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Swap arrangements are proliferating. In 2009, seven Latin American countries established the Bank of the South. They include Venezuela, Argentina, Brazil, Uruguay, Paraguay, Bolivia and Ecuador.
Plans are to include all regional countries. At issue is operating outside dollar/IMF/World Bank hegemony. Establishing a new SUCRE currency was proposed. So was a Union of South American Nations, independent of America.
Middle East countries considered their own monetary union and common currency. Gaddafi proposed pan-African unity. He also advocated a new gold standard. He supported replacing dollars with gold dinars.
Regional states backed the idea to provide real monetary wealth and value. They'd be free from predatory lending agencies and depreciating fiat currencies. Gaddifi's vision may have died with him.
Asia's Chiang Mai Initiative (CMI) promoted financial cooperation among Association of Southeast Asian Nations (ASEAN).
ASEAN swap agreements expanded to the Chiang Mai Initiative Multilateralization (CMIM), regional bond markets, and bilateral swap deals.
China's arrangement with Japan is especially significant. They're the world's second and third largest economies. Before decade's end, China's likely to replace America as number one.
For years, Chapman predicted dollar decline. He advocated gold and silver for safe haven protection. In early June, he called precious metals "severely undervalued." He also explained how markets are manipulated to suppress their value.
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