Russia’s Plan For The BRICS To Dismantle The Dollar System

The status of the US dollar as the world reserve currency gives the US a number of advantages over other countries. The world’s most important commodities are priced and traded in dollars, even if most of these commodities are not produced in the US. The fact that the world’s financial system is based on the dollar allows the Federal Reserve to export inflation to other countries, while the Federal Government runs a huge deficit with impunity.

So far, only China has been active in challenging the dollar supremacy. The internationalization of the yuan is an official priority of Chinese leaders. Currency swap agreements with major trade partners like Brazil, France, or Australia are small but important steps in the Chinese strategy.

Changing the world financial system is not an easy task and certainly a very challenging undertaking for China. Now, it seems that Beijing has found an ally in the Kremlin. And there appears to be a consensus between the BRICS countries: the urgent necessity to dismantle the dollar system.

A week before the recent BRICS summit in Durban, the Kremlin administration has silently produced a document which describes the Russian strategy in the context of BRICS cooperation. The document makes for a fascinating read for anyone brave enough to plow through the dense Russian legalese. The strategy has been designed in the “inner circle” of Vladimir Putin’s team, so it is safe to assume that it represents the official view on the BRICS future.

In Russia, politics are Byzantine; the fact that the Kremlin decided not to hide the document or leak it to a chosen few journalists, but publish it outright is a very strong signal, a very vocal angry signal directed at the US. A signal that the Western media chose to ignore.

In the recitals section of the document, the authors point out that “there is a common desire of the BRICS partners to reform the outdated global financial and economic framework that doesn’t take into account the growing economic weight of the emerging markets.” Moreover, the Russian strategists view the BRICS as a tool to reform the way the world is being governed. Then the document hammers home its message:

Russia assumes that, given enough political will of the leadership of the BRICS countries to advance their cooperation, this alliance can become one of the key elements of a new system for global governance, primarily in the economic and financial domains.

Move aside New World Order! The BRICS are coming to change the world.

The goals are clear. In the section titled “Strategic goals,” the first point on the BRICS’ agenda is the reform of the world financial system in order to make it “fairer, more stable, and more efficient.” In the later chapters, it is spelled clearly that this “reform” is actually a dismantling of the dollar system.

It is worth noting that the place of this issue in the list of the BRICS’ priorities speaks volumes about its importance. Judging by the order of priorities, depriving the dollar of its status as the world reserve currency is more important than “preventing breaches of sovereignty” (a.k.a. the “Syrian problem”) or “expanding economic cooperation.”

The language used in this document indicates that it has been written or strongly influenced by Sergei Glaziev, the president’s economy advisor, who is known for masterminding the economic aspects of the Eurasian Union between Russia, Belarus, and Kazakhstan.

Glaziev has repeatedly accused Fed Chairman Ben Bernanke of starting “a currency war” against the emerging markets. He also believes that Bernanke’s policy will ultimately lead to a military confrontation: “the conservation logic of the current financial and political system leads to a further escalation of military and political tensions, including the start of a major war”.

A whole chapter of the strategy document is dedicated to step-by-step instructions on dismantling the existing global financial system. The list of measures includes:

•           Reformation of the world currency system in order to create a representative, stable and predictable system of world reserve currencies;

•           Reduction of the risks of destabilization of currency and equity markets linked to massive cross-border flows of capital;

•           Increasing the use of national currencies in the trade between BRICS countries;

•           Increasing the level of cooperation between BRICS countries in order to promote their interest in the domain of world trade;

•           Strengthening the BRICS Exchange Alliance;

•           Creating independent rating agencies.

Since the Durban Summit, at least one of those measures has been implemented: RT reported that “China’s Dagong Global Credit Rating agency is to set up the joint venture with US-based Egan-Jones Ratings Co (EJR) and Russia’s RusRating JSC to challenge the three major US ratings agencies.” As BRICS countries try to achieve the rest of their stated goals, it remains to be seen if the dollar system survives the joint onslaught of the biggest emerging economies.

