the line against sovereign nations potentially defaulting on their debts and subsequently exiting from EU control.  And in a new Wikileaks data dump on April 2, it appears that members of the IMF were caught discussion the creation of a financial collapse event in Greece to force the government to succumb to the wills of the Troika.

WikiLeaks

Read more on this article here...

Monday, March 28, 2016

Did the world declare war on the dollar at the G20 summit?

On March 24, economist Jim Rickards published an interesting analysis of something that may have taken place last month at the G20 Summit in Shanghai, China.  According to evidence that Rickards and others pieced together, a secret conclave occurred between members tied to the IMF’s SDR basket of currencies, and appears to have ordered a hit on the dollar to devalue it at a time when the global economy is falling fast into heavy recession.
And judging by the dollar chart from February 26 (time of the summit) to one month later, something has occurred which has caused the dollar to experience its biggest decline since the middle of last year.
dollar chart

Thursday, January 21, 2016

IMF pumping out declines in global growth forecasts like central banks print money

On Jan. 19, the International Monetary Fund (IMF) cut its forecast for global growth for the third time in less than a year, validating that the largest financial centers in the world have little idea on what is actually occurring within the global economy.
The IMF’s cut follows today’s announced decline in China’s GDP, and last Friday’s Atlanta Fed announcement that they were cutting estimates on U.S. GDP growth for the quarter ending December 2015.

Wednesday, December 30, 2015

The myriad of economic predictions and forecasts for 2016

Whether it is the mainstream or the alternative medias, economic and financial predictions are part and parcel for the final week of a given year.  And perhaps what is humorous for the average reader is how dichotomous these forecasts can be, with one side always predicting good times for the economy, and the other side lamenting collapse.
So rather than picking and choosing who is more accurate or cogent on an individual basis, this year we will post a number of different forecasts from a number of different sources and look back a year from now and see who was on the ball, and who was full of garbage.

Thursday, December 10, 2015

China dumps more dollars, holds reserves at lowest level in nearly three years

As China continues to prepare and expand the Yuan for full internationalization, there is less and less need for them to hold massive amounts of dollars as a reserve for their financial system.  And while the Chinese central bank has rightly chosen not to dump their treasuries onto the market in one massive sale, their slow dissolution of their dollar reserves has the country holding the fewest it has held in almost three years.
In November, China dumped another $87.2 billion in treasuries and t-bills, dropping their overall reserves to $3.44 trillion, which is their lowest level since February of 2013.

Saturday, December 5, 2015

With new Chinese (Swift) system, yuan use in Japan has doubled in the last year

It is one thing when China’s new internationalization becomes a part of the emerging market economies, but it is something very different when it begins to make headway into long-standing dollar strongholds such as Europe and Japan.  And with China’s new found recognition as a global reserve currency in the IMF’s SDR basket, and the creation just a few months ago of an alternative SWIFT (CIPS) system, that is exactly what is now happening as Yuan use in trade with Japan has doubled in just the past year alone.
Japan has been entrenched with the dollar ever since the end of World War II, as has most of the world because of Bretton Woods, and the polar reserve currency system.  But as China took over the reins as the number one producer in the entire global economy, the desire to end use of the dollar as a middleman has led more and more nations to seek the ability to have direct bi-lateral trade with the Yuan currency, and 2015 has been the year of this breakthrough.

Friday, December 4, 2015

Not even a day after the IMF added the Yuan to the SDR, the world rushing to capitalize on it

On Nov. 30 the IMF fully announced that the Chinese Yuan would be accepted as a global currency within the banks Special Drawing Rights (SDR) basket of currencies, and with this move China is now an international player in the global monetary system.  And perhaps most interesting in the next stage of support towards the future of the dollar and its singular reserve currency status, is that countries and banks are already rushing in to push the currency towards greater use just one day after it became part of the IMF.
Following the IMF’s announcement, the nation of Argentina publicly threw in their support for the Chinese Yuan to expand its reach in global trade and monetary hegemony.  And this act will help open the door for many more nations to divest their dollar reserves since many of the mechanisms that required the use of the dollar have already been duplicated by Beijing over the past three years.

