British State Getting Ready to Dump the Dollar


by Don Hank

My recent article on dedollarization mentioned several countries that were dedollarizing but not the UK, which had not yet joined the fray.

However, the UK has taken the most significant and daring step of all. Today’s morning paper says the United Kingdom is issuing SOVEREIGN BONDS denominated in…are you ready for this?…

RENMINBI. You can now buy UK bonds denominated in the Chinese yuan!!! 

The UK is the first Western country to do such a thing. Their other bonds were denominated in USD, euros, Japanese yuan and Canadian dollars.

But the msm will never call this dedollarization even thought that is exactly what it is intended to be.

Anyone who believes that dedollarization is limited to Russia and the BRICS or who believes that dedollarization is not going to affect the supremacy of the dollar in world trade is on the wrong track — the same track on which the freight train is bearing down on us all.

Time to get off that track.

What is that track called?

It is called bullying by the US oligarchy (relax, Mr. American. YOU have nothing to do with this. Your government is not your own. But a word of caution: believing the msm propaganda makes you unwittingly complicit). Read about it here

And the remedy for the rest of the world is called dedollarization, though none dare name its name:

QUOTE: The French Finance Ministry said it was instead seeking support from EU partners to bolster the use of the euro in international business as a way of reducing the potentially very costly exposure of European firms to U.S. sanctions law. [the name for this is dedollarization, a term commonly found in the world press but a search with that word on the sites of major online US newspapers brings up next to nothing, as my article linked above shows. Trusting US news outlets can only bring you pain in the long run]

You see? The US, acting like the kid who steals your lunch money, thinks its power is unlimited. But it ignores these signs that the rest of the world is sick of being the 90 pound weakling and is beefing up its arsenal to fight back. This feeling of utter invincibility (a misguided sense of American exceptionalism) on the part of US oligarchs is one reason why none of the major news outlets like NYT, WSJ, and even Stratfor will ever talk about dedollarization. They are all victims of normalcy bias. “It can’t happen to us.” (Here is my article on dedollarization and the way the press spikes the story)

It is happening right now. But as long as the msm are muzzled, or muzzle themselves, Americans will be blind sided by the impact of a world using currencies other than the dollar and the resulting loss of the dollar’s value.

Further, none of this news even touches on Russia, but Russis is also the victim of costly sanctions and a stealth program aimed at destroying its trade relations with one of its most important partners, ie, Ukraine. The Soros-inducecd uprising in Ukraine is falsely portrayed as ‘sponteneous’ but it is anything but (how do we know Soros was behind it? He said so here. But the US government also played a large role, as Victoria Nuland admitted). It was motivated in large part by the Wolfowitz doctrine of isolating Russia. But it is backfiring big time, as reflected by another item in today’s news.

Germany is the major EU economy most exposed to the Ukraine crisis, given its strong bilateral trade relationship with Russia. In September, the ZEW Index of German business confidence plunged again – hitting a nine-year low.

Here it comes, Folks. The unintended consequences of US meddling are raining down on the entire world. Are you ready?

If I had some extra cash, I would invest in one of those renminbi-denominated bonds from the UK or Russia.

Isaiah 14: How art thou fallen from heaven, O Lucifer, son of the morning! how art thou cut down to the ground, which didst weaken the nations! For thou hast said in thine heart, I will ascend into heaven, I will exalt my throne above the stars of God: I will sit also upon the mount of the congregation, in the sides of the north: I will ascend above the heights of the clouds; I will be like the most High.

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3 comments

  • I share Dr Sean Gabb’s distrust of, and distaste for, Imperial American Power – with this proviso:-
    That we direct this dislike and criticism towards the US federal gubblentment in particular – and not necessarily towards the States or the American People themselves.

    The disgusting and wicked individuals that populate the inside of the Washington Beltway, and infect with foul socialist pustulence the hallways and lecture-theatres and campuses of otherwise good and decent American Universities, will one day come in also for my ire, and my purposefully-vengeful “War Crimes Trials”, based on the “Nuremberg Model”.
    Poor McCarthy tried to do something, but it was too little and too late in regard to what had happened at the time.

    President Harry Anslinger, as portrayed in Sean’s very good (and extremely funny!) alternative-history-novel “The Churchill Memorandum” which you can buy here and also on the sidebar…..
    http://www.lulu.com/shop/sean-gabb/the-churchill-memorandum/paperback/product-21547561.html
    ….is, to my mind, a dead-ringer for that repellent man Barack Obama, otherwise called here widely in Britain “Barry o’Blimey”, or better…Barraco Barner, as he would have been if not somewhatrestrained by the fact that the American People still think their nation is at least a partly-functioning liberal democracy.

    It is indeed a great crime – probably one of the greatest of Modern Times, to have purposelfully-corrupted to such a deep and baleful degree – and suggesting that palliative remedies may be long and unsuccessful – a good and decent and bright young nation like the USA. The word “genocide” comes to mind.

    I have always agreed with Winston Churchill in his famous speech to the Houses in I think December 1941, in which he said, and on which he ended, to tumultious applause (see the video):- __”Still, I avow my hope and faith, sure and inviolate, that in the days to come the British and American peoples will for their own safety and for the good of all walk together side by side in majesty, in justice and in peace. “__

  • Thanks for the plug. The Churchill Memorandum has also been grabbed by my publisher, and a new edition will be published in due course.

    Regarding Americans, my embittered loathing of them doesn’t seem to affect the fact that some of my best friends are from the former Colonies. One day, when I am front man for a military coup, I will invade America and undo the misfortune of Yorktown. When that happens, I shall reside for part of the year in the Whitehouse, occasionally stepping from a black helicopter to show myself to the locals, dressed as a lizard and covered in masonic symbols. I’m sure a good time will be had by all.

  • Covered up by demented ravings of “Don Hank” (whether or not he is a real person) about the evil American capitalist “oligarchs” and how the West is to blame for the Fascist Putin regime’s expansionism, there is a serious point.

    The Central Banks (not just the Federal Reserve but all the major Central Banks) are buying (directly or indirectly) government debt (debt that mostly comes from wild Welfare State spending – thus the fiscal mess is connected to the monetary mess). – buying it with money they create from NOTHING.

    Ordinary people should (therefore) try to stay out (and protect themselves from) the financial markets.

    For the record…..

    Western military spending (including that of the United States) has been a declining (declining) share of the economy for 50 years.

    Nor is there an “American Empire” – countries do not pay taxes to America (America gives aid to others – the opposite of an Empire). This attack on “Western Imperialism” is something that the late Murray Rothbard took from Lenin (“Imperialism The Highest Stage of Capitalism”) and the radical “liberal” (actually anti semitic and anti capitalist) Hobson. And tries to apply to the United States – even though he (Rothbard) knew that theories he was applying were bullshit, and that America did not have an empire anyway.

    No doubt (if he was still alive) the death-to-America Rothbard would be the sort of American who was a friend of Sean Gabb.

    Although I like to think that even Rothbard would have drawn the line at supporting Putin or the Islamic Republic of the Sudan.

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