Putin Reveals 'Fair Multipolar World' Concept in which Oil Contracts Could Bypass the US Dollar and be Traded with Oil, Yuan and Gold
- Putin Reveals ‘Fair Multipolar World’ Concept in which Oil Contracts Could Bypass the US Dollar and be Traded with Oil, Yuan and Gold
by PEPE ESCOBAR, http://www.atimes.com/
The real BRICS bombshell
The annual BRICS summit in Xiamen – where President Xi Jinping was once mayor – could not intervene in a more incandescent geopolitical context.
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Once again, it’s essential to keep in mind that the current core of BRICS is “RC”; the Russia-China strategic partnership. So in the Korean peninsula chessboard, RC context – with both nations sharing borders with the DPRK – is primordial.
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Meet the oil/yuan/gold triad
It’s when President Putin starts talking that the BRICS reveal their true bombshell. Geopolitically and geo-economically, Putin’s emphasis is on a “fair multipolar world”, and “against protectionism and new barriers in global trade.” The message is straight to the point.
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The Syria game-changer – where Beijing silently but firmly supported Moscow – had to be evoked; “It was largely thanks to the efforts of Russia and other concerned countries that conditions have been created to improve the situation in Syria.”
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On the Korean peninsula, it’s clear how RC think in unison; “The situation is balancing on the brink of a large-scale conflict.” Putin’s judgment is as scathing as the – RC-proposed – possible solution is sound; “Putting pressure on Pyongyang to stop its nuclear missile program is misguided and futile. The region’s problems should only be settled through a direct dialogue of all the parties concerned without any preconditions.”
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Putin’s – and Xi’s – concept of multilateral order is clearly visible in the wide-ranging Xiamen Declaration, which proposes an “Afghan-led and Afghan-owned” peace and national reconciliation process, “including the Moscow Format of consultations” and the “Heart of Asia-Istanbul process”.
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That’s code for an all-Asian (and not Western) Afghan solution brokered by the Shanghai Cooperation Organization (SCO), led by RC, and of which Afghanistan is an observer and future full member.
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And then, Putin delivers the clincher; “Russia shares the BRICS countries’ concerns over the unfairness of the global financial and economic architecture, which does not give due regard to the growing weight of the emerging economies. We are ready to work together with our partners to promote international financial regulation reforms and to overcome the excessive domination of the limited number of reserve currencies.”
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“To overcome the excessive domination of the limited number of reserve currencies” is the politest way of stating what the BRICS have been discussing for years now; how to bypass the US dollar, as well as the petrodollar. Beijing is ready to step up the game. Soon China will launch a crude oil futures contract priced in yuan and convertible into gold.
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This means that Russia – as well as Iran, the other key node of Eurasia integration – may bypass US sanctions by trading energy in their own currencies, or in yuan. Inbuilt in the move is a true Chinese win-win; the yuan will be fully convertible into gold on both the Shanghai and Hong Kong exchanges.
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The new triad of oil, yuan and gold is actually a win-win-win. No problem at all if energy providers prefer to be paid in physical gold instead of yuan. The key message is the US dollar being bypassed.
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RC – via the Russian Central Bank and the People’s Bank of China – have been developing ruble-yuan swaps for quite a while now.
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read more.
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Russia, the useful controlled opposition to western interests. West = bad cop, Russia = good cop! Alternatively, West = good cop, Russia = bad cop! Either way you fall into the clutches of the zionist supremacists. Excellent!
Are Russia, China, India and Brazil not members of that supranational criminal and diplomatically immune Bank of International Settlements? The same BIS that channelled funds to the faux enemy Hitler.
So R.C. stop the talk and walk the walk. Until then Russia and China are part of the left(communist)/ right (capitalist) public deceit. The European/Zionist supremacists are indifferent to idealogy. Effective control and results are all that matters.