Shari’ah-Compliant Crypto Gold: Could Islam Be Preparing for a New World Reserve Currency?

The world of fiat, crypto- and hard currencies is becoming increasingly surreal.  What is money?  And what is sound money?  The answers to these fundamental questions are becoming esoteric.

There is also an underlying sinister theme to these questions.  Hussein was reportedly killed due to his preference for receiving oil payments in Euros in lieu of the dollar.  Gaddaffi met the safe fate because he wanted to create a gold-backed dinar for African countries.  In other words, sovereign leaders were being eliminated for suggesting an alternative to the petrodollar, the global reserve currency.

This inevitable shift away from dollar hegemony appears to be accelerating, with China and Russia leading from the front.

http://www.hardassetsalliance.com/our-blog/shariah-compliant-crypto-gold-could-islam-be-preparing-for-a-new-world-1#

What will the world look like?

http://news.goldseek.com/GoldSeek/1409062200.php

These guys used to issue the world’s reserve currency too

http://www.sovereignman.com/trends/these-guys-used-to-issue-the-worlds-reserve-currency-too-14845/

Celente - It’s Raining Bankers To Protect The US Dominance

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2014/2/18_Celente_-_Its_Raining_Bankers_To_Protect_The_US_Dominance.html

How Much Longer Will the Dollar be the Reserve Currency?

The answer to this question will be the single most important determinant on investor outcomes over the next decade.

http://mises.org/daily/6556/How-Much-Longer-Will-the-Dollar-be-the-Reserve-Currency

Reserve currency status does not last forever

Click on Image to Enlarge

Here Is The Frightening Reality The West Faces Going Forward

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/8/4_Here_Is_The_Frightening_Reality_The_West_Faces_Going_Forward.html

Bank of France Seeking Yuan Liquidity Agreement for Euro Area

I've said it once, I've said it a trillion times:  the USDollar is doomed as the global reserve currency.  It will have to share that title (and responsibility) with other foreign currencies (and gold) going forward.  China has already signed bilateral trade agreements with Brazil, Russia, Australia, and all its trading partners to set up the yuan as one of those reserve currencies--only the yuan will be backed by gold (as will the ruble, as both China and Russia are accumulating gold faster than Justin Bieber is piling up speeding tickets).

Why should you care whether the dollar remains the reserve currency, a privilege and perch it has enjoyed since 1944 with the establishment of the Bretton-Woods agreement?  Because once dollar hegemony is lost, it will no longer be needed for international trade settlement (i.e. crude oil trade).  Foreign countries holding vast USDollars and dollar-denominated assets (e.g. US Treasury bonds) will dump them en masse, tanking the dollar in the process.  Import prices in the US will soar.

This, all thanks to the Fed QE'ing us into oblivion by printing trillions of dollars and pinning interest rates to zero (by the way, retirees on fixed incomes are thanking Bernanke for forcing them to eat dog food in their twilight years--which is one cut below the 48 million Americans on food stamps).

When will all this happen?  Nobody knows.  But Volcker is right:  our whole economy is based on trust and confidence.  The trust in government is already eroding.  But once confidence in the dollar's store of value vanishes, the "CON" in confidence will be exposed.

Since we're talking about France here:

Le numéraire dollar n'est pas plus, mon frère.

http://www.bloomberg.com/news/2013-05-28/bank-of-france-seeking-yuan-liquidity-agreement-for-euro-area.html

Here’s What China Is Secretly Planning for the Yuan

http://www.cnbc.com/id/100726245

Russia & China Know Final Currency Devaluation Is Coming

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/2/14_Russia_%26_China_Know_Final_Currency_Devaluation_Is_Coming.html

Asian economies turn to yuan

The demise of the USDollar as the reserve currency--and inversely--the rise of the Chinese yuan as one, is largely ignored by the US media, despite warnings from US-based think tanks.  Us Americans have to turn to the global media to get tidbits.

http://www.chinadaily.com.cn/china/2012-10/24/content_15840495.htm

Name The New Reserve Currency: China Imports More Gold In 2012 Than All ECB Holdings

The writing has been on the wall.  Whether Americans choose to read it is another story.

http://www.zerohedge.com/news/name-new-reserve-currency-china-imports-more-gold-2012-all-ecb-holdings

How Long Will the Dollar Remain the World's Reserve Currency?

Ron Paul, is spot on--again.

http://paul.house.gov/index.php?option=com_content&task=view&id=2008&Itemid=69

After Creating Dollar Exclusion Zones In Asia And South America, China Set To Corner Africa Next

http://www.zerohedge.com/news/after-creating-dollar-exclusion-zones-asia-and-south-america-china-set-corner-africa-next

Australia seeks to expand dollar-yuan trading

This is more evidence the USDollar is rapidly losing its global reserve currency status--with the Chinese yuan arriving as another currency option.  If China some day announces the yuan will be backed by gold, or institute some variant of a gold standard, the USDollar and Euro will be checkmated.

http://www.smh.com.au/business/markets/australia-seeks-to-expand-dollaryuan-trading-20120705-21j5v.html#ixzz1zrf1lCwR

Renminbi begins to go global

http://www.ft.com/intl/cms/s/2/c28cb520-998b-11e1-948a-00144feabdc0.html#axzz1yCxJTLdZ

There Can Be Only One: China Sovereign Wealth Fund Says Renminbi Will Become Reserve Currency

http://www.zerohedge.com/news/there-can-be-only-one-china-sovereign-wealth-fund-says-renminbi-will-become-reserve-currency

Brics’ move to unseat US dollar as trade currency

http://www.citypress.co.za/Business/News/Brics-move-to-unseat-US-dollar-as-trade-currency-20120324

China yuan could be reserve currency with reform: IMF

To those who believed I had lost my marbles when I suggested the days of the USDollar as the global reserve currency are numbered, here's a press release from the IMF itself:


http://ca.news.yahoo.com/china-yuan-could-currency-reform-imf-055837173.html

How do you like them apples?  I've also laid out the implications of such a scenario.  Since the alternative blogosphere is on high alert, I'll leave it up to the readers to connect the dots.  Hint: inflation isn't and won't be benign, despite what our government and media keep droning on about.

Japan to purchase 65 billion yuan in China government debt

Despite the benign title, further reading of this article points to more evidence of another nail in the coffin for the USDollar in its role as the global reserve currency, and ultimately, its existence. 

http://in.reuters.com/article/2012/03/13/us-japan-economy-azumi-idINBRE82C01E20120313

Japan said on Tuesday it had received approval from China's government to purchase 65 billion yuan ($10.3 billion) in Chinese government debt in a move that can help Japan diversify its reserves away from the dollar and strengthen economic ties between the two Asian countries.