"On Sept. 10, First Deputy Prime Minister Igor Shuvalov of Russia announced that Russia and China are in the works to create an alternative replacement to the long-standing SWIFT system, and end for good the dollar as the sole reserve currency in the global financial system.
The SWIFT system was created in 1973 in Brussels, Belgium to coincide with the Petrodollar agreement made between Henry Kissinger and the House of Saud (OPEC) that same year. It established the central focal point for all oil sales to be done using the American currency, and was the asset replacement for the dollar and reserve currency forged after President Richard Nixon took the dollar off the gold standard in 1971.
The Petrodollar system has been in place for nearly 43 years, but has been under serious pressure from Eastern economies after the Federal Reserve began inflationary programs through the monetizing of debt. Additionally, the U.S. has used the dollar and the SWIFT system as an economic weapon, as seen several times in the past where they cut off nations from access to dollar swaps under the guise of economic sanctions..."
at http://www.examiner.com/article/end-of-dollar-russia-and-china-works-to-create-new-swift-system
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