Friday, January 20, 2012

“Global Opposition to the U.S. Dollar Mounts”....

“Global Opposition to the U.S. Dollar Mounts”....

By Tekoa Da Silva

I once again had the chance to speak with Jim Willie, publisher of The Hat Trick Letter, found over at It was quite a fascinating interview covering gold, the Shanghai Cooperation Organization(SCO), the weakening global U.S. dollar infrastructure, and special attention was paid to the recent banking sanctions levied against Iran by the United States.

According to Jim, U.S. sanctions against Iran aren’t so single-faceted anymore. Other countries are beginning to defy U.S. sanctions in order to protect their own national security interests. Jim comments were, “What’s happening behind the scenes is that nations are coming to the stage with Iran, side by side, and saying, ‘We’re going to continue doing trade. We want Iranian oil. We want other Iranian products, and we will continue doing trade’…There are some pretty ugly things going on against that country[U.S. sanctions], and there are some pretty ugly things going on inside that country.”

Regarding the growing importance and political clout of SCO, Jim said, “The Shanghai Cooperative Organization is really quiet fascinating. It started as kind of a humble, offbeat cultural exchange program between old soviet republics and their neighboring countries like China…The republics wanted to maintain relations, and then before you know it, they’re starting to talk about security matters…and then they say ‘lets start having some guests countries[join us] like India, Iran, and Venezuela.’”

Commenting further, Jim said, “In about 2008-09, it seemed like SCO went dark. But it didn’t stop…I believe that Russia and China made a decision to keep the SCO movement going but keep quiet about it. What they started to do was develop the non-dollar mechanisms for trade settlement. You started to see China announce with Brazil that they were going to do trade with the Real and the Yuan–no more U.S. dollars. Then you started seeing other facilities opening up like China and Russia announcing their trading will no longer be in the dollar.”

What this all means in economic terms according to Jim is that, “They’re working to develop the arteries of a financial system that is not dollar-centric.”

This was another sobering interview with Jim Willie, and given the heightening geopolitical tensions worldwide, his comments cannot be taken lightly.

To listen to the interview, left click the following link and/or right click and “save target as” or “save link as” to to your desktop:

Interview with Jim Willie

Interview also posted to our YouTube Channel

To learn more about Jim and the Hat Trick Letter, visit:

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