noworldsystem.com


Russia, Iran And Latin America Admit Talks of Dumping Dollar

Russia and Iran Now OFFICIALLY Talking of Dumping Dollar for International Trade

Washington’s Blog
October 18, 2009

After the Independent reported that Middle Eastern oil producers, plus China, Japan and France have all agreed to start trading oil using a basket of currencies – instead of the dollar – starting in 9 years, spokesmen for those governments denied it.

The Independent’s reporter explained why the governments were denying the rumor.

But now the governments themselves are starting to admit that they are switching out of the dollar.

For example, Russian Prime Minister Vladimir Putin said Wednesday that Russia is ready to consider using the Russian and Chinese national currencies instead of the dollar in bilateral oil and gas dealings. As Russia’s newspaper RIA Novosti writes:

Russia is ready to consider using the Russian and Chinese national currencies instead of the dollar in bilateral oil and gas dealings, Prime Minister Vladimir Putin said on Wednesday.

The premier, currently on a visit to Beijing, said a final decision on the issue can only be made after a thorough expert analysis.

“Yesterday, energy companies, in particular Gazprom, raised the question of using the national currency. We are ready to examine the possibility of selling energy resources for rubles, but our Chinese partners need rubles for that. We are also ready to sell for yuans,” Putin said.

And Iran’s Press TV reports that Iran wants to completely drop the dollar from its foreign exchange:

Since October 2007, Iran has received 85 percent of its oil revenues in currencies other than the US dollar and Tehran is determined to find a substitute for the US dollar for the rest of its 15 percent of oil revenues, the report added.

This story is confirmed by the Tehran Times, which notes:

As I have repeatedly noted, many countries have been moving out of the dollar for years. The process is simply accelerating.

In line with this plan, Iran has informed Japan that it should use the yen instead of dollars to pay for the oil it buys from the Islamic Republic.

In addition, Iran has decided to open a bourse for oil and gas transactions in currencies other than the U.S. dollar, especially the euro.

 

Latin America plans US dollar replacement

Press TV
October 17, 2009

Leftist Latin American leaders have agreed on using a new intra- regional trading currency, dubbed as Sucre, instead of the US dollar.

Bolivian President Evo Morales, who hosted leaders of the Bolivarian Alternative for Latin America and the Caribbean (ALBA), said that the “document is approved.”

During the seventh ALBA summit, the leaders agreed on the currency reform as well as approving plans to impose economic sanctions against the coup leaders in Honduras, AFP reported.

The currency, Sucre, is named after Jose Antonio de Sucre who fought for Spain’s independence alongside Venezuelan hero Simon Bolivar in the early 19th century.

Sucre is scheduled to be rolled out in 2010 in a non-paper form.

The nine members of ALBA, conceived by Venezuelan President Hugo Chavez, are Cuba, Dominica, Venezuela, Ecuador, Nicaragua, Honduras, Saint Vincent and Antigua, Bolivia and Barbuda.

The bloc also agreed to replace the International Center for Settlement of Investment Disputes, which is in charge of arbitrating international disputes and has probed a large number of contract disputes between Western energy firms and members of ALBA.

ALBA, which has already lost many of its members, including Ecuador, is echoing the moves of the European Union and its introduction of euro.

World Bank and IMF Join Global Attack on U.S. Dollar

U.S. Dollar Will No Longer Be World Reserve Currency

 



UN Calls For Bank Of The World, New Global Currency

UN Calls For Bank Of The World, New Global Currency

Steve Watson
Infowars.net
September 7, 2009

The United Nations has called for the establishment of a new global reserve currency to be overseen by a bank of the world in an effort to reduce the role of the Dollar in international trade.

Details of the proposal were outlined in a report from the UN Conference on Trade and Development (UNCTAD). The report also calls for the new global reserve bank to monitor and manage the national exchange rates of member states.

