Hidden financial system
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Hidden financial system
I shall wear the creditors’ loathing with pride. ~~~ Yanis Varoufakis, Greece’s former finance minister
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Alternative to dollar close to reality as BRICS coalition expands to 80 nations

Alternative to dollar close to reality as BRICS coalition expands to 80 nations | Hidden financial system | Scoop.it

 

This is why the original BRICS economies have exploded in just the past 12 months to now include up to 80 other nations ready to join their coalition, and provide that critical mass that will slingshot the Chinese Yuan into viability, and create an alternative to the dollar that the West isn't prepared to compete with.

 

Several economists have stated that 2014 is a critical year for both the dollar and the global monetary system, and that a currency reset is inevitable to expunge the over one quadrillian dollars worth of toxic assets and derivatives which are unsustainable, and that are leading the world towards a collapse far worse than the one in 2008.

 

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Yet Another Massive Nail In The Dollar's Coffin

Yet Another Massive Nail In The Dollar's Coffin | Hidden financial system | Scoop.it

 

The renminbi has already surpassed the euro to become the #2 most-used currency in the world when it comes to trade settlement, according to a report released yesterday by the Society of Worldwide Interbank Financial Telecommunication (SWIFT).

 

Right now the renminbi has about an 8.6% share of the global market for trade settlement. Granted, the dollar has the lion’s share of trade settlement at more than 80%.

 

But just look at how quickly the renminbi has grown; in January 2012, its share of the global market was just 1.9%. So it’s grown by nearly a factor of 5x in less than two years.

 

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