Bank holiday was considered by Obama in 2009
The following articles show a progression since late 2010 of countries abandoning the dollar (USD) as the world’s reserve currency. There are multiple reasons why the average American should be concerned:
1. When (not if) the dollar loses its reserve currency status, the Federal Reserve will no longer be able to make the Treasury print dollars backed by the full faith and credit of the United States. Without the ability to finance our nation’s debt, the dollar will be devalued (become worthless overnight) and the consequences will devastate your life’s savings and assets.
2. The American economy will collapse. Businesses will not be able to finance growth or payrolls at a reasonable interest rate or more likely, will not be able to qualify for a loan of inflated dollars. International trade will also collapse. Energy costs will “necessarily skyrocket”. No gas or diesel for transportation of goods, travel to work or energy to heat your home.
3. As seen in Ann Barnhardt’s article, banks are starting to limit withdrawals and placing conditions on how you withdraw “your” money. I personally have had this happen on two occasions at a credit union due to lack of funds. I was told to come back the next day to withdraw my money (under $10,000).
4. The last reason is to show us who our allies are. This administration has alienated our country’s allies and we are now seeing the consequences with Iranian sanctions. Russia, China, India, Japan, the European Union, Cuba, Venezuela and Nicaragua have sided with or postponed sanctions on Iran.
Here is our president’s assessment and policy that has led us to this point:
5. Our government and the Federal Reserve are aware of these conditions and their impact. The plan under this administration’s social engineering edict is to redistribute our wealth. If you do not act responsibly now based on the information provided, you will find yourself literally out in the cold: no home, no job and no heat.
You have three questions to ask yourself:
- What would you do if a bank holiday was declared or a run on the banks (like what is happening in Europe) happened tomorrow?
- Do you believe the government is looking out for your property?
- Do you trust your bank?
China started allowing the yuan to trade against the Russian rouble in the interbank market from Monday as policymakers promote the currency’s use in global trade and finance.
The move will help “facilitate bilateral trade between China and Russia and help develop yuan trade settlements,” according to a statement published on the website of the China Foreign Exchange Trade System (CFETS), a subsidiary of the People’s Bank of China.
China is allowing greater use of its currency for cross-border transactions to reduce reliance on the US dollar, after Premier Wen Jiabao said in March he was “worried” about holdings of assets denominated in the greenback. Purchases of US currency to contain yuan gains contributed to a $194 billion increase in the nation’s foreign-exchange reserves in the third quarter, boosting the total to a record $2.65 trillion.
July 24, 2011
Tehran and Beijing are in talks about using a barter system to exchange Iranian oil for Chinese goods and services, as US financial sanctions have blocked China from paying at least $20bn for oil imports.
The US sanctions against Iran, which make it extremely difficult to conduct dollar-denominated business, mean that China could owe the oil-rich nation as much as $30bn, according to people familiar with the problem.
Dec 26, 2011
Japan and China will promote direct trading of the yen and yuan without using dollars and will encourage the development of a market for companies involved in the exchanges, the Japanese government said.
Japan will also apply to buy Chinese bonds next year, allowing the investment of renminbi that leaves China during the transactions, the Japanese government said in a statement after a meeting between Prime Minister Yoshihiko Noda and Chinese Premier Wen Jiabao in Beijing yesterday. Encouraging direct yen- yuan settlement should reduce currency risks and trading costs, the Japanese and Chinese governments said.
China is Japan’s biggest trading partner with 26.5 trillion yen ($340 billion) in two-way transactions last year, from 9.2 trillion yen a decade earlier. The pacts between the world’s second- and third-largest economies mirror attempts by fund managers to diversify as the two-year-old European debt crisis keeps global financial markets volatile.
China also announced a 70 billion yuan ($11 billion) currency swap agreement with Thailand last week as part of a plan outlined in October to promote the use of the yuan in the Association of Southeast Asian Nations and establish free trade zones.
Iran and Russia have replaced US Dollar with their own currencies in their trade ties, a senior Iranian diplomat announced on Saturday.
Speaking to FNA, Tehran’s Ambassador to Moscow Seyed Reza Sajjadi said that the proposal for replacing US Dollar with Ruble and Rial was raised by Russian President Dmitry Medvedev in a meeting with his Iranian counterpart Mahmoud Ahmadinejad in Astana on the sidelines of the Shanghai Cooperation Organization (SCO) meeting.
“Since then, we have acted on this basis and a part of our interactions is done in Ruble now,” Sajjadi stated, adding that many Iranian traders are using Ruble for their trade deals.
“There is a similar interest in the Russian side,” the envoy stated, adding that that Moscow is against unilateral sanctions on Iran outside the UN Security Council, specially the recent sanctions against Iran’s Central Bank (CBI).
“The move (imposing sanction on the CBI) is unacceptable. Russians have clearly announced that they will not accept these sanctions and Iran’s nuclear issue is resolvable just through negotiations.”
Jan 20, 2012
India and Iran have agreed to settle some of their $12 billion annual oil trade in rupees, a government source said on Friday, resorting to the restricted currency after more than a year of payment problems in the face of fresh, tougher U.S. sanctions.
“The Central Bank of Iran will open an account with an Indian bank for receiving payment and settling its import [oil],” the source, who has direct knowledge of the matter, said, adding the new system will start “soon”.