UntitledBrics Move to Replace Dollar With Super Sovereign Global Currency

As China is expected to rise to the status of a financial superpower within the next 8 years and eclipse the US economy by 2020, if not much sooner, Africa becomes center stage in the greatest currency war the world has seen since the 1930s, which is now shifting into overdrive.

Brazil, Russia, India, China and South Africa, collectively known as the BRICS nations, are moving forward with their plan to unseat the US dollar from its throne as the global trade currency and to replace it with a Chinese-denominated �super-sovereign� international currency.

This Geo-political game to establish global monetary dominance is by no means limited to the freeing of the world from a forced dependence on the US dollar. Instead this is merely the first defensive action of a concerted campaign of worldwide economic defence which may erupt into open warfare if the west once again seeks to forcefully continue its attempt to suppress the world economies and continue maintain and impose its own failed system upon the world.

This campaign seeks to bring the United States and its western allies to face reality that western banker-monopoly capitalism is dead and other nations will not continue to pay the price of trying to preserve it.

Ultimately the BRICS collective is going about creating a more just world economic order in lieu of the utter failed western monopoly that has dominated the planet via the World Bank and the International Monetary Fund and Bank of International Settlements since the last global currency war was won by the western banker elite at the end of "World War" II, also known as the Second Imperialist War.

The defensive action comes partially in response to the attack in the latest round of "quantitative easing" in which we witnessed the I.S. Federal Reserve deliberately printing trillions of dollars in an attempt to jump-start the U.S. economy by forcing investors back into the U.S. stock market by devaluing the US dollar and prohibiting any other nations from doing so, forcing others to continue to use dollars while plummeting in real value, for example in the trade of oil, or in the exchange of currencies, while freely printing as much dollars at the US elite itself needed.

Of course, this came with the consequence that devaluing the U.S. dollar also erased the profits that nations such as China would have otherwise gained from the trillions of dollars of U.S. Treasury securities they had purchased and which had rapidly deteriorated in value over recent years.

Western nations in particular, dominated by a secretive but powerful banking elite have gone to war for far less than trillions of dollars of bad debt (as defined by the bankers), but at the end of the day it�s less about the loss of profit on an investment and more about the economic sovereignty of the BRICS nations being threatened.

The devaluation of the dollar translates into real and direct economic impacts on the economies of the BRICS nations by making their products relativity more costly and in turn harder to sell at a lower profit margin.

Clearly devaluing the dollar forces the BRICS nations to pay the tab for the economic and debt woes (blatant errors of greedy bankers, who control the western governments and media, and give themselves massive bonuses and bail-outs effectively rewarding themselves for destroying what was left of a partially-functioning capitalist economy) of the United States and Europe, while destroying the economies BRICS and the economies of many other, if not all nations in the process.

Quite frankly, the BRICS nations are unhappy about all of this as are the populations of most of the world and China has been the most outspoken nation about it in the past, albeit in very diplomatic language.

More recently attention has been placed on

President Obama has even hypocritically signed an executive order

Then there is the recent focus on

But in the meantime very few have paid attention to Africa which has now become ground zero for the western elite to once again embark upon direct theft of assets and resources, as occurred during last years bloody war to turn Africa's most stable, secure, and wealthy nation into a chaotic hot bed of terror. The BRICS alliance is perhaps also aiming to "take down" or "take on" the global banking cartel.

In South Africa the collective is pushing the Chinese currency, the renminbi, as part of a pilot program to make the currency the new standard de facto for international trade in emerging markings, which they plan on turning into a single �super-sovereign� global currency.

The hope is that this new currency will strip the global financial regime of its power and hence oppose and put an end to the United States self-allocated privilege of imposing its political and economic views on the rest of the world even at the cost of destroying it and consuming its finite resources without constraint, just to seek to do the impossible: to satisfy the insatiable appetite of the elite few.

Clearly the United States is well aware of this plan and has been making preparations to head off its demise through the use of its military force in Africa, AFRICOM, which prior to the destruction of Libya's Jamahiriya system and overthrow of non-compliant north African governments, had no real foot hold on the continent.

