North Korea to defy UN sanctions’ hope–Might US threats to China help dethrone the dollar?

North Korea massive rally again USA

North Korea announced that it plans to continue its military objectives despite new UN sanctions:

N. Korea Slams New UN Sanctions, Warns US of ‘Greatest Pain’

September 13, 2017

UNITED NATIONS/SEOUL — North Korea has issued a new message of defiance in response to a new round of sanctions imposed by the U.N. Security Council over the secretive regime’s nuclear and ballistic missile weapons program.

The North’s foreign ministry said the new sanctions are aimed at “completely suffocating” the nation and its people “through a full-scale economic blockade” in a statement released Wednesday through the official KCNA news agency.

“The DPRK will redouble the efforts to increase its strength to safeguard the country’s sovereignty and right to existence,” the ministry said, using the abbreviation of its official name, the Democratic People’s Republic of Korea.

Han Tae Song, North Korea’s ambassador to a U.N.-sponsored disarmament conference in Geneva, said Tuesday the United States would experience the “greatest pain” for playing a leading role in pushing the new sanctions through the Security Council. …

U.S. President Donald Trump told reporters at the White House Tuesday the new sanctions are “just another very small step” and “nothing compared to what ultimately will have to happen” regarding North Korea.

Aside from North Korea, reaction in Asia to the latest round of international sanctions has been positive, but many are still skeptical they will have any significant impact.

The United States had sought much stronger sanctions, including a complete oil embargo, an asset freeze on leader Kim Jong Un, and authorization to use military force if necessary to interdict ships suspected of smuggling banned items.

But China and Russia, which both hold veto power in Security Council, would only agree to the compromise version enacted, and both expressed their determination to see a return to dialogue to resolve the issue. …

On Tuesday some of China’s major state-owned banks reportedly stopped providing financial services to new North Korean clients, in what could be a sign of increased sanctions enforcement to prevent any U.S. retaliation. https://www.voanews.com/a/north-korea-slams-new-us-sanctions-warns-us/4025638.html

Now, by inflicting the USA with the “greatest pain,” North Korea is probably referring to the use of items like nuclear bombs, electromagnetic pulse weapons, chemical weapons, biological weapons, conventional weapons, terrorist acts, and/or dirty bombs. Steps to prepare for some or all of this may have been begun by the North Koreans.

But another area of pain to be inflicted may be financial. And that could be an indirect result of sanctions and threats of sanctions.

Consider the following:

13 September 2017

US threats to impose sanctions on big Chinese companies over Beijing’s support for North Korea have sparked a guessing game over the form such measures might take, and the potential fallout.

On Tuesday US president Donald Trump warned that the UN’s latest sanctions were “nothing compared to ultimately what will have to happen”, while Ed Royce, chairman of the House foreign affairs committee, said Washington should target “major Chinese banks doing business with North Korea.” https://www.ft.com/content/d66c2a76-977d-11e7-a652-cde3f882dd7b

13 September 2017

U.S. Treasury Secretary Steven Mnuchin warned China, North Korea’s main ally and trading partner, that if it did not follow through on the new measures, Washington would “put additional sanctions on them and prevent them from accessing the U.S. and international dollar system.” https://beta.theglobeandmail.com/news/world/north-korea-defiant-over-un-sanctions-as-trump-says-tougher-steps-needed/article36234794/?ref=http://www.theglobeandmail.com&

The USA has clearly threatened China economically if it does not do what the USA wants done related to North Korea.

At this time, China does not want to be restricted from “accessing the U.S. and international dollar system.”

The main reason is that world trade is highly tied to the US dollar. China’s yuan is not considered to be in the same league.

Yet, the dominance of the US dollar, as well as threats against China like this, are motivating China to dethrone the US dollar as the world’s primary reserve and trading currency. Notice the following:

Beijing is launching a yuan-denominated crude oil futures market that may soon eclipse the hitherto dominant US dollar-based Brent and West Texas Intermediate (WTI) exchanges. In an additional challenge to the dollar’s role as the global reserve currency, the new “petro-yuan” will be convertible into physical gold at the Shanghai and Hong Kong gold exchanges. China had shrewdly plotted the dollar’s dethronement for years. http://www.business-standard.com/article/opinion/upending-the-dollar-hegemony-117090900657_1.html

Now, I reported some of this petro-yuan-gold plan yesterday (see China’s petro-gold plan to bypass the US dollar).

But the point I wish to make today is that the threat of dollar sanctions against China will even further motivate China to work to make a trading system that is NOT dependent upon the US dollar.

While China will NOT fully succeed in this, the fact is that other countries (like Russia, Iran, Brazil, South Africa, India, and Venezuela) also want to dethrone the US dollar as does the European Union.

Venezuela made another step away from the dollar:

September 13, 2017

CARACAS, Venezuela—The government of this oil-rich but struggling country, looking for ways to circumvent U.S. sanctions, is telling oil traders that it will no longer receive or send payments in dollars, people familiar with the new policy have told The Wall Street Journal.

Oil traders who export Venezuelan crude or import oil products into the country have begun converting their invoices to euros.

The state oil company Petróleos de Venezuela SA, known as PdVSA, has told its private joint venture partners to open accounts in euros and to convert existing cash holdings into Europe’s main currency, said one project partner. https://www.wsj.com/articles/venezuela-stops-accepting-dollars-for-oil-payments-following-u-s-sanctions-1505343161

Venezuela is also looking at the Chinese yuan (see China’s petro-gold plan to bypass the US dollar).

If enough influential nations decide that the US dollar should not be the world’s reserve currency, it no longer will be.

What happens to the US economy if the Dollar is no longer the reserve currency of the world?

If US T-bills lose their attraction as reserve investments … it would get harder for the Treasury to sell more of them, requiring higher interest rates to be paid and potentially forcing austerity measures on the US government or triggering classic deficit spending inflation (“printing money” to pay for government, this doesn’t happen now because the deficit is financed through sales of those bonds at extremely low interest rates).

If foreign central banks and governments start exchanging their US dollars for some other currency or currencies, then the value of the dollar in international trade drops, it becomes more expensive to buy imported goods in the US and more profitable to sell exported goods from the US. This could have all kinds of political and social effects, especially if the shift was rapid, severe, and unexpected. https://www.quora.com/What-happens-to-the-US-economy-if-the-Dollar-is-no-longer-the-reserve-currency-of-the-world

The above is warning about inflation, higher interest rates, and troubles borrowing. The USA is the most highly indebted nation of all time. The USA has been essentially on a borrowing binge the last four decades and its economy is now dependent upon borrowing. The Bible paints an even worse scenario in that in the time of the end (Habakkuk 2:2-3), a highly indebted will be taken over (Habakkuk 2:2:6-8) and destroyed (Daniel 11:39; USA in Prophecy: The Strongest Fortresses).

The time will come when the US dollar is dethroned and this will inflict great pain, though not the “greatest pain” that the North Koreans want, on the USA. But shortly after the US dollar becomes close to worthless, the great tribulation (Matthew 24:21) will come and the USA will be no more (watch Do these 7 prophesies point to the end of the USA?). North Korea cannot, of itself, cause that. But actions and reactions to and from North Korea are partially setting the stage for that.

There is a cost to the USA for sanctions and threats of sanctions.

Some items of possibly related interest may include:

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