Vous avez parfaitement raison ! Macron est inconsistant. C’est une girouette : ce n’est pas lui qui change d’avis tout le temps, c’est le vent qui ne cesse de charger de côté….
“The dollar as the international reserve currency—which it has been since 1944—is newly under threat. China, Russia, India, Saudi Arabia, and Brazil, with other nations joining, have all agreed to work toward independence from the dollar. This is because the Biden administration has so heavily politicized its use as a reserve currency, even going so far as outright confiscation of assets owned by Russians. U.S. policy is using the dollar as a weapon, and it should come as no surprise that many nations don’t like that.
…
If there were ever a time to push for a new gold standard, it is now.”
Jeffrey A.Tucker 1)
The majority of the nations of the world, led by Russia-China and the expanding bloc of BRICS nations, are determined to dethrone the US from its status of issuer of the international reserve currency. This effort has progressed to a point where it is unlikely that the US can hang on much longer. But as Sergey Glasyev in an interview with Pepe Escobar has said, ‘The road to financial multipolarity will be long and rocky’. ‘Essentially, Glazyev does not see heavily sanctioned Russia taking a leadership role in setting up a new global financial system. That may fall to China’s Global Security Initiative. The division into two blocs seems inevitable: the dollarized zone – with its inbuilt eurozone – in contrast with the Global South majority with a new financial system and new trading currency for international trade. Domestically, individual nations will keep doing business in their own national currencies.’(2)
In the absence of any agreement to the contrary, it is almost certain that the yuan will replace the US dollar as the international reserve currency. Instead of the fall of the US dollar resulting in a multipolar financial system, it will simply be China replacing the US as the unipolar financial hegemon.
There is a way forward to a multipolar financial system—and that way is by adopting a gold standard. Not a gold standard for an international reserve currency or any other currency; but a gold standard unit of value to be used in pricing goods and services for international trade and in accounting for and reporting international trade transactions.
The new system may be called VIG-SINC (Value In Gold—Settle In National Currency) where a vig is a standard physical unit of value equal to a gram of gold of a fineness of 999.9. The centerpiece of the system is the Vig Reference Market (VRM) which is a combined foreign exchange market where all national currencies are traded and commodities market where gold is traded in national currencies and other commodities are traded in vigs but settled in national currencies. This market will provide the reference rates at which vigs are converted to national currencies for purposes of settling commodities transactions.
That, in a nutshell, is VIG-SINC. It is up to participating nations to work out the details of how the VRM will be set up and operated.
The beauty of this proposed system is that it will provide an external market for the currencies of all participating nations (a market that underdeveloped nations now sorely lack) and that it will not advantage any one nation over another beyond the economic advantages they already may enjoy through having strong resource positions, modern industrial infrastructure, stable currencies, etc.
Amazing times. Could be finally, after 5 centuries of Western European dominance/exploitation (and its North American Frankenstein), the world might be shaking free. The Indian, Saudi, African mutinies in particular are very encouraging. China, using controlled capitalism to raise hundreds of millions from poverty, provides a blueprint (and shelter) for the world to escape enslavement from the “golden billion”. But victory is far from assured and American defeat in Ukraine is vitally important.
Macron occasionally makes brave-sounding noises about independence from the United States.
Ignore what Macron says, that's just for a domestic audience. Pay attention to what he does, that is, to get down on his knees.
Vous avez parfaitement raison ! Macron est inconsistant. C’est une girouette : ce n’est pas lui qui change d’avis tout le temps, c’est le vent qui ne cesse de charger de côté….
Macron is a little bitch.
I'd take the Lab, and I am a cat who doesn't exactly like dogs all that much.
A WAY FORWARD, introducing VIG-SINC
“The dollar as the international reserve currency—which it has been since 1944—is newly under threat. China, Russia, India, Saudi Arabia, and Brazil, with other nations joining, have all agreed to work toward independence from the dollar. This is because the Biden administration has so heavily politicized its use as a reserve currency, even going so far as outright confiscation of assets owned by Russians. U.S. policy is using the dollar as a weapon, and it should come as no surprise that many nations don’t like that.
…
If there were ever a time to push for a new gold standard, it is now.”
Jeffrey A.Tucker 1)
The majority of the nations of the world, led by Russia-China and the expanding bloc of BRICS nations, are determined to dethrone the US from its status of issuer of the international reserve currency. This effort has progressed to a point where it is unlikely that the US can hang on much longer. But as Sergey Glasyev in an interview with Pepe Escobar has said, ‘The road to financial multipolarity will be long and rocky’. ‘Essentially, Glazyev does not see heavily sanctioned Russia taking a leadership role in setting up a new global financial system. That may fall to China’s Global Security Initiative. The division into two blocs seems inevitable: the dollarized zone – with its inbuilt eurozone – in contrast with the Global South majority with a new financial system and new trading currency for international trade. Domestically, individual nations will keep doing business in their own national currencies.’(2)
In the absence of any agreement to the contrary, it is almost certain that the yuan will replace the US dollar as the international reserve currency. Instead of the fall of the US dollar resulting in a multipolar financial system, it will simply be China replacing the US as the unipolar financial hegemon.
There is a way forward to a multipolar financial system—and that way is by adopting a gold standard. Not a gold standard for an international reserve currency or any other currency; but a gold standard unit of value to be used in pricing goods and services for international trade and in accounting for and reporting international trade transactions.
The new system may be called VIG-SINC (Value In Gold—Settle In National Currency) where a vig is a standard physical unit of value equal to a gram of gold of a fineness of 999.9. The centerpiece of the system is the Vig Reference Market (VRM) which is a combined foreign exchange market where all national currencies are traded and commodities market where gold is traded in national currencies and other commodities are traded in vigs but settled in national currencies. This market will provide the reference rates at which vigs are converted to national currencies for purposes of settling commodities transactions.
That, in a nutshell, is VIG-SINC. It is up to participating nations to work out the details of how the VRM will be set up and operated.
The beauty of this proposed system is that it will provide an external market for the currencies of all participating nations (a market that underdeveloped nations now sorely lack) and that it will not advantage any one nation over another beyond the economic advantages they already may enjoy through having strong resource positions, modern industrial infrastructure, stable currencies, etc.
Harold O. Stebbe, CPA, retired
(1) https://www.theepochtimes.com/is-a-new-gold-standard-possible_5179327.html?utm_source=partner&utm_campaign=ZeroHedge
(2) https://thecradle.co/article-view/22457/sergey-glazyev-the-road-to-financial-multipolarity-will-be-long-and-rocky
All the American goldbug grifters are predictably crawling out of the woodwork to push their preferred grifts.
How about hocking a gold-plated bridge in Brooklyn for sale as well?
Macron es un loco!
Amazing times. Could be finally, after 5 centuries of Western European dominance/exploitation (and its North American Frankenstein), the world might be shaking free. The Indian, Saudi, African mutinies in particular are very encouraging. China, using controlled capitalism to raise hundreds of millions from poverty, provides a blueprint (and shelter) for the world to escape enslavement from the “golden billion”. But victory is far from assured and American defeat in Ukraine is vitally important.
Also, once we know why the documents were leaked, that will tell us who did it and whether and to what extent the documents are genuine.