In this context, the American-European elite's military alliance, NATO, attacked Libya resulting in hundreds of thousands of still unreported deaths and millions of its population of only six million displaced. All this under the guise of "humanitarian intervention" smoothed over by a lying media empire attempting to preserve the west's unjustified position as dictatorial bully, usurper, exploiter and kleptomaniac extraordinaire, in Africa.

This is obviously apparent in the use of  AFRICOM to militarize the entire continent of Africa and to forcefully counter China's good relations in trade with the continent. China has been trading for over a decade with Africa without imposing "homosexual laws" and other things which the west imposes in its dealings with Africa, but, the west has been using force, and is now actively doing so via AFRICOM under the pretence of "responsibility to protect" by bombing Africa's wealthiest nation into the stone ages, and by pretending to chase Kony around while actually ensuring the entire region becomes unstable and chaotic, to aid their plunder.

While we consider all of this, let us not forget that the currency war of the 1930s ended with a military war which claimed countless millions of lives, The Second Imperialist War.

For more, The Daily Paul points us to an article which informs us that Brazil, Russia, India, China and South Africa are taking the next step to rid the world of the the US Dollar as the global trade currency.

BRICS (Brazil, Russia, India, China and South Africa) Move to Unseat US Dollar as Trade Currency

South Africa will this week take some initial steps to unseat the US dollar as the preferred worldwide currency for trade and investment in emerging economies.

Thus, the nation is expected to become party to endorsing the Chinese currency, the renminbi, as the currency of trade in emerging markets.

This means getting a renminbi-denominated bank account, in addition to a dollar account, could be an advantage for African businesses that seek to do business in the emerging markets.

The move is set to challenge the supremacy of the US dollar. This, experts say, is the latest salvo in the greatest worldwide currency war since the 1930s.

[...] Source:

The post cites the following City Press Article which explains how the world is currently in the midst of the greatest currency war since the 1930s.

It then goes onto explain how the move to unseat the dollar is part of the BRICS plan to create a �super-sovereign� international reserve currency and overthrow the current global financial regime.

BRICS move to unseat dollar as trade currency

[..]
The move is set to challenge the supremacy of the US dollar. This, experts say, is the latest salvo in the greatest worldwide currency war since the 1930s.

In the 1930s, several nations competitively devalued their currencies to give their domestic economies an advantage over others.

And this led to a worldwide decline in overall trade volumes at the time.

The north will be pitted against the entire south in a historic competitive currency battle � whose terrain has moved to the Indian capital New Dehli � where the BRICS (Brazil, Russia, India China and South Africa) nations will assemble next week.

China seeks to find new markets for its currency and to lobby to internationalize it throughout the BRICS states.

For China this is not a new game. In 2009, senior Chinese banking officials issued a statement that the international monetary system was flawed owing to an unhealthy dependence on the US dollar and called for a �super-sovereign� international reserve currency.

Experts say Beijing�s first step is to internationalize its currency (by expanding its reach beyond China), liberalize it (to allow its value to be determined by the market instead of actively managing it as they currently do) and then make it a reserve currency for many nations in the developing world.

Africa�s largest bank, Standard Bank, says in a research document: �We expect at least $100bn (about R768bn) in Sino-African trade � more than the total bilateral trade between China and Africa in 2010 � to be settled in the renminbi by 2015.�
[...]
Not only will the US dollar be challenged, but also the entire international financial regime � led by the World Bank and the International Monetary Fund � which has been dominant since the end of World War II.
[...]
The demand for greater political say in international affairs dovetails with China�s expected rise as a financial superpower in the next eight years.

Vargas showed the preparatory meeting projections indicating that China�s economy will have eclipsed that of the US by 2020, hence the promotion of the renminbi as the preferred currency of the south.

The renminbi has traditionally traded at a deliberately lower exchange rate, which gave a huge boost to China�s domestic economic sectors and enabled its booming industrialization and growth.

The US and other trading partners have long accused China of being a �currency manipulator�.

Last week, Brazil declared its commitment to keep its own currency � the Real � low. Its Finance Minister, Guido Mantega, reiterated his November 2010 declaration that a global currency war has broken out.

He said: �We do not want to lose our manufacturing sector.

