In 2010 the international community reached a new monetary consensus that called for a weaker U.S. Dollar, a stronger basket of reserve currencies (SDR)…
The major point I wish to make is that there are nonviolent solutions, options other than simply going to war with other nuclear powers!
Switzerland will receive a quota of RMB50 billion (CHF7 billion) to establish itself as a so-called RMB Qualified Foreign Institutional Investor, or RQFII, according to an announcement from the Swiss National Bank (SNB). Switzerland’s status as a “renminbi hub“ will give Swiss commercial traders the ability to make and clear direct trades with their Chinese counterparts in China.
The U.S. could potentially veto the yuan’s inclusion in the SDR basket because the change would require the support of as much as 85 percent of voting shares on the IMF’s executive board. The U.S. has 17 percent of the votes. The IMF said it’s too soon to say whether the move would require 70 percent or 85 percent of the vote under the institution’s bylaws.
Holly Shulman, a Treasury Department spokeswoman, said in an e-mail that it’s too early to speculate on the outcome of the IMF review.
China probably hasn’t done enough to liberalize controls over its currency and financial markets to sway the U.S., said Edwin Truman, who was assistant secretary for international affairs at the Treasury Department during the Clinton administration.
With little fanfare or notice, the CME Group has notified the CFTC that they plan to institute trading collars for Comex precious metals trading. At present, these collars are planned to go into effect on Monday, December 22.
“The modules themselves are something unique, independent, only partly related to the Openway. Now all this belongs to us: our code, the knowledge of how the system is built, and its logic. We are able to develop it and provide support,” said Komlev.
The most shocking, if already completely buried, news of the day was that – in yet another confirmation that Goldman Sachs is in charge of the New York Fed – a NY Fed staffer was colluding and leaking confidential, material information to a 29-year-old Goldman vice president, himself a former Federal Reserve employee.
Merkel Hands Cameron an Ultimatum and for First Time Ever Sees Britain’s Exit from the EU
as riot Police advanced on Hong Kong democracy protesters firing volleys of tear gas after launching a baton-charge… halted traffic.
Thus, I woke up with a simple question:
The global monetary system could effectively be “reset” in the EAST, with the BRICS and SCO nations driving the enthusiasm for it. London apparently is preparing with their recent RMB agreements with China.
Peace Today
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