Wednesday, December 2, 2015

Got Karatbars? IMF's inclusion of the Yuan is first step towards a return to a gold backed monetary system

Monday, November 30 was a red letter day in the annals of the global monetary system as the International Monetary Fund (IMF) recognized the legitimacy of the Chinese RMB, and accepted it into its Special Drawing Rights (SDR) basket of currencies.  This move not only opens the door for expanding use of the Yuan internationally, but it is the first step in a long game of returning money back to a gold standard in either trade or direct currency use.
Today’s news is a historic milestone. The dollar’s days are numbered, and the new global economic order is shifting into place. 
As many insiders have expected, China has now officially gained status among the world reserve currencies, taking place alongside the dollar, the euro, the pound and the yen. 
The IMF decided to grant this upgrade as a result of financial and monetary benchmarks that Chinese leaders worked towards during the past several years. Its implications run deep. 
The Chinese renminbi will hold about 10% weight in the basket of currencies, with adjustments in the value of the euro, pound and yen to make room for it. Though the weight of the dollar, which holds 41.9% of global reserve value under the Special Drawing Rights (SDR), will not change with the inclusion of the renminbi, the symbolic challenge to dollar supremacy is obvious enough. - SHTFPlan.com

China has already laid out the basic foundations for expansion of the Yuan in international trade as over the past 30 days they have instituted bond hubs in London, Frankfurt, South Korea, and also Russia.  And just a day after the IMF's announcement, both Argentina and the BRICS Bank showed their support for the Yuan to become a major part of the global monetary system.
The triggers for profound unspeakable sudden crisis are lead by A) a continued decline in the crude oil price, B) bank failures from expired oil contract hedges, and C) the default of between $6 and $11 trillion in Emerging Market debt. 
One or more of these events is likely to occur in the next few months, probably all three. 
All three are extensions of the death of the USDollar, which is manifested in its rise. 
Like a balloon it will pop. The system will not be able to withstand the shock. Systemic breakdown will give way to failure of the entire monetary system upon which the USDollar rests. The Gold Standard will be urged on, first in trade, then in banking, finally in currency. The USDollar will be swept aside, its rubble put in the dustbin of history, the memories likened to Rome during the Nero period. 
When the next crisis hits, it will be five times worse than the Lehman event within the United States in 2008. When the next crisis hits, it will be five times worse than the Asian Meltdown internationally in 1998. - Jim Willie via Silver Doctors
“The U.S. Mint's sales of American Eagle coins surged in November, with gold nearly tripling month-over-month and silver already reaching a new annual record as bullion prices fell to multi-year lows” reported Reuters.

In addition, one has to wonder if even the Fed knows that the days of the dollar are numbered, and that a catastrophic financial crisis is just over the horizon since on the same day the IMF welcomed the Yuan into the SDR, the Fed announced a new internal law saying they were no longer lending to banks, and would not even during an emergency where their mandate of 'Lender of Last Resort' has summarily been eliminated.

So if the global banking system is not only moving away from the dollar, and moving towards the Chinese Yuan, and China's ultimate goal is a return to the gold standard and a sound form of money, how can you get in on the action and be not only prepared for the sea changes that are occurring before our eyes, but also come out ahead when the new financial system is born?

You can accomplish this with a company called Karatbars.




Buying gold through Karatbars is one of the easiest things on the net.  In fact, the business model of Karatbars is to sell gold in affordable quantities, such as 1, 2.5, and 5 gram increments, and allow customers to get into the metal without having to shell out $1200+ for a single ounce coin.

And as added perks to signing up with Karatbars, as a customer or affiliate, Karatbars is working on a new e-wallet system that functions just like an offshore bank account, and is outside the authority of the banking system.  From there, you can take your fiat currency in any denomination... dollars, euros, yen, etc... and purchase physical gold which can either be delivered directly to you, or stored for free at one of Karatbar's vaults.

Additionally, any gold that you buy can easily be sold back to Karatbars, or any metals dealer, and if with Karatbars it is then exchanged for currency that is uploaded to you through a pre-loaded debit Mastercard which is connected directly to your e-wallet.  And as we know, MasterCard is recognized in nearly every country around the world, and usable in any currency that accepts it.

