Last December, the US gov-co enacted the National Defense Authorization Act (NDAA). This act ignited much controversy by allowing the indefinite detention of American citizens without judicial process.
Less appreciated was the NDAA’s proviso for imposing economic sanctions on Iran and its trading partners. These sanctions include the power to prevent Iran’s trading partners from accessing US financial institutions.
The gov-co presumed that the world would be so terrified by the thought of being unable to trade with the US, that the world would abandon Iran. However, some nations need Iranian oil more than US dollars and are therefore beginning to buy crude oil from Iran without fiat dollars and even pay with gold.
Some believe that when the NDAA becomes effective (June 28th), China (the world’s second largest economy) will begin paying for Iranian crude oil with gold.
The economic implications are enormous. The political implications are greater. I suspect that the NDAA is evidence that the almighty forces of American empire have finally gone too far.