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.
The more the US antagonizes the world with spying or huge fines on foreign banks, the quicker the process of abandoning the dollar as a reserve currency will be unraveled, Peter Schiff, the president of investment house Euro Pacific Capital, told RT.
Western support will allow more IMF and European lending to prop the Ukrainian currency so the Ukrainian oligarchs can move their money safely to British and US banks, economist and author Michael Hudson told RT’s Truthseeker.
South Korea and China have agreed to create a market for direct trading of the yuan and won, which is hoped, will help reduce the pressure of the US dollar, as well as cut foreign exchange costs and boost bilateral investment.
Tim Draper, the venture capitalist most recently in the news for his proposal to divide California into six distinct states, has emerged as the sole winning bidder for a tranche of Bitcoin auctioned by the US government.
The bidding began early Friday for bitcoin enthusiasts eager to acquire cryptocurrency seized by the United States Marshals Service during last year’s crackdown of the infamous Silk Road online marketplace.