Important Takeaways:
- BRICS Summit Begins with Goal of Ditching U.S. Dollar
- The foreign ministers of BRICS member nations – and another 13 countries interested in collaborating with the anti-Western bloc – convened in Russia on Monday for a meeting outside of the confines of the BRICS annual summit to discuss, among other issues, ways to expand trade without the use of the U.S. dollar.
- “The proactive work is underway on fulfillment of decisions of the Johannesburg summit of the last year, specifically as regards improvement of the international monetary system and development of a platform for payment in national currencies in mutual trade,” Russian Foreign Minister Sergey Lavrov said on Monday.
- … Given the growing number of sanctions imposed on Russia and China is response to a litany of human rights abuses committed by their dictatorships, both countries have spearheaded efforts both in BRICS and beyond to “de-dollarize” their economies, ideally rendering them immune from sanctions.
- “De-Dollarization” was a major topic of discussion at the 2023 BRICS summit, in the short term by replacing the dollar with the Chinese yuan or the Russian ruble. In the long term, however, BRICS representatives have suggested that the member nations of that coalition could create their own currency to protect its members from sanctions or any human rights requirements Western nations may demand.
- According to Tass, BRICS is currently in talks with about 30 countries interested in joining the bloc, supporting Putin’s claim that BRICS has “potential” for expansion. This week’s BRICS meeting will include representatives of 22 nations in total, according to Tass. The list of nonmember nations attending includes a rogue’s gallery of serial human rights abusers, such as Cuba, Belarus, Vietnam, Turkey, and Venezuela. The other nations sending envoys are Bahrain, Mauritania, Laos, Kazakhstan, Sri Lanka, Bangladesh, and Thailand.
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Important Takeaways:
- Egypt, India abandon dollar completely
- Egypt and India, in a strategic alignment with the BRICS bloc’s de-dollarization efforts, have initiated discussions to eliminate the US dollar from their trade relations.
- This bold move is a part of a growing trend among BRICS nations to reduce dependence on the US dollar in international trade, and it signifies a significant shift in the global economic landscape
- The inclusion of six new countries, including Saudi Arabia, the UAE, Iran, Egypt, Ethiopia, and Argentina, into the BRICS bloc, reflects a growing discontent with the current global financial system.
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Revelations 13:16-18 “Also it causes all, both small and great, both rich and poor, both free and slave, to be marked on the right hand or the forehead, so that no one can buy or sell unless he has the mark, that is, the name of the beast or the number of its name. This calls for wisdom: let the one who has understanding calculate the number of the beast, for it is the number of a man, and his number is 666.”
Important Takeaways:
- France brings de-dollarization to Europe by trading in yuan
- Following news that Brazil and China agreed to trade in their local currencies, it emerged that a French company charged the export of liquefied gas (LNG) to China National Offshore Oil Corporation in the Chinese yuan. This is another sign that the inexorable process of de-dollarization has gained momentum and even spread to the European Union.
- This should not be surprising given the difficult economic situation across the EU, meaning that companies will look after their own interests above all. None-the-less, the media has already characterized the transaction between the Chinese company and Total Energy in yuan as historic.
- Meanwhile, the dollar, which once accounted for 70% of foreign exchange reserves, has now fallen to 59%. The process is ongoing, and will take a long time, but it cannot be halted. One of the initial goals of the BRICS association was de-dollarization.
- The Chinese insist on payments in the yuan so that it becomes a reserve with the same respect as the dollar, Swiss franc, euro, and yen.
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Revelations 13:16-18 “Also it causes all, both small and great, both rich and poor, both free and slave, to be marked on the right hand or the forehead, so that no one can buy or sell unless he has the mark, that is, the name of the beast or the number of its name. This calls for wisdom: let the one who has understanding calculate the number of the beast, for it is the number of a man, and his number is 666.”
Important Takeaways:
- #1 We were warned that a great commercial real estate crisis would be coming, and now it is here.
- With recent stress in the regional banking sector, sentiment in US commercial real estate (CRE) – and especially the office sector – has turned negative as investors prepare for potential spillover effects (with JPM, Morgan Stanley, and Goldman Sachs all joining the gloom parade), especially as high-profile defaults continue to make headlines as borrowers face higher debt service costs and refinancing becomes much harder ahead of a $400 billion CRE debt maturities this year alone…
- #2 We were warned that there would be widespread layoffs as economic conditions in the United States deteriorated. Sadly, that is now happening all around us. For example, on Monday accounting firm Ernst & Young announced that they will be laying off thousands of highly paid workers…
- #3 We were warned that the largest corporate debt bubble in the history of the world would eventually burst, and now corporations are beginning to default on their debts at a rate that should deeply alarm all of us…
- #4 We were warned that we would witness a dramatic surge in bankruptcies in 2023, and that is precisely what is happening…
- Bankruptcy filings across the United States rose for the third straight month in March in all major industries. A total of 42,368 new bankruptcies were filed last month, according to data from Epiq Bankruptcy, a provider of U.S. bankruptcy court data, technology, and services.
- #5 We were warned that the rest of the world would eventually start rejecting the U.S. dollar, and now “de-dollarization” is happening at a “stunning” pace…
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