Suddenly, “De-Dollarization” Is A Thing

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Zero Hedge: For what seems like decades, other countries have been tiptoeing away from their dependence on the US dollar.

China, Russia, and India have cut deals in which they agree to accept each others’ currencies for bi-lateral trade while Europe, obviously, designed the euro to be a reserve asset and international medium of exchange.

These were challenges to the dollar’s dominance, but they weren’t mortal threats.

What’s happening lately, however, is a lot more serious. more …

Opinion: The US has been world reserve currency since 1944. Any nation wishing to buy commodities must use the dollar as currency.

The move away from the US dollar as reserve currency has been a point of interest to me since the financial crisis began, and is included in the fiction chapter of Antichrist: The Search for Amalek:

An economic meeting convened with top administration officials,
including former Obama economic advisor Larry Summers,
Federal Reserve chairman Janet Yellen, and CIA head John
Brennan. This special session was chaired by the current Treasury
secretary, Jack Lew.

As the top-secret meeting got under way, John Brennan had
disturbing news to share. He informed the group that there was
urgent intel from our people on the ground in the Far East. China
was about to make a move with support from Japan, Russia, and
the European Union to dump the dollar as the world reserve
currency. They planned to institute the renminbi, either alone or
as part of a basket of currencies called Special Drawing Rights
(SDRs), which would include the euro and the yen.

Brennan told the cabinet that China had been buying large
amounts of gold for the past five years in an effort to build global
confidence in the Chinese currency. Their aim was to make the
renminbi the de facto reserve currency and to increase global
influence.

What I didn’t know then is just how far China is willing to go to become the dominant world power. Enter North Korea…

Day after day we keep hearing from news pundits and political experts that China holds the key to the North Korean crisis. We keep hearing that China has the economic reins over dictator Kin Jong Un and day after day all that happens are watered down sanctions as ICBMs keep flying.

Last week Kim Jong Un threatened to put the US in darkness:

“Let’s reduce the US mainland into ashes and darkness. Let’s vent our spite with mobilisation of all retaliation means which have been prepared till now.”

Kim Jong Un let the world know that he had the ability to launch an Electro Magnetic Pulse that could put parts, or all, of the US in the 17th century.

What is especially disturbing is NoKo’s relationship with Iran, with China’s permission.