Currency Wars - Failing Petrodollar Strategy - John Rubino & Gordon T. Long
Published on Nov 17, 2012 by GordonTLong
Historians will show that September 2012 was a seminal month in globalization. However, it won’t be because of the epic monetary foray into “Unlimited” QE and “Uncapped” OMT by central bankers. A more profound development will be the milestone agreement reached between China and Russia to begin trading oil in other than the Petro$$. This aggressive break from the status quo effectively threw down the gauntlet in recognization that the developed economies money printing was a “full throated” declaration of Currency War. These initial salvos of heavy monetary artillery clearly shook the monetary policy conference tables of the world.
This latest in eleven strategic agreements, now pits the strategy of currency debasement by the debt saturated developed economies, against the inflation fighting ramparts of the BRICS and Emerging economies. This emerging, first full scale Currency War of the 21st century, will soon challenge the long term viability of the US$ as the world’s reserve currency and trading standard. With 60% of US$ now held abroad for specifically this reason, even a marginal reduction will challenge the funding capabilites of the US “welfare and warfare” state and potentially ignite hyperinflation, as US dollar IOUs are relentlessly returned for “claim”.
Gordon T Long and John Rubino explore a cadre of evidence that suggests this will be a dangerous and voliatile era for the global economy.
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