Only last week, Saudi Arabia and China
rolled out a project for a giant oil refinery in
the Red Sea. And India more or less secretly is
deciding to pay for Iranian oil in gold -- even
bypassing the current middleman, a Turkish bank.
Asia wants a new international system --
and it's working for it. Inevitable long-term
consequences; the US dollar -- and, crucially, the
petrodollar -- slowly drifting into irrelevance.
"Too Big to Fail" may turn out to be not a
categorical imperative, but an epitaph.
Next Page 1 | 2
(Note: You can view every article as one long page if you sign up as an Advocate Member, or higher).
Pepe Escobar is an independent geopolitical analyst. He writes for RT, Sputnik and TomDispatch, and is a frequent contributor to websites and radio and TV shows ranging from the US to East Asia. He is the former roving correspondent for Asia (more...)