Currency

Citizen Currencies Strengthen Agricultural Supply Chains

March 18, 2019 Françoise Wautiez, Ripess.eu Create! Currency, Food and Agriculture, New Economy

This is the third issue of the series we started in October, on the theme of “local currencies”, after a general presentation of the advantages and challenges of local currencies through the example of the Leman currency (October 2018) and the avenues for collaboration and synergies between local currencies and sustainable food (December 2018), we propose today to reflect in terms of production/supply chains, for different types of agricultural products, and starting once again from the Geneva experience: from seed to production, from production to processing, from processing to distribution, from distribution to consumption.

Goodbye To The Dollar

February 6, 2019 Chris Hedges, Truthdig.com Educate! Currency, Trump Administration, US Imperialism

The inept and corrupt presidency of Donald Trump has unwittingly triggered the fatal blow to the American empire—the abandonment of the dollar as the world’s principal reserve currency. Nations around the globe, especially in Europe, have lost confidence in the United States to act rationally, much less lead, in issues of international finance, trade, diplomacy and war. These nations are quietly dismantling the seven-decade-old alliance with the United States and building alternative systems of bilateral trade. This reconfiguring of the world’s financial system will be fatal to the American empire, as the historian Alfred McCoy and the economist Michael Hudson have long pointed out.

Russia And China Continue Dumping US Treasuries

February 2, 2019 Staff, Rt.com Educate! China, Currency, Debt, Russia, Treasury

The latest US Treasury Department data shows that foreign investors slashed their holdings of American debt in November by $105 billion, from a year earlier, to $6.2 trillion. China, the largest foreign holder of US debt, slashed its holdings for a sixth straight month in November. Beijing had $1.12 trillion in US Treasuries, down from $1.138 trillion in October. The decline brought China’s Treasury holdings to the lowest level since May 2017, the data showed.

More Signs The US Is Losing Status As Global Reserve Currency

January 14, 2019 Staff, RT Educate! Chiina, Currency, India, Iran, New Economy, Reserve Currency, Russia

The US dollar may one day be rivaled by the Chinese national currency – the yuan – which is likely to become a major global reserve currency, according to the governor of the Bank of England (BoE), Mark Carney. “I think it is likely that we will ultimately have reserve currencies other than the US dollar,” the UK top financial official claimed during an online question-and-answer session carried out as part of the Bank of England’s Future Forum.

Top 5 Countries Opting To Ditch US Dollar & The Reasons Behind Their Move

January 3, 2019 Staff, Rt.com Educate! Currency, Inter-Imperialist Rivalry, US Imperialism

The past year was full of events that inevitably split the global geopolitical space into two camps: those who still support using US currency as a universal financial tool, and those who are turning their back on the greenback. Global tensions caused by economic sanctions and trade conflicts triggered by Washington have forced targeted countries to take a fresh look at alternative payment systems currently dominated by the US dollar. RT has taken a deeper look into the recent phenomena of de-dollarization, summing up which countries have taken steps towards eliminating their reliance on the greenback, and the reasons behind their decision.

EU Pushing For Euro To Challenge Dollar’s Role

December 7, 2018 Staff, Atimes.com Create! Currency, European Union (EU), Inter-Imperialist Rivalry, US Imperialism

The European Commission is expected to publish a blueprint to promote a “stronger international role” for the euro in the face of policies pursued by the Trump administration, it was reported on Monday. The Financial Times says that a draft of the document stresses a need to address recent challenges to “international rules-based governance and trade.” As part of this, the plan calls for political pressure to make contracts denominated in the euro.

SWIFT’s Iran Ban Will ‘Expedite Global De-Dollarization’

November 13, 2018 By Max Keiser, Rt.com Educate! Currency, Inter-Imperialist Rivalry, Iran, New Economy, Sanctions

The blacklisting of Iran from international financial messaging system SWIFT serves as a warning to Washington’s enemies, but will hasten the demise of the dollar, stockbroker-turned broadcaster Max Keiser told RT. SWIFT, a system that facilitates cross-border payments between 11,000 financial institutions in more than 200 countries worldwide cut several Iranian banks, including the country’s central bank, off from its services on Monday. The move came as a result of US pressure and was described by US Treasury Secretary Steven Mnuchin as “the right decision to protect the integrity of the international financial system.”

Venezuela Ditches Dollar After US Sanctions Hit Private Sector

October 18, 2018 Staff, Telesurtv.net Resist! Currency, Sanctions, US Imperialism, Venezuela

Venezuela is replacing the dollar with the euro or yuan in its international business endeavors, Bolivarian Minister of Industries and National Production, Tareck El Aissami said Tuesday. The newest round of sanctions imposed by the United States against Venezuela is making international financial interactions impossible, Aissami said during a press conference with Calixto Ortega, the president of the Central Bank of Venezuela. International financial transactions using foreign currency were reportedly blocked, agroindustrial and pharmaceutical sectors said, showing that the U.S. financial sanctions have now extended to affect both the private and public sectors. From his personal Twitter account, Aissami said, “We have to generate new conditions to overcome these aggressions on the part of the governments of the USA...

Crashing Currency Chaos Spreads Across The Global South

September 3, 2018 By Pepe Escobar, Asia Times Educate! Currency, Finance, US Regime Change

There is a serious currency crisis affecting key emerging markets. Three of these – Brazil, Argentina and Turkey – are G20 members, and Iran, absent external pressure, would have everything to qualify as a member. Two – Iran and Turkey – are under US sanctions while the other two, at least for the moment, are firmly within Washington’s orbit. Now, compare it with currencies that are gaining against the US dollar: the Ukrainian hryvnia, the Georgian lari and the Colombian peso. Not exactly G20 heavyweights – and all of them also inside Washington’s influence.

