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OpEdNews Op Eds    H2'ed 3/18/22

All That Glitters Is Not Necessarily Russian Gold

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Reprinted from www.strategic-culture.org

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The "rules-based international order" - as in "our way or the highway" - is unraveling much faster than anyone could have predicted.

The "rules-based international order" - as in "our way or the highway" - is unraveling much faster than anyone could have predicted.

The Eurasia Economic Union (EAEU) and China are starting to design a new monetary and financial system bypassing the U.S. dollar, supervised by Sergei Glazyev and intended to compete with the Bretton Woods system.

Saudi Arabia - perpetrator of bombing, famine and genocide in Yemen, weaponized by U.S., UK and EU - is advancing the coming of the petroyuan.

India - third largest importer of oil in the world - is about to sign a mega-contract to buy oil from Russia with a huge discount and using a ruble-rupee mechanism.

Riyadh's oil exports amount to roughly $170 billion a year. China buys 17% of it, compared to 21% for Japan, 15% for the U.S., 12% for India and roughly 10% for the EU. The U.S. and its vassals - Japan, South Korea, EU - will remain within the petrodollar sphere. India, just like China, may not.

Sanction blowback is on the offense. Even a market/casino capitalism darling such as uber-nerd Credit Suisse strategist Zoltan Poznar, formerly with the NY Fed, IMF and Treasury Dept., has been forced to admit, in an analytical note: "If you think that the West can develop sanctions that will maximize the pain for Russia by minimizing the risks of financial stability and price stability for the West, then you can also trust unicorns."

Unicorns are a trademark of the massive NATOstan psyops apparatus, lavishly illustrated by the staged, completely fake "summit" in Kiev between Comedian Ze and the Prime Ministers of Poland, Slovenia and the Czech Republic, thoroughly debunked by John Helmer and Polish sources.

Poznar, a realist, hinted in fact at the ritual burial of the financial chapter of the "rules-based international order" in place since the early Cold War years: "After the end of this war [in Ukraine], 'money' will "-never be "-the same." Especially when the Hegemon demonstrates its "rules" by encroaching on other people's money.

And that configures the central tenet of 21st century martial geopolitics as monetary/ideological. The world, especially the Global South, will have to decide whether "money" is represented by the virtual, turbo-charged casino privileged by the Americans or by real, tangible assets such as energy sources. A bipolar financial world - U.S. dollar vs. yuan - is at hand.

There's no surefire evidence - yet. But the Kremlin may have certainly gamed that by using Russia's foreign reserves as bait, likely to be frozen by sanctions, the end result could be the smashing of the petrodollar. After all the overwhelming majority of the Global South by now has fully understood that the backed-by-nothing U.S. dollar as "money" - according to Poznar - is absolutely untrustworthy.

If that's the case, talk about a Putin ippon from hell.

It's gold robbery time

As I outlined the emergence of the new paradigm, from the new monetary system to be designed by a cooperation between the EAEU and China to the advent of the petroyuan, a serious informed discussion erupted about a crucial part of the puzzle: the fate of the Russian gold reserves.

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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...)
 

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