Regional Currency Plots Advance in Eurasia and South America

The New American
by Alex Newman

world currency

As the world’s nations are increasingly cobbled together into freakish and largely arbitrary regional unions via economic and political “integration,” transnational currencies are also advancing quickly. The European Union’s controversial single currency, the euro, is the furthest along. However, in the coming years, it will not be alone — at least if globalist forces have their way. With the internationalist-backed African Union usurping more power, for example, regional currencies are already in use across parts of that continent. Two more emerging regional regimes, meanwhile — the Eurasian Union and the Union of South American Nations (UNASUR or UNASUL) — are now making similar moves toward the creation of eventual monetary unions.

In Latin America, various schemes to foist a single regional currency on the peoples of the region have been underway for years. As The New American reported in 2011, the then-mushrooming crisis with the euro currency at the time sparked fears across Latin America of a similar fate befalling its own monetary plot, putting the project on ice — temporarily at least. This month, however, leaders of UNASUR — a Moscow- and Beijing-backed “integration” plot to crush national sovereignty and liberty in South America — announced that the common currency scheme was back at the top of their deeply controversial agenda.

For now, the mostly socialist- and communist-minded governments in the region may seek to use the so-called SUCRE, a regional currency scheme developed and already being used by the “Bolivarian Alternative for Our Americas” (ALBA) group of totalitarian rulers. “To implement the joint currency of the Sucre, we have to begin with the creation of a regional reserves fund, which is what analysts have proposed as the first step, which is designing the region’s financial architecture,” explained Secretary General of the UNASUR Ernesto Samper, a wealthy Colombian whose political party belongs to the radical Socialist International network.

The “Bank of the South,” charged with managing and imposing the emerging currency regime, is scheduled to be fully operational in the coming weeks, according to news reports and officials. It will initially hold some $20 billion in capital contributed by taxpayers from Argentina, Brazil, Bolivia, Ecuador, Paraguay, Uruguay, and Venezuela. From there, the bank will also devote itself to furthering “integration” across the region.

“What we are doing is strengthening trade, strengthening cooperation between countries,” Pedro Paez Perez, chief of the regional bank’s commission for designing the “New Regional Financial Architecture,” told the state-funded pro-integration propaganda outlet teleSUR. For public consumption purposes at least, the Bank of the South and its schemes are being framed as a way to shield the region from the supposed influence of the United States and “capitalism.”

Latin America’s tight-knit network of totalitarian-minded rulers, the Castro-founded Foro de São Paulo, or FSP, has long been working toward a vision its members described as regaining in Latin America what was lost in Eastern Europe — Soviet-style transnational communist tyranny. Toward that end, the regimes in the region are working toward ever-closer “union” at expense of national sovereignty. No such scheme would be complete without a regional monetary and financial system far removed from voters and citizens.   

“We need to take advantage of our savings and destine it to investment in our own region,” explained Ecuadorean strongman Rafael Correa, a close ally of the Castro terror regime who is fond of imprisoning his critics while building what he calls “21st century” socialism. “It is for this, my dear colleagues of the greater fatherland, that we need the Bank of the South.” Correa and his radical comrades across Latin America have all been enthusiastic supporters of the plot.

As Latin America’s rulers plot their own currency union, a coalition of strongmen from the self-styled “Eurasian Union” — Russia, Belarus, Kazakhstan, Armenia, and potentially other members as well — are contemplating another regional currency. In fact, according to media reports from the region citing insiders, a possible “Eurasian ruble” backed by real assets for use across the emerging bloc could become a reality as soon as 2015.

“Of course, it will happen in summer at the earliest, when the parts of former Ukraine return ‘home’ — some to the Russian Federation and some to the Eurasian Union,” argued Alexander Sobyanin, described by the Azerbaijan Business Center news portal as head of strategic planning at the Russian Cross-Border Cooperation Association. Sobyanin also downplayed the widely touted plummeting price of oil and the corresponding crash in the value of the Russian ruble, saying they were “of little importance” for Russia “because the Eurasian ruble will be a quite different currency.”

Among other elements underpinning the future regional currency, the Russian insider pointed out that Eurasian Union members have been buying gold in massive quantities. “In general, the matter is that ruble and yuan will be backed by some real valuables and gold is the most convenient thing for this,” he said, pointing to a variety of assets that could back the emerging currency. “In this regard, Russia is establishing an economic basis for the Eurasian Union and Eurasian ruble.”

Of course, the notion of a single currency used across the Kremlin’s controversial “Eurasian Union” is not new at all. In fact, in 2011, Belarusian dictator Alexander Lukashenko touted similar schemes. “Perhaps, we will end up with the Russian ruble, if it is of interest to everybody,” the communist tyrant said in an interview with a Russian television channel more than three years ago. “And it has a lot of components to be of interest to everybody.”

Lukashenko also explained that he had already discussed the prospect with the strongmen ruling over fellow Eurasian Union countries. “Why must we buy dollars to pay you for energy, raw materials and other things that we purchase from you to … give them to you? Let’s switch to the Russian ruble,” he was quoted as saying about his discussion with his counterparts in Russian and Kazakhstan, adding that both had agreed and fully supported the plot.

Kazakhstan’s communist dictator, “President” Nursultan Nazarbayev, went even further in an interview with state-run Russian media following the meeting described by Lukashenko. “It should be a different name, it should be a different currency,” Nazarbayev was quoted as saying, suggesting that none of the existing national currencies was “fit” to serve as the single currency for the Eurasian Union. The Kremlin-dominated “union,” he added, should first show that it is beneficial and based on equality. “After that, the issue concerning the single currency will surely be placed on the agenda,” Nazarbayev concluded.

Even in the West, globalist forces, despite attempting to manufacture and hype the impression of “East vs. West” tensions, have suggested that the Eurasian Union will eventually create a single currency for the bloc. “Once a broad customs union is established, trade, financial, and investment links within it grow to the point that its members stabilize their exchange rates vis-à-vis one another,” observed globalist economist Nouriel Roubini, who has served the White House, the IMF, the privately owned Federal Reserve, and the World Bank.

Eventually, Roubini continued in a recent column, members of the “union” will consider “creating a true monetary union with a common currency (the Eurasian ruble?) that can be used as a unit of account, means of payment, and store of value.” Citing the eurozone’s experience as proof, such a monetary union scheme will ultimately “require” what Roubini described as “banking, fiscal, and full economic union.” Finally, once members surrender their sovereignty over those matters, “they may eventually need a partial political union.” And the plot goes on.

Of course, the end goal, as globalists from around the world have long made clear in their statements and writings, is not to simply divide the planet up into supranational regional units with their own currencies. Ultimately, the plot, which is even now being advanced, involves the creation of a global system that top establishment operatives often refer to as the “New World Order” — complete with a global currency issued by the International Monetary Fund. However, on the road to achieving that nightmarish vision, regional currencies and unions will play a crucial role.

The New American