What has been leaked 10 years ago about a global effort to establish a new financial system, i.e. global reset involving sovereign wealth based currencies for global exchange that would trim down the unwarranted power of the bankers who kept on fomenting wars everywhere, is now fast becoming a reality.
Between Iran and Iraq alone, they have stopped using the fiat US dollar in their “mutually beneficial” cooperation, and rightly so since it’s stupid enough to involve foreign powers in commerce conducted within their mutual border.
Defying Washington’s pressure to break off business ties with Iran, Tehran’s international trading partners are determined to maintain their mutually-beneficial cooperation with the Islamic Republic, some even at the expense of dumping the US dollar.
Iraqi authorities have stopped using the US dollar in trade operations with Iran in favor of national currencies and the euro, the chairman of the Iraqi-Iranian Chamber of Commerce Yahya al-Ishaq told the agency Mehr on Sunday.
“We abandoned dollar transactions, most of the trade transactions will be in euros, Iranian riyals and Iraqi dinars,” he said, pointing out that in certain cases a system of mutually beneficial exchange is envisaged. According to al-Ishaq, the average annual trade turnover between Iran and Iraq is $8 billion.
Earlier, Iraqi Prime Minister Heydar Al-Abadi confirmed that Baghdad would implement US-imposed sanctions on Iran only in the banking sector, abandoning the dollar. He added that he would send a delegation to Washington to discuss financial transactions with Iran in light of the sanctions.
“… implement US-imposed sanctions on Iran only in the banking sector, abandoning the dollar” surely, that’s one way of putting it when one start to lose respect on its erstwhile “savior from Saddam Hussein’s dictatorship.”
Turkey is also moving away from the fiat dollar in response to US sanctions targeting its financial institution to pressure it to remain within the NATO Alliance of convenience.
Earlier this week, Turkish President Recep Tayyip Erdogan lashed out at Western rating agencies, such as Moody’s and Fitch, for their negative review of Turkey’s economy, having also accused them of trying to disrupt the country’s banking sector.
Speaking at a Turkey-Kyrgyzstan Business Forum in the Kyrgyz capital Bishkek on Sunday, Recep Tayyip Erdogan said that currency manipulations sought to “cast doubt on Turkey’s strong and solid economy.”
“We need to gradually end the monopoly of the dollar once and for all by using local and national currency among us,” Anadolu news agency cited him as saying.
He also vowed he would pursue non-dollar transactions in trade with Russia and other countries.
“America behaves like wild wolves. Don’t believe them. Using the dollar only damages us. We will not give up. We will be victorious,” he added.
The move to end the dollar dominance was initiated a decade ago from Asia, where most of the hard assets that formed the backbone of the world’s financial system from the very beginning. This initiative gained so much traction when Russia joined in, which subsequently resulted to the establishment of the BRICS Alliance, and the rest is history.
In the last year, the Reserve Bank of India bought 8.6 metric tons of gold, its first big purchase since 2009.
New Delhi (Sputnik): The Reserve Bank of India (RBI) purchased 8.46 metric tons of gold during the last fiscal year (April 2017 to March 2018). In its annual report, the RBI revealed that it had 566.23 metric tons of gold as of June 30, 2018, compared to 557.77 metric tons in June 30, 2017, indicating that the bank had purchased gold for the first time since 2009 when it had purchased 200 metric tons of the precious metal following America’s sub-prime crisis. India has joined the league of other BRICS countries such as China and Russia that are actively accumulating physical gold as part of their international reserve assets.
In early 2012, we saw the massive resignations of financial CEOs and high ranking bankers, which eventually led to the papal resignation of Ratzinger.
Now, Russia remains consistent in its drive against the fiat financial system.
Russia is actively working to switch over to settlements in national currencies with the countries of the Middle East, Southeast Asia, Latin America and Africa, Russian Industry and Trade Minister Denis Manturov told Sputnik.
“This process is not quick [transition to national currency settlements], and we launched it not in the form of a response to sanctions. We have been systematically conducting this work for several years, accumulated practice and have experience regarding the work of commercial banks and the Central Bank in those countries where it is advantageous for us to carry out this work,” Manturov said.