�We will not sit back and watch while other countries devalue their currencies.�

Brazil and China cried foul last year when, through a slew of initiatives dubbed QE2 � quantitative easing Two � the US indirectly devalued its currency by pumping about $600bn into its economy to protect the economy from sliding back into recession.
[...]

The above contains some commentary from Alexander Higgins, albeit heavily corrected from a pro-western bias.

Now follows a Russia Today TV report on the subject:

Russia Today spoke to Dr Sreeram Chaulia, who is a Vice Dean at the Jindal School of International Affairs in India, about the creation of an alternative global lender by the BRICS nations and stepping away from the dollar as a reserve currency. He believes institutions like the IMF and the World Bank have outlived their uselfulness.

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Since the end of World War II and the Bretton Woods agreements, the dollar has been the leading international reserve currency. Ten reasons why the empire of the dollar may quickly come to an end (

#1 China And Japan Are Dumping the U.S. Dollar In Bilateral Trade

Last year, the second largest economy on earth (China) and the third largest economy on earth (Japan) struck a deal which will promote the use of their own currencies (rather than the U.S. dollar) when trading with each other.  This was an incredibly important agreement that was virtually totally ignored by the U.S. media. 

#2 The BRICS (Brazil, Russia, India, China, South Africa) Plan To Start Using Their Own Currencies When Trading With Each Other

The BRICS continue to flex their muscles.  A new agreement will promote the use of their own national currencies when trading with each other rather than the U.S. dollar. 

#3 The Russia/China Currency Agreement

Russia and China have been using their own national currencies when trading with each other for more than a year now.  Leaders from both Russia and China have been strongly advocating for a new global reserve currency for several years, and both nations seem determined to break the power that the U.S. dollar has over international trade.

#4 The Growing Use Of Chinese Currency In Africa

Who do you think is Africa's biggest trading partner? It isn't the United States. In 2009, China became Africa's biggest trading partner, and China is now aggressively seeking to expand the use of Chinese currency on that continent.

#5 The China/United Arab Emirates Deal

China and the United Arab Emirates have agreed to ditch the U.S. dollar and use their own currencies in oil transactions with each other.

The UAE is a fairly small player, but this is definitely a threat to the petrodollar system.  What will happen to the petrodollar if other oil producing countries in the Middle East follow suit?

#6 Iran

Iran has been one of the most aggressive nations when it comes to moving away from the U.S. dollar in international trade.  For example, it has been reported that India will begin to use gold to buy oil from Iran.

Tensions between the U.S. and Iran are not likely to go away any time soon, and Iran is likely to continue to do what it can to inflict pain on the United States in the financial world.

#7 The China/Saudi Arabia Relationship

Who imports the most oil from Saudi Arabia? It is not the United States. Rather, it is China.

Saudi Arabia and China have teamed up to construct a massive new oil refinery in Saudi Arabia, and leaders from both nations have been working to aggressively expand trade between the two nations.

So how long is Saudi Arabia going to stick with the petrodollar if China is their most important customer?

That is a very important question.

#8 The United Nations Has Been Pushing For A New World Reserve Currency

The United Nations has been issuing reports that openly call for an alternative to the U.S. dollar as the reserve currency of the world.

In particular, one UN report envisions "a new global reserve system" in which the U.S. no longer has dominance....

"A new global reserve system could be created, one that no longer relies on the United States dollar as the single major reserve currency."

#9 The IMF Has Been Pushing For A New World Reserve Currency

The International Monetary Fund has also published a series of reports calling for the U.S. dollar to be replaced as the reserve currency of the world.

In particular, one IMF paper entitled "Reserve Accumulation and International Monetary Stability" that was published a while back actually proposed that a future global currency be named the "Bancor" and that a future global central bank could be put in charge of issuing it..

"A global currency, bancor, issued by a global central bank (see Supplement 1, section V) would be designed as a stable store of value that is not tied exclusively to the conditions of any particular economy. As trade and finance continue to grow rapidly and global integration increases, the importance of this broader perspective is expected to continue growing."

#10 Most Of The Rest Of The World Hates The United States

Global sentiment toward the United States has dramatically shifted, and this should not be underestimated.

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