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23 countries move to bypass the US Dollar

Nov 23, 2013


For several years, financial analysts, primarily those outside the mainstream of academia, have been warning that any day could be the black swan event that collapses the dollar, and ends U.S. hegemony as caretaker of the world's reserve currency. That day has finally arrived as on Nov. 18, a former head trader for a major financial institution issued a harbinger and stated that 23 countries, and 60% of the world's GDP, are right now setting up new swap lines which bypass the dollar, SWIFT, and the BIS, and will usher in a new global currency system which will kill the dollar....

The list of the 23 countries which are creating new swap lines outside of the dollar include China, Russia, India, and surprisingly, Germany, France, and the United Kingdom. This means that the Eurozone itself is abandoning the dollar, and preparing for transition to a new central banking system.

The BRICS bank, established in South Africa in September of 2012, apparently will be replacing the Federal Reserve and the current Bank of International Settlements. When the dollar is no longer needed for international trade, its collapse will be spectacular. It appears that Germany, France, and the UK are taking steps now to abandon the dollar as well.

Et tu, brute?

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Category: Financial
Blog Author: Dr. Stephen Jones