- Organize a cartel of oil producers
- Denominate sales in rubles, yuan
- Dollar is no longer a good store of value
- With more gold backing ruble, yuan can be
This is an excerpt from an article that originally appeared at The Huffington Post
A profound transformation of the global monetary system is underway.
It is being driven by a perfect storm: the need for Russia and Iran to escape Western sanctions, the low interest rate policy of the U.S. Federal Reserve to keep the American economy afloat and the increasing demand for Middle East oil by China.
As economic sanctions are increasingly part of the West’s arsenal, those non-Western countries that are the target — or potential target — of such sanctions are devising a counterpunch: non-dollar trading.
It would, in effect, nullify…
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