by Leo Hohmann, Leo’s Newsletter:
Russia, feeling spurned by the West, has decided to create an all new financial infrastructure that’s totally independent of Washington, New York, London, Paris, Berlin and Basel.
Russia officially announced on March 4 the creation of a new blockchain-based digital payment system, which will effectively empower the 10-member BRICS nations to use their own currencies, while avoiding the U.S. dollar and Western terminals controlled by the Swift banking system.
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Kremlin aide Yury Ushadov told the Russian news agency TASS:
“We believe that creating an independent BRICS payment system is an important goal for the future, which would be based on state-of-the-art tools such as digital technologies and blockchain. The main thing is to make sure it is convenient for governments, common people and businesses, as well as cost-effective and free of politics.”
Free of politics?
Implied in this statement is that use of the U.S. petro dollar involves agreeing to a set of political rules that are set and enforced by the United States. Russia has been burned by that system, slapped with historic economic sanctions since the outbreak of its war with Ukraine, and will no longer participate. Instead, it will create an all new financial system that’s independent of the U.S. and its NATO allies.
Wars have a way of creating upheavals in the world order. And major wars create major upheavals.
The ongoing war between the U.S./NATO and Russia has hastened the end of global dollar dominance. And without the dominance of the U.S. dollar serving as the world’s “reserve currency,” the free ride for American debt will come to a grinding halt. The U.S. will be forced to live within its means for the first time since the end of World War II, because it will no longer have the nations of the world worshipping at the temple of the Federal Reserve Bank, using dollars to buy and sell and investing in the future of the dollar by buying U.S. Treasury Bills.
You can argue about who was responsible for starting this war between Russia-China-Iran-North Korea, et al, and the U.S./U.K./NATO, but it’s getting more difficult to deny that such a war exists, or that it will intensify over the coming months or years.
Yes, we call it a proxy war but it’s quickly moving in the direction of direct war between nuclear-armed Super Powers, as the U.S. and its allies pour ever-more sophisticated weaponry into Ukraine, including long-range missiles and fighter-jets capable of carrying nuclear payloads. French President Emmanuel Macron has spoken twice in just the last week about the possibility of his country sending troops into Ukraine to fight the Russians. We also now know that German generals have admitted to having conversations, intercepted by the Russians and publicly released last weekend, in which they were war-gaming the possibility of launching a missile attack on the bridge from Russia proper to the Crimean Peninsula. Putin has responded to these provocations by saying they would invite a nuclear attack from Russia if carried out.
Now we hear Russia is moving forward with an all-new BRICS currency.
In the meantime, as that currency is being developed, Ushakov said the 10 BRICS nations (Brazil, Russia, India, China, South Africa, Iran, Egypt, Ethiopia, Saudi Arabia, UAE) will trade as much as possible in their own existing local currencies.
“Work will continue to develop the Contingent Reserve Arrangement, primarily regarding the use of currencies different from the US dollar,” the Kremlin aide told TASS.
This is an astonishing geopolitical development with potential biblical significance. The fact that 99 percent of Americans have no clue that it is unfolding will make it no less impactful.
A major bloc of nations are pulling away from the Western-dominated, post World War II liberal rules-based order and the increasingly bizarre social agenda that comes along with it. Just as the economic blackmail from the West is getting old, so are ideas like gender fluidity, “men” being able to carry babies in their wombs, and an intersectionality of racial and social apologetics. These are all a big NO for Russia, China and Iran.
If you live in the United States, Canada or Europe, prepare for MASSIVE inflation and a grossly devalued dollar. Do not put off any purchases you think you will need to make a year or two from now. Make those purchases now if you can, because whatever the item is will likely cost a lot more in a year, two years or further out. Convert those soon-to-be worthless greenbacks into things you can eat, drink, shoot, burn or cook with.
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