“There’s a much better chance of achieving a stable pattern of exchange rates in a multilaterally-agreed framework for exchange-rate management,” Heiner Flassbeck, co-author of the report and a UNCTAD director, told Bloomberg News.

“An initiative equivalent to Bretton Woods or the European Monetary System is needed.” said Flassbeck.

He also added that while the UN also backed strengthening Special Drawing Rights (SDRs), a synthetic paper currency issued by the International Monetary Fund that was dormant for half a century until earlier this year, that would not be enough to “protect emerging markets”.

This latest call for a new reserve currency from the UN echoes previous efforts by the global body to initiate talks on replacing the Dollar.

Meanwhile, an influential Chinese policy maker has slammed the US Federal Reserve’s policy of printing money to buy Treasury debt, declaring that it threatens to set off a serious decline of the dollar and compel China to redesign its foreign reserve policy.

Earlier in the year, China expressed support for a Russian proposal for the creation of a new supra-national global currency as an alternative to the Dollar as the world reserve currency.

Other heavyweight elites such as French President Nicolas Sarkozy, German Chancellor Angela Merkel, British Prime Minister Gordon Brown, UK Business Secretary and top Bilderberg member Peter Mandelson and EU heads such as Joaquin Almunia, to name but a few, have called for a new economic world order consisting of vastly increased overarching centralization.

The creation of a de facto world currency to supplant the Dollar would likely lead to a complete collapse of the greenback, of which trillions are held in in foreign exchange reserves by many foreign countries.

As we have repeatedly warned, the introduction of a new global currency system is a key cornerstone in the move towards global government, centralized control and more power being concentrated into fewer hands.

Furthermore, a global central bank will establish a de facto financial dictatorship which will wield power over the economies of every country on the planet with no accountability whatsoever.

Global Currency Becoming a Reality

China buys US $50 Billion in IMF initial bond issue

 



Global Currency Becoming a Reality

Global Currency Becoming a Reality

Noworldsystem.com
June 22, 2009

BRIC leaders (Brazil, Russia, India and China) held their first-ever summit in Yekaterinburg Russia last week to discuss ways to complete the New World Order by reforming a better and “more diversified international monetary system” (IMF) that will issue a new global ‘super currency’ that will eventually replace all other currencies of the world.

A global ‘super currency’ created by the International Monetary System (IMF) is the New World Order plan that will eventually control all sovereign nations of the globe and will issue their own bonds called Special Drawing Rights (SDRs). This is a big step towards a One World Government where a United Nations agency (the IMF) would print the world’s currency instead of sovereign countries having control of their own monetary system.

The New World Order is all about centralization of power, they seek to control every aspect of the world’s society in a dictatorial-manner where everything is filtered through them, the internationalist oligarchs. They think we are nothing more than indentured servants on their global plantation, that we will willingly bend with the wind of the globalist’s agenda to create a one world socialist dictatorship.

At the Bilderberg group in Greece, investigative journalist Jim Tucker reported that regular attendee Carl Bilt “made a speech advocating turning the IMF into a world department of treasury under the auspices of the United Nations.”. Tucker warned this is a giant leap towords the completion of a World Government. He also warns the Bilderberg members will stress to the public that the problem of global economic crisis is the justification for the centralization of power. [Source]

These are the same internationalist elite that created the world economic crisis in the first place through inflation and deflation of currencies through federal reserves of the world. Bilderberg sources say the globalists want an “intense-but-shorter depression that paves the way for a new sustainable economic world order, with less sovereignty but more efficiency”. Tucker’s Bilderberg sources agree saying “Treasury Secretary Geithner and Carl Bildt touted a shorter recession not a 10-year recession….partly because a 10 year recession would damage Bilderberg industrialists themselves”. [Source]

Brazil, Russia and China before the BRIC summit contributed over $70 billion to the IMF in hopes the system will reform and push the new global super currency (SDR bonds). [Source] The Brazilian government currently has around $200 billion in international reserves to invest in IMF bonds to issue debt to developing nations.

