ALBA drops the dollar and envisions a military alliance against the US
The Heads of State and Government of countries belonging to the Bolivarian Alternative for the Americas, ALBA, met in Cochabamba (Bolivia) where they signed a treaty creating a new virtual currency, dubbed the Sucre.
The currency - named after General Antonio José de Sucre, Simón Bolivar’s companion and hero of the Latin American liberation struggle against Spanish imperialism - is slated to replaced the dollar in all commercial exchanges between ALBA countries.
Indeed, as explained by Ecuadorian President Rafael Correa, due to the artificial value of the greenback Washington has been able to hoard the wealth of other countries.
For the next ALBA objective, the Venezuelan president envisions the creation of a defence military alliance against the United States. Hugo Chávez emphasized that only in such a way would the countries be shielded from the belligerence of the U.S. All the more reason when considering that "Nobel Peace Prize Laureate" Obama has recently organized a military coup in Honduras and has installed military bases in Colombia. Chávez also said that such an alliance could possibly be extended to other Southern countries outside Latin America, echoing the idea submitted by Lybian leader Muammar al-Gaddafi during the recent Africa-Latin American Summit.
Russia ready to abandon dollar in oil, gas trade with China
BEIJING, October 14 (RIA Novosti) - Russia is ready to consider using the Russian and Chinese national currencies instead of the dollar in bilateral oil and gas dealings, Prime Minister Vladimir Putin said on Wednesday.
The premier, currently on a visit to Beijing, said a final decision on the issue can only be made after a thorough expert analysis.
"Yesterday, energy companies, in particular Gazprom, raised the question of using the national currency. We are ready to examine the possibility of selling energy resources for rubles, but our Chinese partners need rubles for that. We are also ready to sell for yuans," Putin said.
He stressed that "there should be a balance here."
On Tuesday, Russia and China agreed terms for Russian gas deliveries at a level of up to 70 billion cubic meters a year. China also imports oil from Russia.
The Russian prime minister said the issue would be addressed among others at a meeting of Shanghai Cooperation Organization (SCO) finance ministers, who are to convene before the end of the year in Kazakhstan.
Britain's Independent newspaper reported last Tuesday that Russian officials had held "secret meetings" with Arab states, China and France on ending the use of the U.S. dollar in international oil trade.
The countries are reportedly seeking to switch from the dollar to a basket of currencies including the euro, Japanese yen, Chinese yuan, gold, and a new unified currency of leading Arab oil producing countries.
The Independent said the meetings have been confirmed by Chinese and Arab banking sources.