Unusual remarks and actions by the outgoing head of the Bank of England and other central banking insiders strongly suggest that there is a very ugly scenario in the works to end the role of the US dollar as world reserve currency.
“Lenin said that capitalists would sell the Communists the rope to hang them. But as matters turned out, capitalists let China sell them the labor that served to hang American capitalism.” — Michael Hudson
I haven’t been writing much new “serious” stuff lately. This is mainly because I’ve been going over what I’ve written in the last couple of years, trying to fix some inconsistencies and clarify things that didn’t come over quite right.
The US is ready to defend Israel, Cyprus and Greece from Turkey and wants to turn the EastMed project into an alternative to Russian gas. The interests of Moscow and Ankara coincided again
In recent weeks a dramatic escalation of tension around Turkish oil drilling rig presence in the disputed Exclusive Enterprise Zone surrounding EU member state Cyprus is taking place. Turkish President Recep Tayyip Erdogan is claiming that Turkey has the right to drill not only in the waters off of Northern Cyprus, but also in waters far from there where Greek Cyprus has claimed rights. The actions, moving Turkish oil and gas drilling platforms into the waters, is creating a dramatic new clash in the energy-rich Eastern Mediterranean. The line-up of actors makes for a political Molotov cocktail of clashing interests that potentially pits not only Turkey against Cyprus and Greece, but also Israel and the USA, with Russia and China watching with keen interest. .
The US is provoking Iran to close the Strait of Hormuz, over which the Iranian drone was shot down yesterday. The overlapping of the main oil artery of the world can cause a global economic crisis and a global war in the Middle East.
Modern fractional reserve banking is ultimately a confidence game. If lenders or depositors are confident their bank is solvent, it stands.
US President Donald Trump and Chinese President Xi Jinping held a long-awaited meeting at the G20 summit in Osaka. The central theme is the settlement of trade contradictions.