Source: the voice of Russia


Abundant wheat, Cotton Harvest in Hasaka

HASAKA, (ST)_ Hasaka province estimated  production of wheat during the current season is  058.1 million tons, and 7.222 thousand tons of barley, according to agriculture department chairman Azzawi Azzawi .  

" Total area planted with wheat and viable harvest in various areas reached 549 822 hectares of the entire area planted with  this crop, amounting to 594 807 hectares,"  Azzawi  said,  noting that the rest of the  area was left uncultivated  due to the entrapment of rain in  March.


Azzawi continued that Lentils production is  estimated at  43 thousand tons of the entire area viable for harvest, amounting to 3.37 thousand hectares, pointing out that rain-fed crops in the third and fourth  stability areas are not cultivated as a  result of rain entrapment.

On the other hand, head of Hasaka  Directorate of cotton cultivation Rajab Salameh said that  acreage of cotton crop since the start of farming operations reached 7500 hectares out of the entire  area set for cultivation amounting to 57 thousand hectares.

He noted  difficulties  facing cotton cultivation, including shortage in  cotton seeds, fertilizers and fuels and continuous disruption of power supply in addition to the high cost of cotton  cultivation  .


T. Fateh

Syria and Iran are to build five grain mills in Syria

Damascus (ST)-Prime Minister Dr.Wael al-Halqi and General Manager of the Iranian Ard Machine company for manufacturing grinding machines, Jafar Shivazi, on Sunday discussed means to immediately start implementing a project to build five grain mills in a number of Syrian governorates.

During the meeting held between the two sides, al-Halqi stressed that this project comes in the framework of the strategic development plan set up by the government to boost the capabilities of the national economy after finishing the country’s crisis and secure the requirements of sustainable development in various sectors.

Al-Halqi pointed out that the government will take all the necessary measures to immediately implement this project so as to achieve self-sufficiency in wheat production in Syria in future.

For his part, Shivazi expressed the company’s readiness to start implementing this vital project, voicing his appreciation to the interest shown by the Syrian government and the facilitations it has offered to implement this project.


Central Bank Always Defends SP Exchange Rate- Mayaleh

 DAMASCUS,(ST)_ Governor of the Central Bank of Syria Dr. Adib Mayaleh  stressed that the  recent low exchange rate of the Syrian Pound SP against  US $  in  irregular market at SP  136 from SP 145  indicates that this increase is  "a continuation of speculating on the SP , taking advantage of the closure of banks and licensed banking institutions during the official holiday . "

"Volume of  operations implemented at SP 145 per  US$  is almost negligible, a matter which  confirms that the quoted prices in  the black market are fake , in order to achieve illegal gains."Mayaleh said. 

He indicated  that the  current SP  official exchange rate against the U.S. $ is SP 128.5  per US$, according to which import operations are financed  to ensure continued  flow of goods and basic materials at affordable prices. 

He  confirmed that the central bank still embarks on an ongoing process to intervene by selling foreign exchange to banks and exchange institutions to maintain  the stability of the  exchange rate and SP. 

He noted  tighten campaigns carried out by the Central Bank and  competent authorities to adjust irregular activities in the black market ,stop the dealers  and fine them  heavily , according to enforced laws and regulations.

Dr. Mayaleh warned citizens  against the  consequences of rumors that  manipulators disseminate  in the black market to exploit their need for foreign exchange and speculate on the exchange rate,  stressing that the central bank "is constantly ready  to defend the exchange rate and that its cash reserves are  strong  and enough for that."


T. Fateh

Copper Industry in Syria Dates Back to Ancient Times

DAMASCUS, (ST) - Syria remains an ancient land that has enjoyed involvement and interaction with many different civilizations over the last ten thousand years.Syria’s historical importance and its crucial location at the crossroads of several ancient trading routes mean that a wide variety of crafts have developed.

