The Phaserl


Bye Bye DOLLAR: BRICS Announce $100 BILLION RESERVE To Bypass Fed, Developed World Central Banks

from Zero Hedge:

“We are pleased to announce the signing of the Treaty for the establishment of the BRICS Contingent Reserve Arrangement (CRA) with an initial size of US$ 100 billion. This arrangement will have a positive precautionary effect, help countries forestall short-term liquidity pressures, promote further BRICS cooperation, strengthen the global financial safety net and complement existing international arrangements. We appreciate the work undertaken by our Finance Ministers and Central Bank Governors. The Agreement is a framework for the provision of liquidity through currency swaps in response to actual or potential short-term balance of payments pressures.” – The BRICS

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15 comments to Bye Bye DOLLAR: BRICS Announce $100 BILLION RESERVE To Bypass Fed, Developed World Central Banks

  • Mike

    Bye Bye dollar with 100 billion US Reserves? Looks like if anything this will bolster the dollar. The Brics have no reason at all to attack the dollar. It enables them to deficit spend and pass around their paper fiat. The whole world is a stage. It’s dishonest but everyone gets a role to play.

  • mangrove

    Mike, I had the same reaction. I mean, if they’re going to start a new reserve bank, and then fund it with 100 billion DOLLARS, uh, excuse me, but am I missing something here? Plus, I also thought about the fact that $100 billion is not really very much money in the world today. The Fed was printing $85 billion a month during the peak of QE, ya know? And they’re still printing $65 billion a month. Out of thin air. But yeah, wow, $100 billion, wow, DOLLAR IS DOOMED. Right.

    • Sergio of the Jungle

      Hey, Mangrove. I’d say that they “money” they use will be a local currency (computer generated). It will be borrowed into existence by the respective governments from their respective Central Banks, who created the fictitious credits, on the government’s good faith to the CBs that the government will force their people to use it and tax them to pay for the privilege. Sound familiar?
      You state the obvious; The $US is doomed, but not by chance.
      Nothing in politics happens by chance. The powerful families who use this counterfeiting model as a means to steal wealth, have tapped out the credit worthiness of western citizens. Seeing the writing on the wall long ago (using their play book) they have barged into the vaults and exercised their counterfeit claims on our gold and have moved the gold reserves of the West into the secure perimeter of the East where they will use said gold to re-birth their system. It’s their game using our gold. How are we to get it back without offending those nations? We don’t without war.
      There are billions of Eastern potential credit slaves whom the bankers are very aware are yet to be tapped. It’s the next iteration of their nefarious slave trade. It’s not even a turf war, it’s just meant to look like one (Ukraine).
      They all rub shoulders and it is why Jim Rogers moved his family over to Hong Kong. He’s the pioneer go-between, using the press to make announcements to all the insiders.
      Maybe I’m nuts as this is all unsubstantiated musings of an average guy who had been inculcated with their meme but it’s funny where the mind goes after witnessing all their machinations over the years. It makes you suspicious of everyone.

      • mangrove

        Thanks for your thoughts Sergio. I do agree that the dollar is doomed, which is why I got out of the dollar 10 years ago — on the advice of the late Michael C. Ruppert. Yeah, I’m suspicious of everyone too. How can we not be, given the incredible depth of lies and deception (for those paying attention, at least)? This BRICS thing probably IS a big deal, at least eventually. It’s just hard to see $100 billion as a lot of money, but I guess if it’s seed money there will be a lot more down the road. Or not. Who the f*** knows!?! Ha!

        • Sergio of the Jungle

          T’ain’t nutting but feigned credibility. CBs have $0.00 on their balance sheets. They don’t need seed capital, just your seed. Why would they need any if they can simply say it’s there? Hey presto!!!. It’s how they saved the banks and financial system from implosion in 2000 and 2008. Now, if they actually had something of substance, other than the CBs trust of government to tax, they would have their own skin in the game (figuratively speaking) rather than your’s mine and our children’s; i.e. your seed (literally speaking).

          • mangrove

            Never thought about it that way — seed money will never sound the same to me again. But I don’t got no children this time around. Funny thing about that. I have some neighbors who are amateur preppers, and they also don’t have kids. Most of the other neighbors with the toddlers are deeply in debt, have no savings, and presumably think prepping is a dirty word. But yeah, you nailed it about the bankers and their confidence game that seems to go on and on, with the willing complicity of the masses. Even if/when the dollar fails, they’ll have another currency ready and waiting in the wings, backed by nothing as per usual. I hope I’ll be able to afford soma for supper.

            • mangrove

              ^^ soylent green, not soma. See, my brain cells are already deteriorating.

              • mike

                I use to think soylent green was just a crunchy cracker..We were all wrong! It’s a delicious salty sweetener aimed directly at out taste buds..HEK 293 – human embryonic kidney cell sweetener…Yummy!

                Pepsi is doing great work!

    • mike

      I just think its all BS. I think the Brics were just formed to be the Ying to our Yang..We must always have a Ying. When the USSR fell it destroyed our best Ying EVER..Then we were on the look out for a new Ying, low and behold “Terrorist”..They are not working out as a good ying at all simply because your more likely to be struck by lightning TWICE than ever be a victim of terrorism. So now we have the Brics..They’ll do fine, a nice little ying to our yang since they “Could” cause real harm. But im telling you this is all BS. There is nothing going on in this world hence the need for yings and yangs. Keep people moving. There is not people in their homes with their children plotting anything against the US. Its all theater, every bit of it.