“This applies less to European countries, more to the countries of the Middle East, Southeast Asia, even Latin America, Africa,” he added.
Russian car manufacturers are switching to national currencies in payments with Turkey for supplies of components, a number of companies have announced such plans, Denis Manturov said.
According to the minister, Turkish producers “are switching now to transactions in national currencies with great pleasure.”
In conjunction with the anti-Deep State financial offensive, a highly coordinated exposé of the false prophets in the House of Lucifer has finally hit the mainstream consciousness. No longer is the so called Vicar of Christ welcomed in Ireland, and Catholic priests everywhere are beginning to be shunned like the lepers of old.
All of the above, combined with the continued realignment of military alliances poised to provide strong deterrence against what remains of the Deep State armed mercenaries, are among the most important development right now. Along this line, another massive exposure made was about the 1960’s plan to nuke Russia and China to oblivion. This should now provide a strong impetus for the final coercive measure to end the Deep State arrogance around the world for good.
However, even when this unprecedented coordination between highly populated Eurasian and ASEAN countries to establish multipolarity succeeds, this is not yet the ideal situation that we all deserve.
For as long as the structures of governments and institutions of control are all still there, humanity is not there yet. What is lacking is the direct involvement of the common folks to assert their true place in the sun with tangible actions towards that aim. Online conversations should not be its end goal.
The shameful disparity between the rich and the poor is not something to be proud of, and should not be accepted as the paragon of civilization attributable to the present generation.
We can do better than this.
The 2016 Oxfam Davos Report which the mass media have ignored arrestingly shows that 62 individuals – 388 in 2010 – now own more wealth than 50% of the world’s population. More shockingly, it reports from its uncontested public sources that this share of wealth by half of the world’s people has collapsed by over 40% in just the last five years.
Yet the big lies persist even here that “the progress has been made in tackling world poverty” and “extreme poverty has been halved since 1990”.
Reversing Undeniable Fact as Ultimate Justification
Unbelievably, the endlessly repeated assertion of the form that ‘the poor are being lifted out of poverty in ever greater numbers’ continues on untouched despite the hard evidence that, in fact, the poorer half of humanity has lost almost half of their wealth in just the last five years.
This big lie is significant in its implications. For not only is a pervasive claim about the success of globalization undeniably falsified while no-one notices it. Basic market theory and dogma collapses as a result. What is daily claimed as an infallible benefit of the global market is shown to be the opposite of reality. What does it mean for “trickle-down theory” when, in truth, the trickle down goes up in hundreds of billions of dollars to the rich from the already poor and destitute?
What can we say now of the tirelessly proclaimed doctrine that the global market brings “more wealth for all” when, in fact, unimpeachable business evidence shows the opposite reality on the ground and across the world. For the poor have undeniably lost almost half their share of global wealth while the richest have multiplied theirs at the same time.
The evidence proves, in short, that the main moral and economic claims justifying the global market are very big lies becoming bigger all the time.
Worse than delusional, the lived reality of impoverishment of billions of people is reversed, the victims are continually proclaimed to be doing better under the system that increasingly deprives them of what little they have, and a trillion dollars worth of loss to the poorer half of humanity ends up in the pockets of the rich within only five years.
While the ever bigger lies go on justifying the global system that eats the poor alive as “poverty amelioration”, ever more of the same policies of accumulation by dispossession justify still more stripping of the majority as more “austerity”, more “welfare cuts”, and more “labor flexibility” – in a word, more starvation and depredation of people’s lives and life conditions as “more freedom and prosperity for all”.
The Statistical Shell Game that Masks the Life-Devouring Reality
As World Bank, IMF and like figures claim to show the uplifting of the poor out of poverty across the world, media of record like The Guardian and the New York Times report the claims with headlines to show all is well and getter for the poor and the majority as they are in fact grindingly reduced in their actual lives, work and life security. Thus the very big lies are instituted as given facts which economists and social scientists propagate without a blink.
