The US dollar is losing its dominance, and foreign central banks are buying fewer Treasury securities, instead holding more gold in their reserves, warns mainstream American economist Mohamed El-Erian
So, Ben, great report and thanks so much for being there.
If I can just to note that El Erian had a focus on the 'gold-backing' of the unnamed majority.
That is something to deal with - and you noted that many countries CBs are buying it. But the main real advance that I have seen to this point is the recent announcement that the near-Brics and BRICS are just gonna do their transactions on a sovereign money basis.
Music to my ears.
There may come a time when a currency unuion among the BRICS is needed, but not now.
This burgeoning culture of monetary cooperation - at the national level - could be a solid precursor to finally freeing our people from the private debt-based money SYSTEMS of the BIS and IMF.
It's the money system, Ben.
That's how they do it.
All of it.
Only one decision to be made forevermore. A sovereign Public ? Or, A debt-based Private?.
Krugman squandered his credibility since a long time ago - many years now - with his column in the NY Times that is constantly full of lies. I say lies, because he has enough educational achievement to know he is writing things that flat out are not true.So it's not a matter of him being misguided - he is peddling pure propaganda.
I wonder if he was part of the Epstein crew, or of they have something on him, because its really obvious the degree to which he in his writing has completely deviated from the subject matter knowledge that he has.
I liked your essay, but think you wrongly imply that the Financial Times and NY Times remain "reputable" sources of the hard unbiased news. Like most MSM, news reporting is usually quite contaminated with biased value judgments via inclusion or exclusion.
Your article makes me wonder whether if El-Erian never mentions BRICS when discussing Dedolarization, in all his media efforts... or did he just leave BRICS out of the OP ED because Western MSM seem to coincidentally (sic) ignore the yearly BRICS meeting taking place in Kazan, now. I suppose the assumption is that keeping US & UK news consumers ignorant will somehow block the effect of BRICS actions on the ability of America to monetize wars without end. El-Erian, like the Market, relies on historical data (like most market players) rather than trying to discount risk until it is too late, because the crash is in progress.
The modern US has always been able to monetize its wars, so odds are it will continue... until (if)it cannot (even at the price of driving inflation higher and USD value lower). After all, the $35+Trillion US Sovereign debt is approximately equal to US extra-territorial Military adventures (including the declared and undeclared wars and military actions).
A freshening reality is upon us.
Nice to read about it.
I've shared your recent comments and videos. I'm not sure, maybe including the one featured in this essay, I have to study it. This is very well done thank you. Here is a recent substack that I published concerning Michael Hudson. I've learned more from Michael Hudson in the last couple decades than anyone else I encountered. https://open.substack.com/pub/heininger/p/michael-hudson-in-praise-of-and-for?utm_source=share&utm_medium=android&r=16lm0
So, Ben, great report and thanks so much for being there.
If I can just to note that El Erian had a focus on the 'gold-backing' of the unnamed majority.
That is something to deal with - and you noted that many countries CBs are buying it. But the main real advance that I have seen to this point is the recent announcement that the near-Brics and BRICS are just gonna do their transactions on a sovereign money basis.
Music to my ears.
There may come a time when a currency unuion among the BRICS is needed, but not now.
This burgeoning culture of monetary cooperation - at the national level - could be a solid precursor to finally freeing our people from the private debt-based money SYSTEMS of the BIS and IMF.
It's the money system, Ben.
That's how they do it.
All of it.
Only one decision to be made forevermore. A sovereign Public ? Or, A debt-based Private?.
For the money system common.
Krugman squandered his credibility since a long time ago - many years now - with his column in the NY Times that is constantly full of lies. I say lies, because he has enough educational achievement to know he is writing things that flat out are not true.So it's not a matter of him being misguided - he is peddling pure propaganda.
I wonder if he was part of the Epstein crew, or of they have something on him, because its really obvious the degree to which he in his writing has completely deviated from the subject matter knowledge that he has.
The man is a disgrace.
I liked your essay, but think you wrongly imply that the Financial Times and NY Times remain "reputable" sources of the hard unbiased news. Like most MSM, news reporting is usually quite contaminated with biased value judgments via inclusion or exclusion.
Your article makes me wonder whether if El-Erian never mentions BRICS when discussing Dedolarization, in all his media efforts... or did he just leave BRICS out of the OP ED because Western MSM seem to coincidentally (sic) ignore the yearly BRICS meeting taking place in Kazan, now. I suppose the assumption is that keeping US & UK news consumers ignorant will somehow block the effect of BRICS actions on the ability of America to monetize wars without end. El-Erian, like the Market, relies on historical data (like most market players) rather than trying to discount risk until it is too late, because the crash is in progress.
The modern US has always been able to monetize its wars, so odds are it will continue... until (if)it cannot (even at the price of driving inflation higher and USD value lower). After all, the $35+Trillion US Sovereign debt is approximately equal to US extra-territorial Military adventures (including the declared and undeclared wars and military actions).
Que maravilha, essa dependência (submissão) ao dólar já deveria ter acabado bem antes.
This is what I shared...This is very well done and demands reading and study, if you seek to be informed. https://open.substack.com/pub/geopoliticaleconomy/p/economist-dollar-system-gold-brics?utm_source=share&utm_medium=android&r=16lm0