The BRIC nations, (Brazil, Russia, India & China) along with Japan & Saudi Arabia have delivered a death blow to the US Dollar.
BRIC Summit wraps up with a consensus on bilateral trade agreements.
Bottom line: NO US Dollars!!!
http://further-left-forum.blogspot.ca/2012/03/no-dollar-trade.html
Get ready for hyperinflation, ...coming to an American town near you... SOON!
I'm just glad my money is banked in GOLD! As the US Dollar devalues to zero, my purchasing power is retained.
Is this on any other news source? Not a flame, but this is serious bidness, and If I can see this corroborated on a legitimate news source, Im gonna be worried.
But honestly, that site leaves me with doubts.
Bank of Korea has cut it's dollar reservesSouth Korea, Asia's fourth-largest economy, pared the share of dollars in its foreign-exchange reserves to the lowest level since the global financial crisis erupted in 2007.
Dollar holdings dropped to 60.5 percent of foreign- exchange reserves at the end of last year from 63.7 percent in 2010, the central bank said in its annual report for 2011 released today.
The drop underscores a shift among reserve managers to diversify assets, with China’s yuan and Australia’s dollar among the beneficiaries. South Korea’s government earlier this year announced plans to invest in Chinese equities as well as bonds as the yuan’s international role increases.
“The move to diversify reserves away from U.S. dollars and the euro accelerated last year, largely on weaker fiscal fundamentals and subdued economic conditions in developed markets,” Wai Ho Leong, a senior regional economist at Barclays Capital in Singapore, said in an e-mail. “At the same time, it marked a move into gold, and bonds of stable emerging-market economies, particularly those with better longer-term prospects and currency appreciation potential.”
The central bank boosted the proportion of equity investments to 5.4 percent last year from 3.8 percent, it said. Holdings of foreign government bonds rose to 36.8 percent from 35.8 percent in 2010, the BOK said.
http://www.bloomberg.com/news/2012-03-30/bok-s-dollar-holdings-fell-to-60-5-of-fx-assets-in-2011.htmlAnd We're starting to see more commentaries on the recent summit.
The SWIFT Settlement System In our previous article we looked at whether the U.S. Dollar was headed for a major fall or not. We demonstrated how the dominance of the U.S. dollar was almost entirely dependent on the grip it had over oil producers and this allowed the oil price to be designmnated in the U.S. dollar. The U.S. has gone to war in Kuwait and Iraq over this issue under the guise of destroying “weapons of Mass Destruction” as it appears on the verge of doing in Iran. It is no coincidence that Iran has long since ceased using the dollar to price its oil. It has also eliminated the U.S. dollar from its reserves. But of greater importance to the emerging world has been the use of the Belgian-based SWIFT system of international settlements. Not only has the move stopped the sale of Iranian oil, but it has also interfered with an important source of oil to the emerging world.
Right now there are ongoing discussions between the BRICS (Brazil, Russia, India, China and South Africa) countries over ther use of the SWIFT system of international settlements as a ‘weapon’ against Iran. The full extent of the impact of this appears to have been ignored. With China and India as two of Iran’s clients, they found that the U.S. could hurt them considerably with this action. If they can hurt them in this way, then they can hurt them the same way on other issues. So the question that the BRIC nations are now asking is, “Must we be subject to the financial will of the U.S.?”
The question has long-term implications that could affect these nation’s freedom of financial activity. The question demands to see just how powerful the U.S. really is. It is very clear to these emerging nations that if they are to keep on growing, unfettered by the U.S. will, they must set up a system that is not vulnerable to U.S. influence and to reduce the influence of the dollar itself.
What is being realized slowly is that the actions that come out of this conference may well mark a watershed in the shift of power from West to East and the significant reduction in the power of the U.S. as the globe’s main financial influence. Consequently, these nation’s will have to lower the influence of the U.S. dollar on their affairs if they are to achieve real financial independence. This has to be a future and extremely negative influence on the international value of the U.S. dollar.
http://www.24hgold.com/english/news-gold-silver-the-decline-and-fall-of-the-usd.aspx?article=3860352942G10020Brave New Bank? BRICS moot dropping dollar, IMFBye-bye Dollar: BRICS doesn't trust the buckPeter Schiff on BRICS and the demise of the dollarAnd here we see the US Governments go to answer for everything... brainwash the public into starting another war, because now countries have the audacity to protect themselves from the arbitrary whims of what is essentially an insolvent a broke ass thug!
US Lists BRICS As New Threat - Brazil, Russia, India, China, South Africa - Build Up 2 WW3