But perhaps the best feature with Karatbars is their affiliate program, where you can earn money off commissions from getting others to sign up and become a customer or affiliate.  Not only do you receive commissions from their purchasing of physical gold, but you also earn commissions from anyone who buys a commission package, with that money going directly into your debit MasterCard when you have enough units to cycle.

Imagine the ability to earn the money in which to buy your gold savings simply by purchasing a commission affiliate package one time, and then getting others to sign up and do the same thing.

How many businesses or entrepreneurs can build an infinite business with spending less than $400 of their own money?  And there is never a mandatory requirement to buy beyond what you desire, on your own schedule.  And there is nothing to lose, because you're using money (paper dollars) to buy gold (physical money) and in the end you don't lose a thing.


The global financial system, along with dozens of respected economists, are telling us that now is the time for the end of our current form of money, and the beginning of the transition into a new monetary system that is expected to be backed by gold.  And with banks, governments, and even Harvard professors mandating that central banks have no choice but to eliminate cash from usage by the people to stave off collapse, will you wait until it is too late to make a decision on how you will protect your wealth, and be able to function within the coming new monetary system?

To learn more about Karatbars, you can contact the individual who sent you this article, and click on their referral link to open a free account and begin buying, or building your own gold savings or business with the company of the future.

Wednesday, November 25, 2015

China opens up its Forex markets to foreign central banks

As China continues to accelerate the internationalization of the Yuan currency, a new element was introduced on Nov. 25 which will facilitate expanding its reach even further.  The People’s Bank of China (PBOC) opened up its Forex markets to foreign central banks, and will now allow these institutions to participate in swaps, options, and other Forex products.
Seven institutions will be part of the initial phase into foreign participation of China’s Forex market, and they include: Hong Kong Monetary Authority, Reserve Bank of Australia, Hungarian National Bank, International Bank for Reconstruction and Development, International Development Association, World Bank Group Trust Funds, and GIC Private Limited.

Thursday, November 19, 2015

Argentina hops on bandwagon calling for internationalization of Yuan

On Nov. 13, the Vice-President of Argentina publicly announced his support for the Chinese currency and called for accelerated plans to internationalize the Yuan in global trade.  And in a statement where Amado Boudou mimicked Christine Lagarde’s support for the RMB to be added to the IMF’s SDR program, the Argentinian VP called for the Yuan to compete with the dollar to ‘change the global financial order’, and end the single polar reserve currency system that has reigned for more than seven decades.
Argentina joins a growing list of nations calling for an end to dollar hegemony, as direct bi-lateral trade programs continue to grow and replace the long-standing policy of using the U.S. currency as a medium of exchange for nearly all international trade.

Friday, October 16, 2015

In just a few short months, China’s internationalization of the Yuan growing in massive leaps

Despite the fact that the IMF chose in August to delay for a year the inclusion of the Yuan as part of their Special Drawing Rights (SDR) basket of currencies, their extension may be closing sooner than many thought.  This is because in just a few short months, internationalization of the Yuan has accelerated to a total of 9.9 trillion in loans, which is just the spark needed by the world’s largest productive economy to gear towards a critical mass in Yuan usage, and making its inclusion into the SDR a sure thing.
In fact, the IMF is planning to once again take a look at bringing in the Chinese Yuan to the SDR as early as November when they analyze the amount and rate of Chinese monetary reforms and actions that have driven it to become the 4th most used currency in the world.

Sunday, October 11, 2015

Federal Reserve remains only institution not seeing the coming financial crisis

This morning on CNBC (aka… CNBS), the central bank lackey Steve Liesman spoke with the NY Fed President Bill Dudley on rate outlooks for the remainder of the year.  And contrary to the fact that the FOMC choose not to raise rates in September, Dudley used the term ‘very good economy’ at least five times in less than five minutes during his interview, showing how out of touch the Fed really is when it comes to the true economy, and their need to persist in their propaganda manipulation.
Here is the interview with NY Fed President Bill Dudley citing continuously on how good the U.S. economy is
The reason that we are being critical of the Fed here is due to the fact that nearly all other important Western financial centers are admitting publicly of a coming financial crisis, and a marked slowdown of economies that in some cases, point to the fact that much of the world is already in recession.
And of course there is the Bank of England’s Andy Haldane who is calling for not only negative interest rates, but ending cash in domestic and global economies.

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.