![]() ![]() Schloss Elmau is just a short 2 hour drive away from the famous Hitler’s mountain lair, the Berghof, near Berchtesgarden, also in the Bavarian alps of Southern Germany. Meanwhile, China was meeting with the BRICS nations in Beijing while the G7 nations were meeting in Bavaria’s Schloss Elmau castle, near Garmisch-Partenkirchen. The famous quote from Churchill sums up the whole situation but it may not sum up the outcome as accurately as before - ““Americans can always be trusted to do the right thing, once all other possibilities have been exhausted.” However, that will change and it may change sooner than anyone (even BOOM ) is anticipating. ![]() It is still the currency of convenience and there are very few EuroRubles or EuroYen in existence outside Russia and China. However, as BOOM has pointed out frequently, that process will still probably take 50 – 100 years because of the massive Eurodollar volumes on the ledgers of tax haven banks. The executioners are the idiot cabal of Western politicians and their unelected advisers who are currently in power.Īll of this will speed the decline of the US Dollar as the dominant currency for global trade and capital settlements. We are witnessing the death of democracy and capitalism in the “advanced” economies. So has Democracy become an inconvenience in the West? Is it now an obstruction to achieve and maintain power? What is meant by the term Western “values”? A month ago, he arrested his second major political opponent. Then, the supposed defender of democracy, Volodymyr Zelensky in the Ukraine banned the major opposition party in Ukraine and confiscated their assets. Recently, the US jailed Dr Simone Gold, the founder of America’s Frontline Doctors, again for daring to peacefully protest against the government. Does that sound like a tolerant democracy which holds private property, free speech and free assembly dear to its heart? Then Trudeau froze the bank accounts of private citizens in Canada who were in political opposition to him and he set riot police onto them when they were clearly assembling peacefully. This lack of respect for private property is the very antithesis of capitalism. Such a move destroys trust in US Dollar denominated assets. All the world now knows that the US recently confiscated the private property of the Russian nation and then of private Russian citizens. ![]() The decline of US Dollar dominance has begun. The Chinese and Indians will be watching these developments closely. Such payments bypass the SWIFT interbank messaging system based in Brussels and dominated by the United States because they are conducted inside the internal ledger of Gazprombank with Euro (or Ruble) funds lodged beforehand as deposits. Many nations and many corporations have reportedly opened accounts at Gazprombank to pay for their Russian commodities either in Rubles or in Euros. Foreign exchange traders are waking up to the fact that this is not some temporary aberration. The Russian currency has continued to appreciate strongly against the US Dollar, doubling in price since early March, just as BOOM predicted. From now on, increasing amounts of Russian currency will be required for settlements of global trade. Russia allowed those purchasers to open bank accounts with Gazprombank and pay with other currencies (except the US Dollar) but they also had to open Ruble denominated accounts at Gazprombank for exchange purposes. The EuroRuble is now inevitable and Ruble bank accounts must become commonplace. Just 3 months ago, they insisted that Western European purchasers for oil and gas make payments with Rubles. As Russia is the biggest exporter of grains in the world, this will have a huge global impact. Last week, Russia announced that wheat and sunflower sales will now be reserved for “friendly” nations who will have to pay with Rubles. We are witnessing events of grand historical and economic significance. ![]()
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