This afternoon.

Over to you, China…

…ah.

Official Chinese state telly this afternoon calls on the US to open the fake labs that don’t exist or contain bio weapons.

To the Chinese Embassy!

Meanwhile…

Yikes.

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13 thoughts on “Scrutable”

  1. SOQ

    Bingo twice- open the Ukrainian bio labs up to scrutiny and a shift away from USD.

    Wasn’t Gadhafi the last who tried to ‘dump the dollar’?

    Isn’t India trading with Russia in Euros now too?

  2. stephen moran

    that is a kite flying exercise – what are Saudi going to do with the CNY and god forbid the INR ? They are non tradable useless currencies. If you get paid in them you can’t use them to invest or recycle Go down to BoI or call up JP Morgan and try and open a CNY account – you can’t. As i said less then 3% of global trade is conducted in CNY – people have been talking about the demise of the dollar reserve status since the fall of Breton Woods in 1971 and the US came off the gold standard – it never happened – the only thing thats’ replacing the $ in reserves is the euro which is a proxy – its kite flying which has been going on for years – the Iraqis has a similar idea in 2000 and saw the myriad of problems from moving away from petrodollars – petrodollars are Saudi’s vendor financing tool for investment abroad – the CNY can’t and won’t serve that purpose – no one wants the – no one can trade them – they are uninvestible

    1. V aka Frilly Keane

      Anyone for a bitta old school contra trading and accounting

      A forgotten art now (Post convergence/Enron fallout – only carried out between connected companies)

      But it would work now
      Between all those players definitely

  3. Gringo

    True enough, the Brits won’t take anything else except dollars for the arms needed to smite them Yemeni shepherds.

    1. V aka Frilly Keane

      Might take something else in lieu of dollars

      Like oil
      Gold
      Investment

      Contra style
      Brits are no strangers to traditional contra accounting btw
      Centuries of practice

      Commonwealth relationships might come in handy yet

        1. SOQ

          It is not very often that I agree with you but- Canada is doing the Credit Union dance bigtime?

          1. V aka Frilly Keane

            Canada Credit Unions
            Some of the biggest and best in the world as it happens.
            They’ve replaced Banks is many places
            In Canada, Credit Unions have built hospitals, child care facilities, sustainable living complexes, whole residential schemes, and retail
            As well as Public Transport, and not just mini buses, but aircraft and medivac choppers
            As well as indigenous industry, and not just crochet cushion covers.
            And some of the new cannabis farms are co-ops financed by Credit Unions

            CCUA are leaders in promoting the adoption of an 8th Cooperative Principal, Diversity & Inclusion
            And probably lead a far bigger organisation than any of the Banking industry Reps in Canada

            So yeah. Pay attention to the Cooperative and Credit Union movement
            They’ve replaced traditional Banks all over the world

      2. stephen moran

        Simply won’t work in the volumes required to make any material difference to anything – you are talking about a tiny tiny fraction – barter is a bit of a myth and highly inefficient – more talked about than ever transacted throughout economic history – fundamentally at the end of a transaction you want a fungible currency. The are currently two globally – $ and euros in terms of liquidity and investibility. When the CNY was admitted to the SDR basket in 2016 I spent almost 18months setting up a CNY account over which we had very little control as it was onshore in China – the hoops and loops we had to go through and this was for a quasi sovereign entity with 100’s of household name correspondent banks.All that hassle to make a handful of payments a year.

          1. stephen moran

            as I’ve said people have been saying the $ is doomed since 1971 (Breton Woods breakdown and gold standard abandoned) – I’m still waiting – TINA – I’ll stick to the boring facts instead of speculating on click bait unicorns and crocks of gold at the end of rainbows until the globe come up with a practicable alternative to $ / euro hegemony – there currently simply isn’t one – paper never refused ink – Name me an one Irish company who could actually right now accept CNY in payment even if they wanted to

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