De-Dollarization Continues: China-Argentina Agree Currency Swap, Will Trade In Yuan
Tyler Durden on 09/07/2014 17:58 -0400
It appears there is another nation on planet Earth that is becoming isolated. One by one, Russia and China appear to be finding allies willing to ‘de-dollarize’; and the latest to join this trend is serial-defaulter Argentina. As Reuters reports, China and Argentina’s central banks have agreed a multi-billion dollar currency swap operation "to bolster Argentina’s foreign reserves" or "pay for Chinese imports with Yuan," as Argentina’s USD reserves dwindle. In addition, Argentina claims China supports the nation’s plans in the defaulted bondholder dispute.
Having met ‘on the sidelines’ in Basel, Switzerland in July, Argentine and Chinese central banks agreed to a currency swap equivalent to $11b that Cabinet Chief Jorge Capitanich said could be used to stabilize reserves.. (as Reuters reports)
Argentina, which defaulted on its debt in July, will receive the first tranche of a multi-billion dollar currency swap operation with China’s central bank before the end of this year, the South American country’s La Nacion newspaper reported on Sunday.
The swap will allow Argentina to bolster its foreign reserves or pay for Chinese imports with the yuan currency at a time weak export revenues and an ailing currency have put the Latin American nation’s foreign reserves under intense pressure.
Obama Commits US to War against Russia in Defense of Baltic States
By Barry Grey
Global Research, September 08, 2014
In a series of speeches and press conferences in connection with last week’s NATO summit in Wales, President Barack Obama publicly declared that the United States military will maintain a permanent presence in the Baltic states of Estonia, Lithuania and Latvia, which border Russia. He vowed that US air and ground forces will remain poised forevermore to respond to claims of Russian aggression by the governments of these countries by attacking Moscow.
In appearances in the Estonian capital of Tallinn and later in Wales, Obama announced a series of military moves against Russia by the United States and NATO as well as expanded economic sanctions and pledges to bolster the military forces of the former Soviet republics of Ukraine, Georgia and Moldova. He made clear in addition that Washington will push for all three countries to join the US-dominated NATO military alliance.
These statements represent an immense escalation of US and NATO military threats against Russia. Without any public discussion, and entirely over the heads of the American people, the Obama administration has committed the country to go to war with the second largest nuclear power in the world over three small countries in Eastern Europe.
At a joint press conference September 3 with Estonian President Toomas Hendrik Ilves, Obama declared, “So I’ve come here, first and foremost, to reaffirm the commitment of the United States to the security of Estonia. As NATO allies, we have Article 5 duties to our collective defense. That is a commitment that is unbreakable. It is unwavering. It is eternal.”
Russian Strategic Bombers Near Canada Practice Cruise Missile Strikes on US
Nuclear launch rehearsal conducted in North Atlantic
Bill Gertz September 8, 2014 5:00 am
Two Russian strategic bombers conducted practice cruise missile attacks on the United States during a training mission last week that defense officials say appeared timed to the NATO summit in Wales.
The Russian Tu-95 Bear bombers were tracked flying a route across the northern Atlantic near Iceland, Greenland, and Canada’s northeast.
Analysis of the flight indicated the aircraft were conducting practice runs to a pre-determined “launch box”—an optimum point for firing nuclear-armed cruise missiles at U.S. targets, said defense officials familiar with intelligence reports.
Disclosure of the nuclear bombing practice comes as a Russian general last week called for Moscow to change its doctrine to include preemptive nuclear strikes on the United States and NATO.
Gen. Yuri Yakubov, a senior Defense Ministry official, was quoted by the state-run Interfax news agency as saying that Russia’s 2010 military doctrine should be revised to identify the United States and the NATO alliance as enemies, and clearly outline the conditions for a preemptive nuclear strike against them.
Yakubov said among other needed doctrinal changes, “it is necessary to hash out the conditions under which Russia could carry out a preemptive strike with the Russian Strategic Rocket Forces”—Moscow’s nuclear forces.
The practice bombing runs are the latest in a series of incidents involving threatening Russian bomber flights near the United States. Analysts say the bomber flights are nuclear saber-rattling by Moscow as a result of heightened tensions over the crisis in Ukraine.