Jim Sinclair’s Commentary
The battle is here.
9.962 +0.072 (+0.09%)
2014-04-21 15:32:00, 30 min delay
US dollar dying as tensions over Ukraine heat up: Analyst
Fri Apr 18, 2014 4:18PM
The US dollar is losing its dominance on global trade amid spiraling tensions between Washington and Moscow over Ukraine, says an analyst.
In his Friday column for Press TV website, F. William Engdahl said Russia and leading trading countries are developing “alternatives to using the US dollar for their bilateral trade.”
The analyst said the US government has been printing “money without limit, in order to rescue the bankrupt Wall Street banks with what the Federal Reserve calls Quantitative Easing.”
“Washington’s decision to go for the military coup in Ukraine [has]…isolated the power of US hegemony and opened the door for a genuine multipolar world where peaceful cooperation replaced military threats and sole superpower domination,” Engdahl stated.
He said Washington’s “foolish” imposition of sanctions on Russia over Crimea’s secession from Ukraine “has forced Moscow to react by selling Gazprom bonds not in the dollar market but rather in the fast-emerging Chinese Yuan.”
“The US has just shot itself in the foot,” he wrote.
Citing a new report by the International Monetary Fund, Engdahl said there has been a “dramatic shift” from the “US dollar as reserve currency.”
First crack in Western wall against Russia over Ukraine
DEBKAfile April 20, 2014, 8:21 AM (IDT)
German Foreign Minister Frank-Walter Steinmeier said he wished as much emphasis would be placed on preventing an escalation of tensions with Russia over Ukraine as there is in threatening economic sanctions. “We’ve already exhaustively discussed the sanctions issue," he said to this Sunday’s Bild am Sonntag newspaper, in response to the pressure from Washington to punish Russia with additional sanctions.
Lavrov accuses Kiev of breaking Geneva accord, holds US responsible
DEBKAfile April 21, 2014, 12:49 PM (IDT)
Russian Foreign Minister Sergei Lavrov accused the Kiev authorities of breaking last week’s Geneva accord for resolving the Ukraine crisis. At a news conference Monday, he said Kiev had not moved to disarm illegal groups, especially the ultra-nationalist Right Sector suspected of the shooting at a pro-Russian checkpoint near Sloviansk Sunday. Kiev called the attack "a provocation" by Russian special forces.
The Russian Foreign Minister said the US should take responsibility for those whom they put in power instead of issuing ultimatums to Moscow. Attempts to isolate Russia will lead to a dead end, he said.
Lavrov: US should face responsibility for powers it installed in Kiev
Published time: April 21, 2014 08:49
Edited time: April 21, 2014 11:34
The Russian Foreign Minister says the US should take responsibility for those whom they put in power instead issuing ultimatums to Moscow.
"Before giving us ultimatums, demanding that we fulfill demands within two or three days with the threat of sanctions, we would urgently call on our American partners to fully accept responsibility for those who they brought to power,” said Lavrov during a press conference with his colleague from Mozambique, Oldemiro Baloi.
All attempts to isolate Russia will lead to a dead end because Russia is "a big, independent power that knows what it wants," he added
Meanwhile, the Russian FM also criticized statements from Western countries and Kiev’s authorities, which “invent possible and impossible arguments against Russia,” claiming that a large amount of Russian arms in the conflict zones proves Russian interference in Ukrainian affairs.
He called the statements absurd as Ukraine has traditionally used Russian-made arms.
“This statement is ludicrous. Everyone has Russian arms in Ukraine,” Lavrov said.
Meanwhile, he also said that TV outlets have reported that US arms were also found in Ukraine and illegal armed groups, not the Ukrainian army were in possession of these American arms.
Kiev desperately pushing for greater conflict with Russia’
Published time: April 21, 2014 11:46
The Ukrainian authorities seek to escalate conflict with Russia so as to call for the support of the West, NATO and the EU, while Right Sector plays the role of the illegal infantry of the Kiev government, journalist Manuel Ochsenreiter told RT.
RT: Do you think the shoot-out in Slavyansk on the weekend indicates the interim authorities in Kiev are losing control?
Manuel Ochsenreiter: No, this would be the most Kiev-friendly explanation of the incident of Saturday night. What we witness now is just one of a countless series of provocations which take place by Kiev. Kiev really desperately tries to get into a bigger conflict with Russia. The background of this is very easy – to call for the support of the West, to call for the support of NATO as well as of the EU. So I don’t think that this incident is a sign of losing control. Maybe Kiev would like it to look like that, but in reality this is just an organized provocation against the people of eastern Ukraine who desperately want to have a federation or even to become officially Russian, and against of course Russia to get more support from the West.
RT: Could the killings push Kiev to become more active in dealing with radicals? Does Kiev have enough power to crack down on these extremists?
MO: This is a philosophical question because if you want to crack down on extremists you need the will to crack down on them. What we know is that those extremists, those armed forces which are pushing the interim government of western Ukraine to government, to power, the so-called Right Sector, that they have to be almost thankful for them [that they are in] power. Why should they want to crack down on those extremists?
China opens Beijing to gold imports, cutting into Hong Kong’s transit role
PUBLISHED : Monday, 21 April, 2014, 1:59pm
UPDATED : Monday, 21 April, 2014, 1:59pm
China has begun allowing gold imports through its capital city, sources familiar with the matter said, in a move that would help keep purchases by the world’s top bullion buyer discreet at a time when it might be boosting official reserves.
The opening of Beijing as a third import point after Shenzhen and Shanghai could threaten Hong Kong’s pole position in China’s gold trade, as the mainland can get more of the metal it wants directly rather than through a route that discloses how much it is buying.
China does not release any trade data on gold. The only way bullion markets can get a sense of Chinese purchases is from the monthly release of export data by Hong Kong, which supplied US$53 billion worth of gold to the mainland last year.
“We have already started shipping material in directly to Beijing,” said an industry source, who did not want to be named because he was not authorised to speak to the media.
The quantities brought in so far have been small, as imports via Beijing have only been allowed since the first quarter of this year, sources said.
The People’s Bank of China (PBOC) is believed to be adding to its gold reserves, the World Gold Council (WGC) said, as it looks to diversify from US Treasuries. The central bank rarely reveals the numbers.