Is this the first step the begins crashing of the Dollar???
http://scgnews.com/russia-china-bank...blow-to-dollar
Russia, China Banking Deal to Exclude Dollar in Transactions - Symbolic Blow to Dollar
During Putin's two day visit in Shanghai, Russia and China took another small step to undermine U.S. monetary hegemony when Russia’s second biggest financial institution, VTB, signed a deal with the Bank of China to bypass the dollar and pay each other in domestic currencies.
Many experts are referring to the move as symbolic. The banking deal is very small in the scheme of things, however it is a signal of intent. Both China and Russia are looking to a future where the U.S. dollar is no longer the world reserve currency, and they aren't content to wait for that future to arrive. They are working to help it along.
While this particular banking deal may not be incredibly significant in and of itself, there is another deal that is in the works that could have a much wider impact. According to Reuters, the BRICS block (Brazil, Russia, India, China, South Africa) aim to finish preparations for a new international development bank by this July. The bank, which has been in the works for several years now, aims to provide an alternative to the IMF (The United States is currently the dominant shareholder of the IMF).
http://www.zerohedge.com/news/2014-0...s-largest-bank
Slowly - but surely - the USD's hegemony is being chipped away whether by foreign policy faux pas, crossed red-lines, or economic fragility. However, on Day 1 of Vladimir Putin's trip to China it is clear that the two nations are as close as ever. VTB - among Russia's largest banks - has signed a deal with Bank of China to pay each other in domestic currencies, bypassing the need for US Dollars for "investment banking, inter-bank lending, trade finance and capital-markets transactions." Kirill Dmitriyev the head of Russia’s Direct Investment Fund notes, "together it’ll be possible to discuss investment in various projects much more efficiently and clearly," as Russia's pivot to Asia continues to gather steam. (more at the link)
War is Gay
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