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Originally posted by tothetenthpower
Billateral trading means nothing in the grand scheme of the global economy.
Russia and China do it, China and Iran also do it.
So it's not the first time and it's nothign to worry about.
It would be a huge thing if they stopped using the Dollar as the reserve currency in general, but billateral trade?
A non issue.
~Tenth
Harvey Organ: JPM Unwinding IRSwaps, Losses ‘COULD BRING DOWN THE WHOLE FINANCIAL SYSTEM’
Harvey believes that the panicked reactions of multiple federal regulatory agencies indicates that JP Morgan’s losses are likely much more critical and severe than the mere $8 billion lost in the IG9 tranche, and states the data indicates JP Morgan is unwinding a portion of its $50 Trillion in interest rate swaps.
Harvey fears that the losses on JP Morgan’s interest rate swaps could already be $100 billion, and ‘COULD BRING DOWN THE WHOLE FINANCIAL SYSTEM OF THE WORLD!‘
Harvey states ‘If JP Morgan’s involved it really is The Fed itself, and if The Fed’s blowing up that will just about be THE explosion heard throughout the world.‘
Originally posted by Nspekta
Im not sure what will happen other than possibly other countries realizing it may be in their best interest to not use the greenback 'middleman' anymore and start trading across straight currency more and more? Maybe another currency will start to emerge as a better choice as the middleman over a period of time?
Here's a thread a made earlier about this subject:
www.abovetopsecret.com...
The Federal Reserve on Wednesday announced a series of approvals for some of China's biggest government-controlled banks to set up bank holding companies and expand existing operations in the United States.
The U.S. central bank said Industrial and Commercial Bank of China (ICBC), the biggest bank in China and 70.7 percent-owned by its government, could become a bank holding company. ICBC has total assets worth $2.5 trillion.
The Fed also approved an application by China Investment Corp (CIC), which is an investment vehicle through which the Chinese government invests its foreign exchange reserves, to become a holding company.
It also said Central Huijin Investment, which is controlled by CIC, was approved to become a holding company.
The Fed said the three Chinese banks will become bank holding companies by acquiring up to 80 percent of the voting shares of the The Bank of East Asia (USA), which currently operates 13 branches in New York and California and engages in retail and commercial banking.