BRIC nations have called out for the death of the US dollar and its long held dominance as the main currency in the world financial market. Russian President Medvedev praised the New World Order: “BRIC should create the conditions of a fairer World Order” and called for a “more diversified international monetary system”. Brazilian President before the BRIC meeting said that the global economic crisis has created the conditions for a New World Order: “After the crisis, everyone has become similar. We have the possibility to create a New World Order and together we should improve our relations”.

The BRIC leaders ended the summit to attend another summit of the Shanghai Co-operation Organization (SCO) in Yekaterinburg. The SCO consists of leaders from Russia, China, Kazakhstan, Uzbekistan, Tajikistan and Kyrgyzstan, Iran, Pakistan, India, Mongolia and Afghanistan.

Iran President Ahmadinejad had strong words against the U.S. at the SCO Summit: “Western-style capitalism is falling apart, marking the end of the age of Imperialism” and that the New World Order should be less US-centric because “Washington’s many political and economic woes show that its judgement can no longer be trusted”. [Source]

The BRIC leaders plan to further discuss policies that will create this new global monetary order at the next G20 summit held in the US in September. Obama and Gordon Brown alluded to a New World Order and talks of a new global super currency at the last G20 London summit of 2009:

http://www.youtube.com/watch?v=GeY4zHCA1d8

http://www.youtube.com/watch?v=5wH5YqsuZiw

Brazil lends IMF money ahead of BRIC summit
http://in.reuters.com/article/businessNews/idINIndia-40228820090610

BRIC Nations Call For A Multipolar World Order
http://www.timesonline.co.uk/tol/news/world/us_and_americas/article6514737.ece

Ahmadinejad: We Need New World Order
http://sweetness-light.com/archive/ahmadinejad-we-need-new-world-order

Time for ‘new world order’: Brazilian President
http://www.breitbart.com/article.php?id=CNG.db1c3a82d0827b5cdf05eea3ba146af8.511&show_article=1

BRIC by BRIC: Leaders Summit in Russia
http://www.as-coa.org/article.php?id=1708

London Telegraph Admits Plan For Bank Of The World, Global Currency
http://www.prisonplanet.com/london-telegraph-admits-plan-for-bank-of-the-world-global-currency.html

Cash to become extinct as chips take off
http://www.news.com.au/technology/story/0,28348,25637102-5014239,00.html

G-20 Shapes New World Order With Lesser Role for U.S., Markets
http://www.bloomberg.com/apps/news?pid=20601103&sid=axEnb_LXw5yc&refer=news

G20 will seek new international framework for global financial regulation
http://news.bbc.co.uk/1/hi/business/7957862.stm

 



The Euro Hit Record $1.60 Against U.S. Dollar

Friday Oil hit record lows of $128, Gold $982 on Tuesday and closed at $954 Friday, on Tuesday the Euro hit a new record of $1.6038 against the falling greenback.

The Euro Hit Record $1.60 Against U.S. Dollar

Reuters
July 18, 2008

The dollar sank to a new low against the euro on Tuesday, as markets worried about the ongoing U.S. lending crisis and the state of the country’s economy.

The 15-nation currency rose to an all-time high of $1.6038 in European trading, surpassing its previous record of $1.6018 set on April 22.

After reaching the record, the euro fell back to $1.5983 — still above the $1.5916 it bought in late New York trading Monday.

Read Full Article Here

 

Gold makes another record, hits $982

The News
July 16, 2008

Gold once again broke all barriers on Tuesday and created a record high of Rs22,071 per 10 grams and yet remained under-cost compared to international markets leading to a cold local market and high selling in the UAE.

President All-Pakistan Supreme Council of Jewelers Association, Alhaj Haroon Rashid Chand said that the yellow metal had reached Rs25,750 per tola, which is a new record in Pakistan.

Chand recalled that gold had reached its highest of Rs20,657 per 10 grams and Rs24,100 per tola on March 17 in Pakistan when international yellow metal prices were US$1,032 an ounce four months earlier before creating new records over the past week.

