The real reason behind the recent US-China showdown in Asia is the latter’s plan to abandon the US dollar. This is what the OathKeepers are busy preparing for since October 2013.

Previously, China was able to strike an agreement with UK to avoid the dollar in their transactions. Same type of agreement was also forged with the EU much earlier.

Finian Cunningham made the remark in a Sunday column for Press TV amid escalation of tensions between US and China over Beijing’s enforcement of an Air Defense Identification Zone (ADIZ).

“The escalation of military tensions between Washington and Beijing in the East China Sea is superficially over China’s unilateral declaration of an air defense zone. But the real reason for Washington’s ire is the recent Chinese announcement that it is planning to reduce its holdings of the US dollar,” he wrote.

Cunningham said China “move to offload some of its 3.5 trillion in US dollar reserves” poses “a mortal threat to the American petrodollar and the entire American economy.”

“China – the second biggest economy in the world and a top importer of oil – has or is seeking oil trading arrangements with its major suppliers, including Russia, Saudi Arabia, Iran and Venezuela, which will involve the exchange of national currencies,” he wrote, warning that the development threatens “the petrodollar and its global reserve status.”

Cunningham said Beijing’s November 20 notice about plan to “shift its risky foreign exchange holdings” in US dollars for other currencies “is a harbinger that the American economy’s days are numbered.”

“But, in the imperialist, megalomaniac mindset of Washington, the ‘threat’ to the US economy and indebted way of life is perceived as a tacit act of war. That is why Washington is reacting so furiously and desperately to China’s newly declared air corridor. It is a pretext for the US to clench an iron fist,” concluded the analyst.

KA/HGH/SS

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CHINA PLANS TO OFFLOAD $3.5 TRILLION RESERVE

It turned out that the B-52 persuasive flights were only for show…

“However, American commercial airlines were urged by the Federal Aviation Administration to abide by China’s air zone.

US officials said the decision to advise civilian aircraft to notify Chinese authorities was a precautionary measure to avoid miscommunications that could lead to confrontation.

In his latest column published on Press TV, American analyst Finian Cunningham says “the escalation of military tensions between Washington and Beijing in the East China Sea is superficially over China’s unilateral declaration of an air defense zone. But the real reason for Washington’s ire is the recent Chinese announcement that it is planning to reduce its holdings of the US dollar.”

“That move to offload some of its 3.5 trillion in US dollar reserves combined with China’s increasing global trade in oil based on national currencies presents a mortal threat to the American petrodollar and the entire American economy,” he wrote.”

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