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BRICS Join to End Dollar Dominance

Thursday, July 3, 2014 | Worthy News / World News

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MOSCOW, RUSSIA (Worthy News)– Russia and China will meet next week to continue negotiations of its ruble-yuan swap deal, in its quest to end the dominance of the dollar, the Voice of Russia reported.

"We've done a lot of work on the ruble-yuan swap deal in order to facilitate trade financing. I have a meeting next week in Beijing," she said casually and then dropped the bomb: "We are discussing with China and our BRICS parters the establishment of a system of multilateral swaps that will allow to transfer resources to one or another country, if needed. A part of the currency reserves can be directed to [the new system]."

If the current trend continues, soon the dollar will be abandoned by most of the significant global economies and it will be kicked out of the global trade finance. Washington's bullying will make even former American allies chose the anti-dollar alliance instead of the existing dollar-based monetary system. The point of no return for the dollar may be much closer than it is generally thought. In fact, the greenback may have already past its point of no return on its way to irrelevance. — Source

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