He explained that the upward trend had resumed for the yellow metal following rupees further depreciating against US dollars and crude oil reaching fresh records per barrel.

He also informed that gold was being sold across the sea to Dubai markets in great amounts as the precious yellow metal was under cost in the local market by Rs580 compared to the Dubai bullion market.

Chand said that the trend of selling gold in UAE markets through smuggling or other illegal means, was adversely affecting Pakistan as the same gold was melted and then was reverted back to Pakistan at higher prices through the green channel. This, he added, led to a great imbalance in the country’s Balance of Trade.

He said that despite several appeals to the government to take note of the matter, it continued to remain ignored, while gold traders had also ceased to trust the Karachi Chamber of Commerce and Industry (KCCI) as the official representative body, for it had also disappointed them.

The jewelers association’s president said that KCCI was now dominated by industrialists who looked after their own benefits and raised personal points in front of the government rather than equally representing the small traders, leading to disharmony amongst businessmen and traders and moreover, heavy losses to the gold traders.

Dealers at the Kharadar Sarafah bazaar informed that there was absolutely no purchasing in the markets across Pakistan and small traders feared the continuity of their businesses.

They explained that both investors and customers were opting for alternative solutions rather than buying gold. While investors had slowly ventured into other commodities and investments, gold markets remained deserted as customers looked the other way towards artificial jewelry.

Many jewelry traders said that they had been compelled to reduce their profit margins to keep gold jewelry within affordable rates, but now could not further reduce their ‘making charges’ as that would mean higher losses for them.

The international bullion market recorded an upward rise of $23 to $982 per ounce on Tuesday, against $959 an ounce a day earlier.

 

Oil prices tumble to below $129

AP
July 20, 2008

The price of oil recorded its biggest weekly drop ever, and a gallon of gas finally pulled back from its record high. So is it time to declare the energy bubble popped? Experts won’t go that far just yet.

‘‘It’s too early to say we’ve seen the worst of it,’’ said Tom Kloza, publisher and chief oil analyst of the Oil Price Information Service in Wall, N.J.

Light, sweet crude for August delivery fell 41 cents Friday to settle at $128.88 on the New York Mercantile Exchange – well below its trading record of more than $147 a week earlier.

Read Full Article Here

 

George Will: Americans Are ‘The Biggest Cry Babies Of The Western World’

http://www.youtube.com/watch?v=ubN3DPnr4UQ

Total Chief Predicts $200 Oil In The Future
http://www.leadershipnigeria.co..7638f23057d5fb6426c3bf7d59989

Alaskans suffer $8.55 a gallon for gasoline
http://news.yahoo.com/s/nm/2008..AknPcvptKeiF_hj9cLDak5iGWo14

Cemeteries have new problem: metal theft
http://news.yahoo.com/s/ap/20080716/ap_on_re_us/grave_robbers

Bush: Forget About The Man Behind The Curtain
http://www.infowars.com/?p=3396

Pakistan Bear Market Has Investors Raging
http://www.iht.com/articles/2008/07/18/asia/18pstan.php

Inflation highest in 27 years
http://rawstory.com/news/afp/US..ps_1_8_pc_07152008.html

Zimbabwe Inflation At 2,200,000%
http://news.bbc.co.uk/2/hi/business/7509715.stm

Who’s Been Sitting on My Gold Stocks?!
http://www.gold-eagle.com/gold_digest_08/wallenwein071508.html

Venezuela’s Chavez says oil could reach $300
http://uk.reuters.com/article/rbssEnergyNews/idUKN1338614020080713

Dollar Falls to Record Versus Euro; Credit Woes May Damp Growth
http://www.bloomberg.com/apps/..=aAcRihZD4Ueo&refer=worldwide

Consumer Prices Jump 1.1% In June
http://biz.yahoo.com/ap/080716/economy.html?.v=6