Venezuela’s Monetary Revolution Vis-a-Vis Economic Sanctions

August 29, 2018 By Nino Pagliccia, Telesurtv.net Create! Currency, Latin America, Sanctions, Venezuela

Venezuela has undergone many challenges in the last 20 years since Hugo Chavez was elected president and continued after his death in 2013. The main reason is that Venezuela has taken seriously the internationally recognized right to be sovereign and establish its own social model. Violence has never been part of the model. However, violence has been the reaction of those who do not want to change the status quo despite the people's majority democratic electoral choice. The new social model chosen by Venezuela has been widely called the Bolivarian Revolution. It is a revolution that is still under construction. In fact, having defused the rampant right-wing violence, and with Nicolas Maduro as the re-elected president as of May 20, Venezuela continues building an unequivocal socialist anti-imperialist society by strengthening its Bolivarian Revolution.

Saudi Economic War Triggers Yemen Currency Collapse And Worsens Plight Of War-Torn Nation

August 25, 2018 By Ahmed Abdulkareem, Mintpressnews.com Resist! Currency, Saudi Arabia, Yemen

SANAA, YEMEN — More than three years of U.S.-Saudi-led coalition war against Yemen has already created the world’s largest food security emergency. With millions of people currently facing starvation, the UN has described Yemen as the world’s worst humanitarian disaster. Last week, panic entered Yemeni local markets and houses after a plunge in the value of the Yemeni Riyal (YR) accompanied by increasing prices for basic foodstuffs. Those who still have money rushed to convert their savings to USD or buy gold, but most Yemenis now face two grim prospects: either to die by U.S.-Saudi airstrikes or to die of hunger. The YR has lost more than half of its value relative to the U.S. dollar — the owners of exchange shops and citizens in Sana’a and Aden told MintPress that the exchange rate of the YR against one dollar amounted to about 550 YR compared to 250 YR at the beginning of the war in the country.

Sanctions, Sanctions, Sanctions – The Final Demise Of Dollar Hegemony?

August 24, 2018 Peter Koenig, Informationclearinghouse.info Educate! Currency, Inter-Imperialist Rivalry, Sanctions

All looks arbitrary and destructive. All is of course totally illegal by any international law or, forget law, which is not respected anyway by the empire and its vassals, but not even by human moral standards. Sanctions are destructive. They are interfering in other countries sovereignty. They are made to punish countries, nations, that refuse to bend to a world dictatorship. Looks like everybody accepts this new economic warfare as the new normal. Nobody objects. And the United Nations, the body created to maintain Peace, to protect our globe from other wars, to uphold human rights – this very body is silent – out of fear? Out of fear that it might be ‘sanctioned’ into oblivion by the dying empire? – Why cannot the vast majority of countries – often it is a ratio of 191 to 2 (Israel and the US) – reign-in the criminals?

New Currencies For A New Economy

August 1, 2018 By Juliette Legendre, Inequality.org Create! Currency, Money, New Economy

When financial crises and recessions hit, regional and local economies suffer devastating ripple effects. As activists look to shield their local economies from some of the harsh impacts of globalization, they’ve come across one potential solution to tackle the heart of the problem: create community currencies and change the money itself. In the wake of the 2008 financial crisis a group of friends on the Italian island of Sardinia set up Sardex, an electronic business-to-business mutual credit system. Six years later, around 140 million euros worth of transactions have been made. Similar models exist across Europe, like Utrechtse Euro in the Netherlands and SoNantes in France. In addition to these trade networks, local currency schemes have been emerging around the world as technological innovations offer new ways to circumvent the usual issues of scale and sustainability.

Bitcoin, Blockchain, And Local Currencies

December 19, 2017 By Tad Montgomery, Resilience.org Educate! Currency, Digital, Economics, Local Currency

The world is on fire lately with the exponential growth of Bitcoin and other electronic cryptocurrencies. While some see these as speculative bubbles that are tied to nothing, used on the dark web to ransom hacked computers, and profligate users of electricity, others see Bitcoin and its ilk as our liberation from nation states and their central banks. Both could be true. Perhaps more important is that the platform underpinning Bitcoin, called blockchain technology, and later advances such as Ethereum, have the potential to completely transform the way that the world operates. Many people see the rise in Bitcoin as the result of a growing distrust in governments, official/artificial fiat currencies, corporations, institutions, and other people.

Greece: Alternative Economies & Community Currencies Pt. 3

November 3, 2017 Niko Georgiades, unicornriot.ninja Create! Cooperatives, Currency, Greece

By Niko Georgiades for Unicorn Riot - Athens, Greece – Tools born from the internet, applied across autonomous networks and movements seeking alternatives to capitalism, are providing the infrastructure of alternative societies. In the last of our specials on community currencies and alternative economies, we showcase FairCoop, a self-organized and self-managed global cooperative created through the internet outside the domain of the nation-state. During a conference on alternatives to capitalism inside of the self-organized and squatted Embros Theater in Athens, Greece in the summer of 2017, a Catalan speaker (who remained anonymous for safety purposes) gave a presentation on FairCoop, which informed much of this reporting. Alternative economies are typically separate economic structures operating outside of the traditional economy and based on the common principles of a community. FairCoop is a function of an alternative economy and was built out of the necessity to provide an “alternative system outside of capitalism” and merge many autonomous movements and networks together to form a society based on each community’s values. FairCoop was created a few years after a nearly half a billion euro banking system expropriation action from 2006-2008, generally attributed to Enric Duran.

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