US Facing Financial Doomsday Over Russia Sanctions!

[youtube=https://www.youtube.com/watch?v=MgtMfeRrv4E]

• The G20 meeting next week, 10 April 2014, is pretty important. Will Russia, China and the BRICS be able to wrest control of the IMF? Will they be able to end the veto power of the US in the IMF? Russia is advocating that the IMF reform the global system despite US objections! The rumours are:
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  * The United States refuse to go along with the global the currency/economic reset.
  * The United States will only agree to it if all the foreign held US government debts (ie. treasuries) be forgiven by all foreign nations/corps/banks.
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• This will, of course, bankrupt countries (and corporations/banks) with substantial US treasury holdings. A lot of nations (even if they don’t become bankrupt) will see their citizens savings, forex reserves … disappear overnight. For eg. Singapore holds about US$87.2billion (Dec 2012) of US treasuries. It will disappear overnight if debt forgiveness is implemented. China will be the biggest loser: US$ 1.3+Trillion will disappear overnight.
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• Quite obviously, no foreign country will agree to this debt forgiveness. It will topple quite a few banks and nations. Ie. financial and banking system collapse. Many banks worldwide hold US treasuries because it is considered as good as cash under the rule book.
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  How The BRICs (Thanks To Russia) Just Kicked The G-7 Out Of The G-20!! 
  …. Beijing  leaders have long dreamt of displacing, or at least dethroning, the US dollar from its reserve currency role. US dominance of the IMF is one of several effective bars to the achievement of such a goal. The kind of action Russia is advocating, the BRICS wresting control of the IMF despite of US veto power, might have some appeal. That would mark the end of the unified global monetary system that has developed since the IMF was founded in 1945, to be replaced by a bloc of fiat currencies in the developed countries and a system in the emerging sector where currencies were linked to drawing rights in some new international fund, possibly with some material backing. It seems unlikely that convertibility between these monetary systems could be maintained for long. Consequently, the 10 April meeting is shaping up as a potentially critical juncture in world economic history.
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• US facing financial doomsday over Russia sanctions: Analyst! 
  by http://www.presstv.ir/ 
  The United States is likely to experience a financial “doomsday” as a result of its imposition of sanctions on Russia following Crimea’s secession from Ukraine, an analyst tells Press TV.
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  Eric Draitser said in an interview with Press TV that Russia, which supplies more than one third of Europe’s gas, is a “great energy power” that “may decide to stop accepting US dollars to settle debts and US dollars for its energy reserves.”
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  “All of this is sort of a doomsday scenario from a financial perspective; but, it is all very much a possibility if the United States and Europe” escalate the situation, the analyst said.
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  Draitser held out the possibility of euro and dollar depreciation, which would, in turn, trigger “unrest in global markets.” The analyst said Russia is in a position to make it harder for Europe to have access to gas, adding, “It would fundamentally change the geopolitical calculus not only of the Europe but of the global economy more generally.”
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  On Tuesday, the US Congress approved a bill calling for new sanctions on Moscow over Crimea, which recently joined Russia. Crimea declared independence from Ukraine and formally applied to become part of the Russian Federation following a referendum on March 16, in which nearly 97 percent of the voters said yes to union with Russia.
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  On March 21, Russian President Vladimir Putin signed into law documents that officially made Crimea part of the Russian territory. “I think everyone should be very keen to avoid a shooting war, particularly with a nuclear power such as Russia…, which obviously is a nuclear power,” said Draitser.

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