In the city of Aleppo there are markets dedicated to protecting hand- made copper goods, to ensure that this ancient craft doesn’t vanish. Copper artifacts have been discovered all over the region. Some of these artifacts date to the Bronze age around 3000 BCE. Historians have identified a number of uses for the material including weaponry, jewelry and ornaments. These items give us information about the way ancient peoples lived and interacted.

Craftsmen Union in the city is trying to revive this world- famous industry by establishing a training center and promoting the local and regional trade of copper products. There are several processes involved in the production of copper goods, including cutting, welding and ornamentation. The metal then has to be thoroughly cleaned before it is suitable for sale.

Currently, only a small handful of artisans continue to practice this craft. However, local people are being encouraged to learn the skills needed to make ornate copper items which will be suitable for commercial sale.   

Copper industry, is one of the leading features that, has distinguished Damascus since ancient times as large international museums include many copper pieces such as pitchers, dishes, cups censers, candlesticks and chandeliers.To make these things, the Syrian craftsman used various types of available metal foils with various creative methods such as carving, pressure, hammering, inlaying, and plating.

Inscribing on the metal is to cut or scratch decorative lines either using the hammer and sharp pointed tool  or a small pen designed for digging or by using acid on the surface of the metal to be decorated as diluted nitric is used and the surface of the metal  is covered with wax and then the drawing  lines will be determined by a thin metal pen until the substance reaches into the metal surface which is eroding  an the depth of digging depends on the duration of leaving the acid over the surface of the metal and this process is called freckling (tanmish).

Hammering the metal is a kind of artistic works implemented on copper such as trays and vases. The cooper items are pounded with a hammer and special chisels, in conformity with designed drawings that represent Islamic, Roman, Christian and Persian historic stories   including geometric shapes and writings of Quranic verses and this type of works is implemented on red copper being soft.

Plating (Al Takfit) is installing wires or metal foils of gold or silver on the surface of another metal by digging drawings with a solid sharp pointed tool, then these cooper items are ornamented with gold or silver wires by light hammering.

The artisan, Ahmad Rateb AlDa’nei confirmed that he makes, in his workshop located in the area of Bab Sharki , Eastern lanterns, chandeliers and Arabic coffee pots and decorates them with plant- shaped drawings. He sells his products in the local market and some are exported to Gulf countries and Europe.

In the Mamluk era, metal curiosities carried the features that distinguish that era. New decorative expressions were added to the traditional plant decorations. What was commonly used is a drawing to a pair of birds in arranged positions added inside rhombics as seen on a pitcher in the Metropolitan Museum in New York, which bears the name of King al-Nasir Muhammad bin Qalawun.

It was also widely used flying ducks about official badges which include titles and the names of Mamluk sultans and what reflects this work is a pitcher to Mohammad Al –Khazindar. In Metropolitan Museum, there are four pieces represent the Damascene industry and its superior splendor in this art. The pieces are pen case, two censers, and a bowl and each one of the pieces is rich with silver and gold.

The style shows its history at the end of the thirteenth century or the beginning of the fourteenth century, while the pen case is considered as one of the best-known examples and masterpieces produced by Mamluk industry. It is plated with gold and silver and adorned with drawings from inside and out.

The most famous pieces of this group are called baptism basin of St. Louis that is kept at Allover Museum in Paris, which was made by Mohammed bin Al- Zein.The basin is rich in animal and human figures.

Copper pots with human figures like the products produced by the factories of Aleppo and Damascus of glass coated with enamel.  These products can be attributed to the makers of Syria at the end of the thirteenth century and the beginning of the fourth century.
The production of Egypt and Syria of Mamluk metal objects kept up a large degree of perfection during the fourteenth century and then methods of floral expressions continued especially at the end of that era and we can see an evidence of this in several pieces at the Metropolitan Museum.

Sh. Kh