A New Sun Rise... BRICS create antidollary Union... first steps to phase out use of the dollar.!:)! Multilateral system of currency swaps (swap) and the creation of an alternative IMF: BRICS plan first steps to phase out use of the dollar. While numerous worldwide administration of the debtor countries are hoping to divert attention residues distressed middle class from his miserable existence and everyday to confuse flashes of light and liveliness ostentatious daily putting absolute records of market growth, few people pay attention to more serious changes taking place in Backstage: current dedollarization world. The latest example of that more and more countries are preparing for the final currency war is Russia. Slowly but surely, the BRICS countries - this proud acronym U.S. investment bank Goldman Sachs (NYSE: GS) , which was designed to perpetuate the great American way of life, releasing trillions of U.S. debt denominated previously untapped markets - turn into antidollarovy Union. Before the upcoming Monday important visit to Beijing of the Central Bank of Russia Elvira Nabiullina met with Vladimir Putin, to report on progress in the preparations for the forthcoming currency swap ruble-yuan with the Peoples Bank of China, and the Kremlin has used this meeting to the whole world know the technical details of its international antidollarovogo Union. June tenth Putin adviser on economic issues Sergei Glazyev published an article in which he outlined the need for an international alliance of countries wishing to get rid of the dollar in international trade and to refrain from using the dollar in its foreign exchange reserves. The ultimate goal is to break Washingtons money printing machine that feeds the military-industrial complex and provides them with opportunities to spread chaos across the globe, sparking civil war in Libya, Iraq, Syria and Ukraine. Critics Glazev sure to establish such a union would be difficult and that the creation of the global financial system is not based on the dollar is extremely difficult from a technical standpoint. However, during a conversation with Vladimir Putin, Chairman of the Russian central bank has introduced an elegant solution to this problem and made a clear hint as members antidollarovogo Union, which created the efforts of Moscow and Beijing: We have a sufficiently high degree of maturity swap ruble-yuan to facilitate trade financing. I have a meeting next week - a trip to China, casual mention Elvira, and then reported the stunning news: With China and our partners in the BRICS countries, we discuss the creation of a system of multilateral swaps that will provide resources to a country if necessary and it can be directed part of foreign exchange reserves. It seems that the Kremlin has chosen a universal approach to creating antidollarovogo Union. Currency swaps between the central banks of the BRICS countries will facilitate trade financing, completely bypassing the dollar. At the same time, the new system will act as a de facto replacement of the IMF, as it will allow members of the Union to send money to finance weaker countries. As an important bonus of a quasi-IMF system, the BRICS countries will use part (most likely part of the dollar) of its foreign exchange reserves to support it, thereby drastically reducing the number of dollar instruments purchased by major U.S. foreign creditors. Skeptics certainly would argue that antidollarovy Union based BRICS can not deprive dollar status as a global reserve currency. Rather than challenge this point of view, it is easier to point out the fact that Washington is struggling to join the ranks of the enemies of the dollar. Commenting on the statement Nabyullina, chairman of the Russian state VTB Bank and one of the strongest supporters of the policy antidollarovoy Andrei Kostin offered an interesting perspective on the situation in Europe: This work [opening swap lines] can be carried out in the near future, and a way for such calculations will be opened. The more that we are not alone today stand with this initiative: it is known, and a statement of the Bank of France, Mr Noyer, who in response to the U.S. action against the bank BNP Paribas also suggested that China needs trade in yuan or euros. At the same time, France more clearly indicates its position on the U.S. dominance in the global financial system. French Finance Minister Michel Sapen opposed the dominance of the dollar in the system of international payments, Interfax referring to the Financial Times. He called for a change in the balance of currencies used in global payments, noting that the case of the French bank BNP Paribas SA gave the government warning of the need to use different currencies. As reported, BNP Paribas has pleaded guilty in the case of violation of the sanctions imposed by the U.S. against Iran, Cuba and Sudan, and agreed to pay a fine of $ 8.97 billion In addition, the bank is obliged to refuse the services of 13 executives, also on its dollar clearing of financial transactions in the oil and gas sector will be banned for one year. French politicians have tried to defend the interests of the largest bank in the country, stating that BNP Paribas did not violate European rules, and this caused a debate about what the bank was a victim of the American justice system. If current trends continue, soon most important economies in the world abandon the dollar and thrown out of the global trade finance. Intimidation by Washington even former allies of America will make select antidollarovy Union instead of the current monetary system based on the dollar. Point of no return for the dollar may be much closer than people think. In fact, it is possible that on his way to the uselessness dollar has already passed the point of no return. Currency swap - a combination of two opposite conversion transactions for the same amount with different dates. With respect to the swap execution date closer is called the value date of the transaction and the date of execution on a remote reverse transaction date - the end date of the swap (maturity). Most of the currency swap transactions concluded for the period up to 1 year. If the near date conversion transaction is buying the currency (usually the base), and more distant - selling currencies, such a swap called buy / sell (English buy and sell swap). If the first transaction for the sale is carried out currency and its reciprocal currency transaction is a purchase, this swap will be called sold / bought» (sell and buy swap). Typically, the currency swap transactions carried out with a single counterparty that is both conversion operations are carried out with the same bank. This so-called clean swap (pure swap). However, you can call swap combination of two opposite conversion transactions with different dates for the same amount, prisoners with various banks - is designed swap (engineered swap). Author: Tyler Durden, Translation: Anastasia Bukin stockinfocus.ru/2014/07/10/strany-briks-sozdayut-antidollarovyj-soyuz/
Posted on: Fri, 11 Jul 2014 23:12:43 +0000
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