  • Abby

    I am reminded of Christine La Guarde. “Dgrop ze zero… compgress!” 7 and I quote (remember,,, dgrop ze zero) :

    “Exactly 70 years ago to the day, hundreds of delegates from 44 nations were busy at work in Bretton Woods, New Hampshire creating a brand new financial system.

    World War II had just ended. Europe was in ruin.

    And since the US was simultaneously the largest economy in the world, the primary victor in the war, and the only major power with its productive capacity intact, it was easy to dictate terms: the dollar would dominate the new system.

    Every nation would hold dollars as the primary reserve currency, and the dollar would be redeemable for gold at $35/ounce….

    …Today, 70 years after Bretton Woods, leaders from China, Russia, India, Brazil, South Africa, and several other nations are hard at work in Fortaleza, Brazil creating a new development bank that will compete against the US-controlled World Bank.

    This is a major step in an obvious trend towards a new financial system. Every shred of objective data is SCREAMING for this to happen.

    It’s a different world. Everyone realizes it except for the US government, which is still living in the past where they’re #1 and get to call all the shots.

    The consequences of missing this boat are enormous, and it’s going to be a rude awakening for anyone not paying attention.”

    Now this I found very interesting. They clearly say replace the dollar.

    They quote the the value in the bank in dollars. But that is the value. They could have easily quoted the value in Yuan or Rubles. I doubt very much if this is in USTreasury bonds. These countries will rather use those to repay their trade deficits to the USA and return to sender. In the last few years, India and China have been big buyers of Gold, so has Russia. These countries are the largest contributors. As we have seen the gold price has also been smashed. My guess is that the investment in the BRCIS bank is in gold, which is currently valued at $100 billion dollars. Now if the value of Gold should increase to $10,000 then that $100 billion will have quite a few zeros added, not dgropped as La Guard suggested.

    Here are some more interesting articles on the subject:

    US Dollar Suffers Serious Setback

    BRICS against Washington consensus

    And here is Pepe again:

    • Abby

      One other thing. Germany asked for their Gold back and we know how that has turned out. Also, Germany along with many other clients had bought Gold from Barrick. However none of them could take delivery simply because not only had Barrick not even mined the Gold, but as it turns out, Barrick did not even have the title deeds to the property at the Pasca Lima mine and after 15 years or so… lost their court case last year. This would mean the Germany as well as others were sitting holding a fist full of worthless paper. It is not surprising then that as soon as it was announced that Barrick had lost the case, that the Gold price fell dramatically. Until then it was doing rather well. One has to conclude that Barrick’s clients were dumping their worthless GLD on the paper market and getting out as fast as they could and while they still could, then rather buying real Gold in Shanghi, stuff you could actually touch and stuff that is kept in a safe allocated account where it cannot be hypothecated, also while Gold was being smashed into the ground. When the Gold price goes up, some predict to $10,000, these people, Germany included, will not only recoup their losses, but make a sizable profit, especially if they KNEW that the BRICS bank was going to come on line within a year with a Gold backed currency facility and a basket of currencies not restricted by the dollar.

      Conclusion: I strongly suspect that there are more countries who have already signed up agreements to join the new BRICS bank and who are either sitting on Gold or other valuable commodities which they will, in time contribute and join. Or they will use as collateral for loans that are far more favourable than the World Bank and the IMF and the skuldugary that John Perkins exposed in “Confessions of an Economic Hitman.”

      China recently told the Zimbabwe leadership to stop trading in illegal diamonds and to ensure that their central bank bought out these diamonds from their diamond mines. This will give Zimbabwe leverage and also credibility in order to possibly either borrow from the BRICS bank or contribute to it. This will put paid to the blood diamond industry in ZIM, hopefully…much to the relief of many.

      • Dissolution

        And with the new BRICS bank being based in Shanghai, hence all of those nice new empty houses…err, cities in China. Just waiting for the newly [golden] wealthy to move on in.

        And everyone thought that it was just some kind of brazen housing bubble. Tssk tssk.

        In the words of Jeff Daniels, “I’m from the future, go to China.”

        • Abby

          Good point there. It is not only the Chinese banks and governments buying gold and silver. it is the people of China themselves. especially the grandmothers. Same in India. So yes, price of gold goes up and guess what, Chinway Woo Shack San and Slum dog Bollywood impoverished, who have managed to accumulate even ONE bar of Gold/Silver or even some jewelery, when the price goes up, gets to move out of the drainpipe and the tin shack in the mud and actually have a real roof over their heads for the first time in centuries. Two problems solved in one hit. Property market recovers, gold circulates, and their economies get back on the move again, this time not with confetti. And another thing, the street trader sitting on the pavement, he might even be able to afford a mobile mini unit and get up off the floor.

  • Hannon

    I’m as suspicious as anyone, but I’m in the wait and see camp. They’re using dollars, but almost every nation under the thumbs of the bankers are based in dollars so it makes sense to use them to deleverage them from the existing order. We know once a country goes into debt, they stay in debt and “somehow” end up with leaders who keep them that way. This could end up being something good, or it could be more of the same with new branding. One they start operating, we’ll figure it out rather quickly.

    If this was in place a few years ago, it could have shifted Ukraine’s debts away from the bankers and saved everyone there a lot of trouble, provided it’s honest.

  • Dissolution

    In the meantime, this is what’s going on with the Fed and JP Morgan (VIDEO):

    Inspires confidence, does it not?

    Grab your things…and run. Fast.

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