Russia is taking steps to ensure that it protects itself from any future dollar or euro sanctions. Moscow boasts the world’s 5th biggest foreign exchange reserves and the 6th largest gold reserves. In total, the assets amount to over $1.5 trillion.
The Russian and Chinese central banks have agreed on a draft currency swap agreement, which will allow them to increase trade in domestic currencies and cut the dependence on the US dollar in bilateral payments.
A small insurance company in California has a thing or two to learn about customer service. Adriana’s Insurance Service settled a lawsuit over an employee assaulting an elderly man… and delivered his compensation in buckets full of coins.
The US dollar, the dominant global currency since 1944, may lose some of its luster due to the American-led sanctions against Russia over the turmoil in Ukraine. The greenback has been fading in favor since the global financial crisis in 2008.
Britain’s Serious Fraud Office (SFO) is investigating the alleged use of chatrooms by forex traders in a conspiracy to rig exchange rates. An estimated $5.3 trillion in currencies changes hands daily.
The group of emerging economies signed the long-anticipated document to create the $100 bn BRICS Development Bank and a reserve currency pool worth over another $100 bn. Both will counter the influence of Western-based lending institutions and the dollar.
The BRICS countries want to challenge the international financial system’s dependency on US policies and strengthen the rule of international law, Vladimir Putin said. He stressed, however, that there are no plans for a military or political alliance.
The US mixes trade with politics using the dollar as a weapon in sanctions against Iran and Russia, trying to restrict these nations’ access to the US dollar, which creates mass imbalances, Chairman of the Bruges Group think tank, Robert Oulds, told RT.