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Global South: Gold-backed currencies to replace the US dollar

Global South: Gold-backed currencies to replace the US dollar

The adoption of commodity-backed currencies by the Global South could upend the US dollar’s dominance and level the playing field in international trade.
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Photo Credit: The Cradle
Let’s start with three interconnected multipolar-driven facts.

First: One of the key take aways from the World Economic Forum annual shindig in Davos, Switzerland is when Saudi Finance Minister Mohammed al-Jadaan, on a panel on “Saudi Arabia’s Transformation,” made it clear that Riyadh “will consider trading in currencies other than the US dollar.”

So is the petroyuan finally at hand? Possibly, but Al-Jadaan wisely opted for careful hedging: “We enjoy a very strategic relationship with China and we enjoy that same strategic relationship with other nations including the US and we want to develop that with Europe and other countries.”

Second: The Central Banks of Iran and Russia are studying the adoption of a “stable coin” for foreign trade settlements, replacing the US dollar, the ruble and the rial. The crypto crowd is already up in arms, mulling the pros and cons of a gold-backed central bank digital currency (CBDC) for trade that will be in fact impervious to the weaponized US dollar.

A gold-backed digital currency

The really attractive issue here is that this gold-backed digital currency would be particularly effective in the Special Economic Zone (SEZ) of Astrakhan, in the Caspian Sea.

Astrakhan is the key Russian port participating in the International North South Transportation Corridor (INTSC), with Russia processing cargo travelling across Iran in merchant ships all the way to West Asia, Africa, the Indian Ocean and South Asia.

The success of the INSTC – progressively tied to a gold-backed CBDC – will largely hinge on whether scores of Asian, West Asian and African nations refuse to apply US-dictated sanctions on both Russia and Iran.

…click on the above link to read the rest…

Why BRI is back with a bang in 2023

Why BRI is back with a bang in 2023

As Beijing’s Belt and Road Initiative enters its 10th year, a strong Sino-Russian geostrategic partnership has revitalized the BRI across the Global South.
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Photo Credit: The Cradle

The year 2022 ended with a Zoom call to end all Zoom calls: Presidents Vladimir Putin and Xi Jinping discussing all aspects of the Russia-China strategic partnership in an exclusive video call.

Putin told Xi how “Russia and China managed to ensure record high growth rates of mutual trade,” meaning “we will be able to reach our target of $200 billion by 2024 ahead of schedule.”

On their coordination to “form a just world order based on international law,” Putin emphasized how “we share the same views on the causes, course, and logic of the ongoing transformation of the global geopolitical landscape.”

Facing “unprecedented pressure and provocations from the west,” Putin noted how Russia-China are not only defending their own interests “but also all those who stand for a truly democratic world order and the right of countries to freely determine their own destiny.”

Earlier, Xi had announced that Beijing will hold the 3rd Belt and Road Forum in 2023. This has been confirmed, off the record, by diplomatic sources. The forum was initially designed to be bi-annual, first held in 2017 and then 2019. 2021 didn’t happen because of Covid-19.

The return of the forum signals not only a renewed drive but an extremely significant landmark as the Belt and Road Initiative (BRI), launched in Astana and then Jakarta in 2013, will be celebrating its 10th anniversary.

BRI version 2.0

That set the tone for 2023 across the whole geopolitical and geoeconomic spectrum. In parallel to its geoconomic breadth and reach, BRI has been conceived as China’s overarching foreign policy concept up to the mid-century. Now it’s time to tweak things…

…click on the above link to read the rest…

Who profits from Pipeline Terror?

Who profits from Pipeline Terror?

Secret talks between Russia and Germany to resolve their Nord Stream 1 and 2 issues had to be averted at any cost
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The War of Economic Corridors has entered incandescent, uncharted territory: Pipeline Terror.

A sophisticated military operation – that required exhaustive planning, possibly involving several actors – blew up four separate sections of the Nord Stream (NS) and Nord Stream 2 (NS2) gas pipelines this week in the shallow waters of the Danish straits, in the Baltic Sea, near the island of Bornholm.

Swedish seismologists estimated that the power of the explosions may have reached the equivalent of up to 700 kg of TNT. Both NS and NS2, near the strong currents around Borholm, are placed at the bottom of the sea at a depth of 60 meters.