China’s yuan hits another new high against U.S. dollar
http://news.xinhuanet.com/english/2008-07/16/content_8554187.htm

Bernanke: Economy Faces Difficulties
http://news.yahoo.com/s/ap/2008..8ZkhcFVQZ_9leo08Fek6MwfIE

U.S. Economic Collapse News Archive

 



Top Economic Expert: We Are Already in a Recession

America is ALREADY in recession, say top economic global experts – and that spells trouble for the UK

Daily Mail
March 21, 2008


Experts have accused the International Monetary Fund of “driving the car using the rear view mirror” after the global body warned the U.S. was on the verge of a recession.

The world’s biggest economy is already in a recession, they claim, as a draft version of the IMF’s World Economic Outlook declared the U.S. economy is “very weak”. Nigel Gault, chief US economist at Global Insight, a worldwide economic forecasting and consultancy firm, said he believed the US was in recession already – and that spelt problems for other countries, including the UK.

He said: “The US has, for years, been the primary motor for growth in the global economy. However, now consumer spending in the US has seen a downturn, the tables are turned, and the US is looking to the rest of the world for support, through strong export growth, and cutting imports.

“This is happening, US exports are doing extremely well, but it’s not enough to keep the economy out of recession.

“We do not expect to see the problems in the housing market in the US bottoming out before 2009, and while spending will be helped by tax rebates to be given this summer, that may give only temporary relief, and in the first quarter next year growth may dip back close to zero.

“The longer either the recession or period of weak growth goes on, the longer the US market is going to be weak, and very difficult for anybody trying to sell goods to it.”

Jeremy Batstone, head of research at stockbrokers Charles Stanley, said the IMF “has a history of driving the car using the rear view mirror”.

He added: “For the whole of 2007, it was not looking through the windscreen, it was merely reporting what the prevailing economic data releases were telling it.

“This report suggests nothing has changed, the IMF using backward-looking data is taking the view that the US economy might be in recession.

“Recent economic releases make it entirely clear that the US economy is already in recession, it’s confirmed by diverse economic statistics, including retail sales, sharply falling house prices, rising unemployment, deteriorating industrial production and manufacturing output.

“The 64,000-dollar question, indeed the 64-trillion dollar question, is not what happened in the first quarter, but what might happen in the second quarter, and beyond that.

“The hope among economists is that radical action by the US Federal Reserve might be enough to nip this crisis in the bud, and maybe there can be gradual recovery in the second quarter of the year, but at the moment we just don’t know.

“I do find myself becoming a little more hopeful, as the hour is darkest before the dawn. Just maybe radical action will prove that in the second quarter – or the third quarter if we are unlucky – that the storm abates.”

The draft version of the International Monetary Fund’s World Economic Outlook concluded the US economy “remains very weak, certainly close to a possible recession”.

The report is due to be published ahead of a meeting next month, and was leaked to Italian news agency Ansa.

The verdict comes after the cash crisis and cut-price rescue of troubled US investment bank Bear Stearns sent markets plummeting at the beginning of the week.

The Federal Reserve, the US central bank, dropped its main interest rate by three quarter-points on Wednesday – the latest in a series of cuts which have seen the rate trimmed by 2 per cent in the first three months of this year – and 3 per cent since the credit crunch first erupted in global markets last August.

The moves come as the Fed attempts to rescue the world’s biggest economy from the brink of recession and ease the pressure on the banking system.

Read Full Article Here

 

IMF: Think The Unthinkable

CNBC
March 19, 2008

The International Monetary Fund (IMF) today warned authorities worldwide to “think the unthinkable” in planning to cope with a mounting crisis in the global financial system.

John Lipsky, IMF first deputy managing director, called for “decisive policy action” amid a credit crunch that stems from the US real estate meltdown and is spreading throughout the financial markets.

The coordinated actions by the US Federal Reserve and other global central banks on Tuesday to further pump billions of dollars of liquidity into financial markets were “helpful” but stronger measures may be necessary.

