Yesterday it was Russia seeking to disconnect the Rouble from its long standing soft peg to the Euro and dollar, and now China has its eyes set on America's back door by signing a new currency swap and non-dollar trade agreement with Canada that will set the foundation for increased transactions between the two nations using the Yuan and Loonie currencies.
In addition to this deal, China last week forged a new currency swap agreement with the oil producing nation of Qatar, and put another crack in the global hegemony of the petro-dollar and America's ability to control the reserve currency through the buying and selling of oil.
Attacks on the dollar and U.S. control over the global financial system have nearly become a daily occurrence, with several new agreements and monetary programs forged in both China and Russia over the last month seek to duplicate or replace counterparts functioning in Europe, the U.S., and elsewhere in the West. Read more
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