De-Dollarization

Via Zerohedge…

Via Strategic Culture
This year, the EEF brought together delegations from over 60 countries to discuss the topic “The Far East: Expanding the Range of Possibilities”. A total of 100 business events involving over 6,000 participants were held during the three days.

Authored by Pepe Escobar via The Asia Times:

I felt it was too important to miss especially in these current sanctioned and trade tariff times. Pioneering this effort is an American company called Relex (RLX), the world’s first cryptocurrency-based real property development and investing group.
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In a recent speech made to Congress last week, US Deputy Secretary of the Treasury Sigal Mandelker has confirmed that the US Treasury has frozen Russian-owned assets in the United States worth hundreds of millions of dollars as part of Washington’s sanctions campaign against Moscow since 2013.

“The actions of the US Treasury have had significant consequences for the financial interests of individuals and businesses that were affected, including the blocking of hundreds of millions of dollars of Russian assets in the United States.”

I have opined and written about the trend towards de-dollarization before, but with the latest US –Turkish spat it has hit the wallets, mattresses and markets of a number of countries, be they aligned with Washington or not. One thing they all have in common was that in this recent era of low cost available money, many happily fed at the US dollar trough.

The international business and financial world has long held that independence and diversification makes good business sense. Before the word “diversification” was popularized in business schools and the economic media, the quaint folksy “don’t put all your eggs in one basket” was the simple common sense precursor.

According to the Prime news agency, on April 24th the government organized a special meeting dedicated to finding a solution for getting rid of the US dollar in Russian export operations. Top level experts from the energy sector, banks and governmental agencies were summoned and a number of measures were proposed as a response for American sanctions against Russia.