Four Global Mega-Banks Have Just Joined An Anti-Dollar Alliance

Simon Black, Sovereign Man: Four more mega-banks join the anti-dollar alliance

That was fast.

Yesterday I told you how a consortium of 15 Japanese banks had just signed up to implement new financial technology to clear and settle international financial transactions.

This is a huge step.

Right now, most international financial transactions must pass through the US banking system’s network of correspondent accounts.

This gives the US government an incredible amount of power… power they haven’t been shy about using over the last several years.

2014 was one of the first major watershed moments when the Obama administration fined French bank BNP Paribas $9 billion for doing business with countries that the US doesn’t like– namely Cuba and Iran.

It didn’t matter that this French bank wasn’t violating any French laws.

Read more ....

Previous Post: Is The U.S. About To Lose Its Dominant Position On Global Financial Markets? (August 24, 2016)

WNU Editor: This is a huge story that will impact every American's pocket book and U.S. foreign policy for years to come .... and it is being totally ignored by the main stream media.

Is The U.S. About To Lose Its Dominant Position On Global Financial Markets?

Simon Black, Sovereign Man: Barack Obama may have finally destroyed America’s #1 advantage

In July 1944, just weeks after the successful Allied invasion of Normandy, hundreds of delegates from around the world gathered in Bretton Woods, New Hampshire to determine the future of the global financial system.

The vision was simple: America would be the center of the universe, and every other nation would revolve around the US.

This arrangement ultimately led to the US dollar being the world’s dominant reserve currency which still remains today.

Whenever a Brazilian merchant pays a Korean supplier, that deal is negotiated and settled in US dollars.

Oil. Coffee. Steel. Aircraft. Countless commodities and products across the planet change hands in US dollars, so nearly every major commercial bank, central bank, multi-national corporation, and sovereign government must hold and be able to transact in US dollars.

This system provides a huge incentive for the rest of the world to hold trillions of dollars worth of US assets– typically deposits in the US banking system, or US government bonds.

Read more ....

WNU Editor: Everyone in the world wants an alternative to the U.S. banking system .... everyone. And while Ripple is an interesting development (see above video) .... it will probably be a few more years before U.S. financial dominance has been replaced because of developments in technology and the unwillingness of foreign customers to use American financial institutions.