July 6, 2023
American Economic “Doom Loop” Meets Feared Gold-Backed Currency
By: Sorcha Faal, and as reported to her Western Subscribers
An informative new Security Council (SC) report circulating in the Kremlin today first noting the virtual Shanghai Cooperation Organization (SCO) summit, which was hosted by India on 4 July, brought the focus onto geopolitical tectonic shifts, global threats and new opportunities for Eurasian powers, says The New Delhi Declaration of the Council of Heads of State of the Shanghai Cooperation Organization placed special emphasis on the need to boost economic cooperation and remove barriers in international trade amid the socialist Western colonial powers sanctions spree, and this morning, the Reserve Bank of India unveiled its roadmap to take the Rupee global.
Along with the Shanghai Cooperation Organization moving against the socialist Western colonial powers, this report notes, the BRICS Alliance of Brazil, Russia, India, China and South Africa announced today that it’s set to introduce a new currency backed by gold, in contrast to the credit-backed US Dollar, with the decision coming a month ahead of the bloc’s summit in Johannesburg—an announcement that follows American economic experts assessing last week: “The initiative, principally driven by Russia and China – the world’s largest gold producers – aims to link the new currency to a specific weight of gold…This strategy leverages their gold-rich status and presents a formidable challenge to the dollar’s pre-eminence”.
With Deputy Chairman Alexander Babakov of the State Duma hinting last month that a gold-backed currency could have a digital component, and be supported by other commodities, including rare-earth elements, this report continues, in order to facilitate the historic change of global finance, CEO Andrey Kostin of Russia’s second-largest bank VTB observed today: “We’ve all faced the Euroclear and Clearstream problem…We believe that one of the Persian Gulf states could host the new financial depository, given the concentration of the capital in that region…The entire financial infrastructure is built in the West…We propose to create new instruments which would respond to the needs of national currency and market regulation”.
With socialist Western colonial controlled Euroclear and Clearstream being the main providers of settlement and related securities services for cross-border transactions involving domestic and international bonds, equities, derivatives and investment funds, this report details, their usefulness in global trade transactions is now outmoded for a world that will never exist again, as best documented in just published international affairs articles like “Eurasian Leaders Focus On Common Goals And Sidestep Disagreements” and “Why Russia And The US Will Never Go Back To The Pre-2022 State Of Affairs”.
Joining the BRICS historic announcement of a new gold-backed currency to take on the US Dollar, this report concludes, is the just published article “Biden, Senior Officials Set Off To Tout Notorious ‘Bidenomics’ Across US”, wherein it cites White House communications director Ben LaBolt declaring: “You aren’t done hearing about Bidenomics”—a declaration that follows the Wall Street Journal economic article “Bidenomics 101” published a year ago, wherein it observed about demented Supreme Socialist Leader Joe Biden: “The President doesn’t appear to know anything about how the private economy works”—as to what Bidenomics has accomplished, the just published leftist New York Times article “America Is Living On Borrowed Money” reveals: “The United States now borrows heavily during periods of economic growth to meet basic and ongoing obligations…It’s increasingly unsustainable…Borrowing is expensive…A mounting share of federal revenue, money that could be used for the benefit of the American people, goes right back out the door in the form of interest payments to investors who purchase government bonds…Rather than collecting taxes from the wealthy, the government is paying the wealthy to borrow their money”—and the just published economic article “CBO Report Illustrates The Cause Of Our Debt Problem: It’s The Spending, Stupid!” most gravely warns: “The combination of rising debt and rising interest payments creates a ‘doom loop’ where interest accumulates faster than the interest gets paid down”. [Note: Some words and/or phrases appearing in quotes in this report are English language approximations of Russian words/phrases having no exact counterpart.]
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