As we reported on March 30, China and Russia are taking steps to move away from their out of control “cousin”, the Federal Reserve Note, U.S. dollar, world reserve currency.We learned in March 2016 that Kazakistan had been in formal talks with the Shanghai Gold Exchange regarding gold as currency along the New Silk Road (One Belt One Road) spearheaded by China. Kazakistan also smelts most of Russia’s gold and mines a small amount gold annually and is a member of both the Shanghai Cooperation Organization (SCO) and Eurasia Economic Union (EEU)
China International Payment System (CIPS) was launched last October [2015] and is now entering into the second phase of its implementation
China strategically stated their gold reserves for the first time in 6 years in the lead up to the SDR announcement last year
One of the most significant measures under consideration is the previously reported push for joint organization of trade in gold. In recent years, China and Russia have been the world’s most active buyers of the precious metal. On a visit to China last year, the deputy head of the Russian Central Bank Sergey Shvetsov said that the two countries want to facilitate more transactions in gold between the two countries.
Having another nation control your currency is a can be devastating. Iran learned the hard way and both Russia and China now have the capability to keep all currencies functioning both internally and globally, outside the SWIFT, U.S. dollar system.
Creating a BRICS “gold marketplace” would be an excellent way of bypassing the dollar while also using a “currency” that could be easily recycled for trade with other member nations
The Federal Reserve Note, U.S. dollar, has enjoyed a good long run as the world reserve currency. The Federal Reserve, their member banks and the U.S. federal government have stolen from nations around the world, 185 in total. The Federal Reserve, through the world reserve currency status, has been able to push inflation out of the U.S. economy and onto other nations. China and Russia, along with the member nations of the SCO, EEU and BRICS are in the final stages of moving completely away from the Federal Reserve Note, which is quickly becoming useless on the global stage
China is already using a gold currency. $14.5 Million worth of gold currency was used in transactions during the 2017 Chinese Lunar New Year across the “we chat” platform. This is not a gold backed currency, this is a gold currency
This time it will be different and the golden rule still applies – he who has the gold makes the rules. China and Russia have the gold, the U.S. has debt.