🇨🇳🇷🇺 India, China, Russia and Pakistan just condemned America's strikes on Iran in a joint declaration, and the system they're building to ditch the dollar is a recipe for American inflation
The Shanghai Cooperation Organization closed its summit in Bishkek with a declaration most Americans never saw: condemnation of the US strikes, a defense of Iran's right to nuclear energy, rejection of all unilateral sanctions against members, settlement of trade in national currencies, and a new SCO development bank.
Andy Schectman, who has spent 36 years in the metals trade, says the point isn't a bloc that replaces the dollar.
It's a system built to work without it.
Payment rails that bypass SWIFT, gold-settlement vaults from Mumbai to Moscow, a Hong Kong exchange that converts yuan into physical gold the same day, and a land corridor linking India, Iran and Russia that no navy patrols, which is part of how Iran keeps trading under blockade.
Central banks, he notes, are buying gold at record pace and underreporting it, and Poland's central bank chief explained why: in a world where every record is electronic, someone can pull the plug.
Andy's version of the same idea:
"If you hold your wealth in dollars, it's like holding a melting ice cube"
@ASchectman @WeTheBrandon