The pipes are built with steel reinforced concrete, able to withstand impact from aircraft carrier anchors, and are basically indestructible without serious explosive charges. The operation – causing two leaks near Sweden and two near Denmark – would have to be carried out by modified underwater drones.

Every crime implies motive. The Russian government wanted – at least up to the sabotage – to sell oil and natural gas to the EU. The notion that Russian intel would destroy Gazprom pipelines is beyond ludicrous. All they had to do was to turn off the valves. NS2 was not even operational, based on a political decision from Berlin. The gas flow in NS was hampered by western sanctions. Moreover, such an act would imply Moscow losing key strategic leverage over the EU.

Diplomatic sources confirm that Berlin and Moscow were involved in a secret negotiation to solve both the NS and NS2 issues. So they had to be stopped – no holds barred. Geopolitically, the entity that had the motive to halt a deal holds anathema a possible alliance in the horizon between Germany, Russia, and China.

…click on the above link to read the rest of the article…

Six months into Ukraine’s collapse, the world has changed forever

Six months into Ukraine’s collapse, the world has changed forever

The inevitable transfer of power away from the west is leading to a surge in state-sponsored terrorism, but this will do little to reverse the trend
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Photo Credit: The Cradle
Six months after the start of the Special Military Operation (SMO) by Russia in Ukraine, the geopolitical tectonic plates of the 21st century have been dislocated at astonishing speed and depth – with immense historical repercussions already at hand.

To paraphrase T.S. Eliot, this is the way the (new) world begins, not with a whimper but a bang.

The cold-blooded assassination of Darya Dugina – terrorism at the gates of Moscow – may have fatefully coincided with the six-month intersection point, but will do nothing to change the dynamics of the current, work-in-progress, historical shift.

Russia’s Federal Security Service (FSB) appeared to have cracked the case in a little over 24 hours, designating the perpetrator as a neo-Nazi Azov operative instrumentalized by the Security Service of Ukraine (SBU) – itself a mere tool of the CIA/MI6 combo that de facto rules Kiev.

The Azov operative is just a patsy. The FSB will never reveal in public the intel it has amassed on those that issued the orders, and how they will be dealt with.

One Ilya Ponomaryov, an anti-Kremlin minor character granted Ukrainian citizenship, boasted he was in contact with the outfit that prepared the hit on the Dugin family. No one took him seriously.

What is manifestly serious, however, is how oligarchy-connected organized crime factions in Russia would have a motive to eliminate Alexander Dugin, the Christian Orthodox nationalist philosopher who, according to them, may have influenced the Kremlin’s pivot to Asia (he didn’t).

…click on the above link to read the rest of the article…

Washington steals over 80 percent of Syria’s oil output per day

Washington steals over 80 percent of Syria’s oil output per day

The losses incurred by the trafficking campaign surpass $100bln, according to Syria’s oil ministry
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(Photo credit: USA Today)

The Syrian Oil Ministry released a statement on 9 August accusing US forces occupying Syria of being responsible for the theft of most of the country’s oil.

“The amount of oil production during the first half of 2022 amounted to some 14.5 million barrels, with an average daily production of 80.3 thousand barrels, of which 14.2 thousand are delivered daily to refineries,” the oil ministry’s statement said.

The statement went on to say that “US occupation forces and their mercenaries,” referring to the US-backed Syrian Democratic Forces (SDF), “steal up to 66,000 barrels every single day from the fields occupied in the eastern region,” amounting to around 83 percent of Syria’s daily oil production.

According to the ministry’s data, the Syrian oil sector has incurred losses nearing “about 105 billion dollars since the beginning of the war until the middle of this year” as a result of the US oil theft campaign.

Additionally, the statement added that alongside the financial losses incurred by the oil sector were “losses of life, including 235 martyrs, 46 injured and 112 kidnapped.”

On 10 August, footage filmed by a Russian attack helicopter was released on social media, showing a convoy of trucks operated by the US military, smuggling stolen oil destined for Iraq, out of Raqqah.

Recently, the US army, which currently occupies northeast Syria, has been consistently looting the country’s oil and smuggling it into their bases in Iraq through several illegal border crossings.

Local sources in Syria’s Hasakah governorate reported on 6 August that the US army looted and smuggled dozens of oil tankers out of the country, making it the second stolen oil shipment by the US that week.

…click on the above link to read the rest of the article…

Olduvai IV: Courage
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Olduvai II: Exodus
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