{"id":65266,"date":"2023-04-12T04:32:47","date_gmt":"2023-04-12T09:32:47","guid":{"rendered":"https:\/\/olduvai.ca\/?p=65266"},"modified":"2023-04-12T04:32:47","modified_gmt":"2023-04-12T09:32:47","slug":"time-to-trash-triffin","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=65266","title":{"rendered":"Time to trash Triffin"},"content":{"rendered":"<h3 class=\"text-2xl md:text-3xl heading\"><a href=\"https:\/\/www.goldmoney.com\/research\/time-to-trash-triffin\">Time to trash Triffin<\/a><\/h3>\n<div class=\"mt-8 leading-6 prose max-w-none md:mt-12 prose-p:text-gmy-dark prose-strong:text-gmy-dark prose-headings:leading-snug prose-headings:tracking-tight prose-headings:antialiased prose-headings:text-gmy-dark prose-a:text-gmy-dark prose-a:underline prose-a:hover:text-gmy-dark-gold \">\n<p><span dir=\"ltr\" lang=\"EN-GB\">The dollar-based credit bubble is imploding, and emerging economies are seeking protection by accepting trade settlement in other currencies. The US policy of threatening regime change, currency destabilisation, or other means of ensuring nations remain in its sphere of influence are now failing.<\/span><\/p>\n<p><span dir=\"ltr\" lang=\"EN-GB\">Mainstream economists in the West insist the dollar is irreplaceable, and that as a trade settlement medium China\u2019s yuan is strictly limited. Referring to Triffin\u2019s dilemma, China would have to run deficits to provide the necessary currency liquidity. But they ignore the role of bank credit, which can be expanded at will to meet trade settlement demand.<\/span><\/p>\n<p><span dir=\"ltr\" lang=\"EN-GB\">Furthermore, China\u2019s exchanges offer hedging facilities into physical gold, attracting Middle Eastern energy exporters away from petrodollars, until the new trade settlement currency planned by Sergey Glazyev comes into existence.<\/span><\/p>\n<p><span dir=\"ltr\" lang=\"EN-GB\">For evidence of Russia\u2019s intentions to reintroduce gold into trade settlement, a translation of the semi-official position penned by Glazyev jointly with his deputy is appended to this article.<\/span><\/p>\n<p><span dir=\"ltr\" lang=\"EN-GB\">Increasing systemic risk in US, European, and Japanese banking systems is accelerating the movement of international trade settlement away from fiat dollars into safer havens. These are or will be ultimately backed by physical gold.<\/span><\/p>\n<p><strong><span dir=\"ltr\" lang=\"EN-GB\">The world is changing before our eyes\u2026<\/span><\/strong><\/p>\n<p><span dir=\"ltr\" lang=\"EN-GB\">Quietly, informed opinion is beginning to accept that America has lost its global influence. Even Brazil, Argentina, and Mexico are openly planning for a future where their international trade will turn away from North America and Western Europe to an Asia firmly bound into the rules of China and Russia \u2014 rules that insist on evolving payments away from the dollar to their own currencies or into trade settlement currencies being planned.<\/span><\/p>\n<p>\u2026click on the above link to read the rest\u2026<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Time to trash Triffin The dollar-based credit bubble is imploding, and emerging economies are seeking protection by accepting trade settlement in other currencies. The US policy of threatening regime change, currency destabilisation, or other means of ensuring nations remain in its sphere of influence are now failing. Mainstream economists in the West insist the dollar [&hellip;]<\/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":[7772,130,5829,6871,33812,827,834,839,5482],"class_list":["post-65266","post","type-post","status-publish","format-standard","hentry","category-economics","category-geopolitics","tag-alasdair-macleod","tag-china","tag-goldmoney","tag-sergey-glazyev","tag-triffin","tag-united-states","tag-us","tag-us-dollar","tag-world-reserve-currency"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/65266","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=65266"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/65266\/revisions"}],"predecessor-version":[{"id":65267,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/65266\/revisions\/65267"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=65266"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=65266"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=65266"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}