KW: There is two separate stories linked here. What I am finding interesting is that I have finished one of Jim Rickards Strategic Intelligence private video presentations to subscriber customers that is exhaustive to watch. In it he talks about a change that he argues is going to revolutionise the global financial system as of October 12 2018 when the BRICS countries (Brazil, Russia, India, China & South Africa) gain a united positionof over 15% of the votes to be able to veto any U.S. move within the International Monetary Fund (IMF) that is currently controlled by the U.S. by exercicsing its 15% veto power until now and that has placed U.S. policy and the U.S.dollar in a dominant postion as the worlds reserve currency. He argues that this is coming to an end on 12 October and so the ability of the U.S. to dominate world trade becaue the US dollar is the currency for global trade is about to shudder to a halt. Why he says? Because China and Russia have been stock piling tons of gold for some time and may launch a new global currency backed by gold and do away with the U.S. dollar as the means of completing trade deals, particlarly oil trades. It would make sanctions ineffective and he says there is nothing Trump can do to stop this from happening becasue the voting change witin the IMF is locked in stone and was signed in by Obama. Not that that changes things perhaps as Trump simply walks out on previous agreements made by former governments. The BRICS can block U.S. domination from that date onwards. He predicts the American domination of the worlds financial system is coming to an end becasue the IMF is not a U.S. institution that Trump can bully because that will only see more countries side with the BRICS against Trumps bully boy tactics. Acknowledging facts that he is the only financial correspondent to be revealing this story thus far, absolutely no other person or entity is doing so, if he is only half right this makes for a major global upset and the threat from China the ‘U.S. will bear responsibility ‘ becomes all the more believeable’. Rickards is highly connected to the FED and Wall Street plus has CIA connections in the past so he is no lightweight commentator. Coming from Rickards, who tends to be negative about China, it will be interesting to see what unfolds.
“China expresses strong indignation at these unreasonable actions by the U.S. side and has already lodged stern representations.”