TRAVELING THE WORLD, WRITING WHAT THE PEOPLE NEED TO KNOW.
TRAVELING THE WORLD, WRITING WHAT THE PEOPLE NEED TO KNOW.
Once upon a time, the U.S. dollar was backed by the gold standard in a framework that established what was known as the Bretton-Woods agreement, made in 1944. The dollar was fixed to gold at a price of $35 an ounce, though the dollar could earn interest, marking one notable difference from gold. The system ended up Read More…
Whether in response to rising scorching tensions with the US, or simply to provide support for the ruble, on Tuesday Russian President Vladimir Putin instructed the government to approve legislation making the ruble the main currency of exchange at all Russian seaports by next year, RT reported citing the Kremlin website. The head of Russian antitrust watchdog FAS Read More…
Did the doomsday clock on the petrodollar (and implicitly US hegemony) just tick one more minute closer to midnight? Apparently confirming what President Maduro had warned following the recent US sanctions, The Wall Street Journal reports that Venezuela has officially stopped accepting US Dollars as payment for its crude oil exports. As we previously noted, Venezuelan President Nicolas Maduro said Read More…
Puerto Rico — For the first time in American history, a territory claimed by the United States is filing for what is essentially bankruptcy. On Wednesday, the New York Times reported that Puerto Rico, which the U.S. appropriated following the Spanish-American War, has just claimed in a New York federal court filing that due to its Read More…
The Russian central bank opened its first overseas office in Beijing on March 14, marking a step forward in forging a Beijing-Moscow alliance to bypass the US dollar in the global monetary system, and to phase-in a gold-backed standard of trade. According to the South China Morning Post the new office was part of agreements Read More…