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OUT OF MIND » THE INSANITY OF REALITY » GLOBAL FINANCIAL COLLAPSE » Australia to Abandon the U.S. Dollar

Australia to Abandon the U.S. Dollar

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1Australia to Abandon the U.S. Dollar Empty Australia to Abandon the U.S. Dollar Mon Apr 15, 2013 7:26 pm

PurpleSkyz

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Australia to Abandon the U.S. Dollar





Posted by nesaraaustralia ⋅ April 16, 2013 ⋅ Leave a Comment




Filed Under china plan, julia gillard


April 11, 2013 • From theTrumpet.com
Australia chooses a side in the global currency war.

Australia’s announcement that it is abandoning the U.S. dollar for
trade with China is the latest broadside in the global currency war.
Starting April 10, Australia and China will no longer use the U.S.
dollar for trade between the two nations. For the first time, Australian
businesses will be able to conduct trade in Chinese yuan. No more need
for U.S. dollar intermediation.

This is a significant announcement and key development for China as
it continues its campaign to internationalize the yuan and chip away at
the dollar’s role as the world’s reserve currency.

Australian Prime Minister Julia Gillard made the announcement during
an official visit to Shanghai on Monday. She noted that China is now
Australia’s biggest trading partner and that the direct currency trading
would be a “huge advantage for Australia.”

She called the currency accord a “strategic step forward for Australia as we add to our economic engagement with China.”

According to HSBC bank, more than 40 percent of small and medium-size
Australian businesses that trade with China plan to offer quotes for
goods and services in yuan. No longer will Chinese customers need U.S.
dollars before purchasing Australian goods.

For China, this is a big accomplishment as it works toward its goal
of having about a third of its foreign trade settled in yuan by 2015.

But for the U.S. dollar, it is more like the treatment the U.S. Eighth Army got at Chosin Reservoir in Korea.

This Australia-China currency pact isn’t the only whipping the dollar has taken lately either.

On March 26, China and Brazil agreed to cut out the U.S. dollar for
approximately half of their trade. Some $30 billion worth of commerce
per year will now be conducted in yuan and reals. Brazilian Economy
Minister Guido Mantega said the trade and currency agreement would act
as a buffer against any unexpected dollar turbulence in the
international financial markets.

Less than a week later, China announced its participation in the
joint BRICS bank initiative. Brazil, Russia, India, China and South
Africa announced the creation of a new development bank that some
analysts say has the potential to rival the U.S.-dominated World Bank
and European-influenced International Monetary Fund.

“Most people assume that the current economic crisis has led to a
great strengthening of the power of the World Bank and the IMF, and that
this power is largely uncontested,” notes Prof. Geoffrey Wood, who
teaches at Warwick Business School. “The proposed BRICS development bank
represents an important new development that potentially further
circumscribes the influence of these bodies.”

America’s other major ally in the Pacific announced last year that it
would be curtailing its use of the dollar too. In June, Japan and China
began cutting out the dollar in bilateral trade. The initiative was
announced as part of a broad agreement to reinforce financial ties
between the world’s third- and fourth-largest economies.

Similar dollar exclusion deals have been announced by Russia and China, Russia and Iran, India and Iran, and India and Japan.

“[T]he free lunch the U.S. has enjoyed ever since the advent of the
U.S. dollar as world reserve currency may be coming to an end,” writes
popular financial blog ZeroHedge. “And since there is no such thing as a
free lunch, all the deferred pain the U.S. Treasury Department has been
able to offset thanks to its global currency monopoly status will come
crashing down the second the world starts getting doubts about the true
nature of just who the real reserve currency will be in the future.”

As more nations challenge the dollar’s position as reserve currency
it will greatly impact living standards in America. Interest rates will
skyrocket. The government will be forced to resort to full-scale money
printing to finance its debt. Credit and loans will become unaffordable,
collapsing much of America’s consumer economy. Monetary inflation will
shoot through the roof destroying the value of people’s savings. And
higher levels of unemployment will become a way of life.

By jumping ship and swimming to China, Australia may think it will
mitigate the worst of the looming dollar war. But eking out strategic
partnerships with China comes with a whole set of other risks that are
just as deadly. ▪


Thanks to: http://nesaraaustralia.com



  

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