In fact, these alleged great gains for the poor out of poverty and absolute poverty alike are based on income gains of less than a cup of coffee a day, an observation that is so well blocked from view that readers may now be seeing it for the first time. Thus the hypnotic thrall of the big lies are sustained, while no other life support system is. I have had economists and interviewers of high note respond angrily when this delusion is pointed out, as if I was letting down the poor rather than exposing the big lies. In this way, we find that the masking falsehoods have gone so deep into expert and public assumption that the real-life world can no longer be engaged. These big lies then work in the background to the non-stop big lies that precede endless foreign conflicts and wars to “defend the free world”
No-one appears to observe that the income gains ‘lifting the poor out of poverty’ typically refer to emigrants from the countryside into polluted cities, insecure and dehumanized life conditions for those who formerly had at least a family dwelling, clean air and water and living horizons. In short, the standard $1.50 +/- measure of uplift out of poverty and extreme poverty is inhumanly absurd, but triumphally used as proof that the system is serving the least too.
The Counter-Revolution against Social Evolution that Engineers Deepening Recession
Throughout the unseen redistribution of wealth from the poor to the rich (now buried in much talk of “inequality”), ever more “market reforms” are enforced as “enhanced competition”, “liberalized de-regulation”, “reduced welfare costs” and “austerity programs to correct excesses”. The “excessive entitlements” of the system are all projected on the victims so that the truly insane entitlements of the richest to multiply their fortunes with no committed life function, value or coordinate but still more money-demand for them is somehow not noticed. This is yet another level of normalized big lies forming the ruling thought system.
In fact beneath the pervasive propaganda conditioning citizens to believe in the private money shell game devouring the world, the poorer half of humanity has been deprived of one trillion dollars of wealth while the 62 richest people have gained almost twice as much for themselves by the operations of this global disorder. Yet the Davos Report further emphasizes that still another US $760 billion goes annually to non-producing investors by immense transnational tax evasion with impunity across the world. Again the borderless money-capital freedom of ‘globalization’ vastly enriches the richest, while simultaneously doubling down on deprivation of the poor as ‘poverty reduction’.
Here the system is programmed in effect to strip the funding of all public sectors and institutions which have evolved to serve the common life interest. Public services and infrastructures too are perpetually driven towards bankruptcy not only by never-ending defunding, cutbacks, privatizations, and corporate lobby control of public policies and subsidies, but by ever-soaring public tax evasion near one trillion dollars annually about which governments and trade treaties have done nothing to correct yet.
Thus governments which could invest in sustaining humanity’s social and ecological life support systems from growing deterioration and collapse are now systematically bankrupted or debt enslaved along with most citizens. In consequence without governments knowing why, the world economy slips into ever deeper recession from the collapse of economic demand at the public and majority levels.
Eating the World Alive as Global Competition
The new law of human evolution is that are required to compete for more money and commodities for themselves as “necessary to survive”, with the borderless system de-regulated and structured to increasingly impoverish the great majority while multiplying the wealth of the rich. The facts are now long in. Corporate globalization is not only out of control. It is eating the world alive at all levels towards cumulative collapse of organic, social and ecological life organization. Global competition means, in fact, the majority’s life means and security keep falling as the environment is looted and polluted on ever larger scales of depredation. Yet only “more growth” of this system is imagined as a solution. The system is clinically insane
While the common life-ground is blinkered out a-priori by the ruling value system, those deprived and left behind disappear into multi-level big lies proclaiming the opposite. This is why the facts are not reported. This is why claimed actions to stop the world bleeding blinker out the system disorder causing them. This is why even progressives assume economic falsehoods as if they were true. Like a cancer system at the macro level, this exponentially multiplying private money-sequence system has only one set-point – to blindly grow itself while masking the life-devouring disorder as “enhancing people’s well-being”.
John McMurtry is University Professor Emeritus at the University of Guelph and elected Fellow of the Royal Society of Canada. His work has been translated from Latin America through Europe to Japan, and he is the author/editor of UNESCO’s three-volume Philosophy and World Problems, as well as more recently, The Cancer Stage of Capitalism; From Crisis to Cure.