Policy actions worldwide to date “may not prove to be adequate” to deal with the “low-probability but high-impact events” that may materialize and undermine global financial stability, Lipsky said in an address at the Peterson Institute for International Economics, a Washington think tank.

“Policy makers as a matter of course need to ’think the unthinkable,’ and to consider how they would plan to react if contingencies arise. The need to prepare more systematically for potential risks has been demonstrated amply during the past few months,” he said.

“By now, there is little doubt that risks of further escalation of this crisis are rising and decisive policy action will be required to put the global financial system and economy on a firmer footing.” He said the first priority was to reverse the spreading strains in global financial markets and to restore the normal functioning of the financial system in advanced economies.

If contingent risks materialize, the central banks together with financial supervisors and regulators will be the first line of defence. The second line of defence lies with fiscal authorities. Finally, public intervention will be considered as a third line of defence, Lipsky said. The IMF “stands ready to use its record liquidity if needed to help cushion the global economy,” Lipsky said, adding, “we must keep all options on the table.”

Recent News:

Bank pumps another £5billion into money markets as financial jitters after HBOS scandal fail to ease
http://www.khaleejtimes.com/DisplayArtic..h591.xml&section=business

Banks Plot Public Bailout
http://www.ft.com/cms/s/0/a233faa2-f789…html?nclick_check=1

Federal Reserve, commodities could lift dollar next week
http://www.iht.com/articles/ap/2008/..-MKT-US-Dollar-Rally.php

Yuan sets new record against dollar
http://www.chinadaily.com.cn/china/2008-03/20/content_6553269.htm

Inflation Is Americans Top Concern
http://money.cnn.com/2008/03/18/news/economy/cnn_poll_inflation/index.htm

50 Cent Tax Hike On Each Gallon Of Gas?
http://www.foxnews.com/story/0,2933,339589,00.html

Cheese, flour prices soar
http://www.sacbee.com/103/story/793144.html

Paulson Admits U.S. Economy In Sharp Decline
http://biz.yahoo.com/rb/080318/usa_economy_paulson.html?printer=1

Dow fell nearly 300 points after rising 420
http://biz.yahoo.com/ap/080319/wall_street.html

Investment banks are borrowing from Fed
http://www.reuters.com/article/ousiv/idUSN1954536520080319

Here Comes Worldwide Currency Debasement
http://www.telegraph.co.uk/mo..money/2008/03/17/ccview117.xml

Three Gulf states cut rates to defend dollar peg
http://www.khaleejtimes.com/DisplayA..March591.xml&section=business

Fed Cuts Rates By 3/4 Percentage Point
http://biz.yahoo.com/ap/080318/fed_credit_crisis.html?printer=1

Commodity Prices Head for Biggest Weekly Decline Since 1956
http://www.bloomberg.com/apps/new..HC5TmVaEq8&refer=home

Jobless Claims Jump Up 22,000
http://ap.google.com/article/ALeqM5..V6WhHKQD8VHA9I00

High Oil Prices To Keep USD On The Ropes
Oil Falls on Concern Potential U.S. Recession May Limit Demand
Venezuela’s state-run oil company begins demanding payment in euros as US dollar weakens
Gold Plunges, Leads Commodity Slump on Outlook for Fed, Dollar
A financial crisis unmatched since the Great Depression, say analysts
Dollar Falls on Speculation Fed’s Rate Cuts Won’t Stem Losses
Bernanke’s Home Has Lost $260K In Value
Numerous Countries Have Recently Dropped The Dollar as Their Reserve Currency
Paulson’s Gift to His Bankster Buddies: Winding Up Bear
Trade-weighted pound at 11-year low
The looming global food shortage
Is Britain heading for a Great Depression?
Cairo grappling with bread crisis
Retailers Accept Foreign Currency as Dollar Withers

U.S. Economic Collapse News Archive