Zero Hedge: The old economic order, in which the dollar’s centrality to global trade remains king, is beginning to fade. The latest example of the dollar’s demise comes as China purchases coal and oil from Russia in yuan due to Western sanctions isolating Russian banks from the SWIFT payment system.
Chinese commodity firms purchased Russian coal in local currency in March, and the first shipments are expected to arrive in China this month, according to Bloomberg, citing Chinese consultancy Fenwei Energy Information Service Co. Traders said this coal shipment paid in yuan would be the first since the U.S. and Europe unleashed harsh sanctions severing some top Russian banks from SWIFT.
Traders are also reporting Russian crude bought in yuan. The first Eastern Siberia Pacific Ocean grade crude shipment will arrive at Chinese refiners in May.
Russia and China trading yuan for commodities is just one example of a new emerging economic order. Read More …
Opinion: Two Definitions:
Bretton Woods 1944 established a system of payments based on the dollar, which defined all currencies in relation to the dollar, itself convertible into gold, and above all, “as good as gold” for trade. U.S. currency was now effectively the world currency, the standard to which every other currency was pegged.
BRICS Nations: The five countries, known collectively as the “BRICS” (Brazil, Russia, India, China and South Africa), form an important economic block. They account for more than 40 percent of the world’s population and over 20 percent of global GDP.
Somebody call somebody! The entire world economic system is about to change and the US and Europe are so ‘woke’ that they are asleep at the switch.
Russia and China have had this planned way before Putin ordered the invasion of Ukraine. They knew that the only US/European recourse to the invasion would be harsh economic sanctions and were well prepared.
The key to the plan is that China’s 1.4 billion population would be able to absorb Russia’s oil and grain exports and India could be persuaded to join in if Russia made its oil cheap. Well guess what? Russia is selling India’s 1.4 billion people oil at $35 per barrel a whopping 70% discount, and Prime Minister Modi is a happy guy.
China and India make up 35% of the world’s population and should the rest of the BRICS (Brazil, South Africa) join in, another 5% would be added making 40% of the world, excluding Iran and Shia Muslim nations.
Oh but there is more …
China is the first nation to issue a fully programable digital central bank digital currency, and according to CoinDesk, Russia’s digital ruble (its planned central bank digital currency, CBDC) is already supporting pilot transactions at three banks using existing mobile bank apps, as well as gateways to exchange rubles from their accounts for the digital version, according to an announcement published on the Bank of Russia website on February 15, 2022.
Nine more Russian banks are upgrading their tech stacks to join the pilot soon, the report said.
At the same time, Russia’s central bank reiterated its call for a total ban on (non-government) cryptocurrencies. According to Forbes, the regulator sent its objections to cryptocurrency regulation to the Ministry of Finance, which had earlier proposed allowing regulated crypto purchases through licensed Russian banks. That approach was later detailed in a road map for cryptocurrency regulation published by the government. (source)
At least 90 other nations have CBDCs in development, setting the stage for a future day when fiat paper money will not be worth the paper it is printed on.
And this is key:
On March 2, 2022 Federal Reserve Jay Powell stunned the financial community stating that it is conceivable that there could be ‘more than one world reserve currency’, thereby acknowledging a massive change is coming.
According to Revelation 13:16-17, there will eventually be one currency completely controlled by a future authoritarian government (Daniel 7:23). And unlike today, where the global elite are above the masses, they too will need a mark to buy and sell.