{"id":63127,"date":"2022-07-24T07:52:54","date_gmt":"2022-07-24T12:52:54","guid":{"rendered":"https:\/\/olduvai.ca\/?p=63127"},"modified":"2022-07-24T07:52:54","modified_gmt":"2022-07-24T12:52:54","slug":"russia-and-china-officially-announce-a-new-global-reserve-currency","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=63127","title":{"rendered":"Russia And China Officially Announce A “New Global Reserve Currency”"},"content":{"rendered":"
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Russia And China Officially Announce A “New Global Reserve Currency”<\/a><\/h3>\n

And once again, as happens often with consequential news in the United States and the West, no one has noticed and no one seems to care.<\/strong><\/p>\n<\/div>\n

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If you\u2019ve blinked over the last month, you may have missed it\u2026<\/em><\/p>\n

China and Russia are taking their shot at the U.S. dollar.<\/strong>\u00a0And as often happens with consequential news in the United States and the West, no one seems to notice or even care.<\/em><\/p>\n

Since the beginning of the year, I\u00a0have been writing<\/a>\u00a0about the possibility of Russia and China challenging the US dollar\u2019s global reserve status. Now, it\u2019s happening.<\/p>\n

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It shouldn\u2019t be any surprise to those paying attention that Russia and China are strengthening their economic ties amidst continued Western sanctions on Russia as a result of the country\u2019s war in Ukraine.<\/p>\n

What\u00a0may\u00a0<\/em>surprise some people, however, is that Russia and the BRICS countries, including Brazil, Russia, India, China, and South Africa, are\u00a0officially working on their own \u201cnew global reserve currency,\u201d<\/strong>\u00a0RT reported<\/a>\u00a0in late June. Nobody even seemed to notice.<\/p>\n

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\u201cThe issue of creating an international reserve currency based on a basket of currencies of our countries is being worked out,\u201d<\/strong>\u00a0Vladimir Putin said at the BRICS business forum last month.<\/p>\n

And of course, as Russia has been cut off from the SWIFT system, it is also pairing with China and the BRIC nations to develop \u201creliable alternative mechanisms for international payments\u201d in order to \u201ccut reliance on the Western financial system.\u201d<\/p>\n

In the meantime, Russia is also taking other steps to strengthen the alliance between BRIC nations, including re-routing trade to China and India,\u00a0according to CNN<\/a>:<\/p>\n

President Vladimir Putin said Wednesday that Russia is rerouting trade to “reliable international partners” such as Brazil, India, China and South Africa as the West attempts to sever economic ties.<\/p><\/blockquote>\n

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\u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Russia And China Officially Announce A “New Global Reserve Currency” And once again, as happens often with consequential news in the United States and the West, no one has noticed and no one seems to care. If you\u2019ve blinked over the last month, you may have missed it\u2026 China and Russia are taking their shot […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,5],"tags":[90,1860,130,422,20223,679,694,3701,839,5482],"class_list":["post-63127","post","type-post","status-publish","format-standard","hentry","category-economics","category-geopolitics","tag-brazil","tag-brics","tag-china","tag-india","tag-quoth-the-raven","tag-reserve-currency","tag-russia","tag-south-africa","tag-us-dollar","tag-world-reserve-currency"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/63127","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=63127"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/63127\/revisions"}],"predecessor-version":[{"id":63128,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/63127\/revisions\/63128"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=63127"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=63127"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=63127"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}