China going full bore in a gambit to wean the world off the dollar

Last week while the United States was saturated with stories about fake ‘Russian hacks’, a fake Constitutional crisis regarding the potential of ‘faithless electors’, and the fake euphoria of Dow 20,000, China had signed new agreements with seven countries to facilitate them conducting bi-lateral trade outside the dollar.  And what makes this news extremely important is that there are now 23 economies that have direct bi-lateral trade agreements with China using the RMB, thus bringing critical mass ever closer to the day the dollar loses its status as the global reserve currency simply by de facto isolation.

Yet just one week later it appears that China is not resting on its successes and has begun a full court gambit to expand their dominion of free trade agreements where nations all over the world can wean themselves off the dollar and go back to a nationalistic approach to global commerce.

China will pursue a multilateral trade deal that intentionally excludes the United States, US Secretary of Commerce Penny Pritzker said at a Center for Strategic and International Studies forum in Washington.

“China… said we’re going to pursue a multilateral trade agreement and the purpose is we’re going to keep the United States out,” Pritzker stated on Thursday. “That is not good for American workers, that is not good for the American economy, that is not good for American power.” – Sputnik News

One of the biggest reasons for China’s decision to go strongly at the dollar is because of the reserve currency’s recent rise since November which has caused the Asian power to have to devalue their currency several times to protect their global exports.  Additionally, China also increased their dumping of dollar reserves by $30 billion in November and could be one of the primary catalysts for the U.S. bond market to have risen at a record pace over the last month.

Besides signing on new trade partners to its growing coalition of countries engaging in commerce outside the dollar, China has also increased the amount of trade they are doing with their long-term partners, using direct investment in businesses and programs as the carrot to entice more trade being done bi-laterally in each nation’s own currency.

This year, China doubled its direct investments in six major ASEAN economies and bypassed the US according to the Hong Kong newspaper, South China Morning Post, with reference to Credit Suisse Group.

Bank Economist Santitarn Sathirathai commenting on this data said that “China has a clear angle of view and it knows what it wants from this mutually beneficial investment growth.” However, it’s not only cooperation at the governmental level. There is an increased activity of private companies which take a great initiative also. Partners of China have direct benefits from this cooperation. China transforms the neighboring countries in the region in order to help facilitate the construction of railways, power plants and real estate investments. In this list of countries that benefit from China, Credit Suisse Group named Indonesia, Malaysia and the Philippines, noting that Chinese direct investment into ASEAN is the third largest after Singapore and Japan. This amounted to $1.6 billion for the first nine months of the year, despite the fact that for all of last year the figure was $600 million. – Sputnik News

The bottom line is that China is taking Donald Trump’s rhetoric of a new day in Chinese-American trade agreements seriously and is using their own form of economic warfare that is much different than the standard tariffs or sanctions which were used by governments over the past century.  And this policy is one that has the potential to bring down America’s power structure since its entire empire is based on the reliance that the rest of the world will willingly accept the dollar as the primary medium for all trade and commerce.

Kenneth Schortgen Jr is a writer for The Daily Economist, Secretsofthefed.comRoguemoney.net, and Viral Liberty, and hosts the popular youtube podcast on Mondays, Wednesdays and Fridays. Ken can also be heard Wednesday afternoons giving an weekly economic report on the Angel Clark radio show.

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Wasting no time Wednesday, the mainstream media sprang into action, enthusiastically echoing the left’s impeachment calls. MSNBC launched a Watergate ad implying Trump is America’s new Richard Nixon. “Watergate. We know its name because there were reporters who never stopped asking questions,” says MSNBC host Chris Hayes, who hinted that Trump is next on the impeachment chopping block. “Now, who knows where the questions will take us. But I know this: I’m not going to stop asking them.” Meanwhile, some overzealous members of the left plastered fliers around Washington, D.C., demanding all White House staffers resign Wednesday. The posters read: “If you work for this White House you are complicit in hate-mongering, lies, corrupt taking of Americans’ tax money via self-dealing and emoluments, and quite possibly federal crimes and treason. 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