The trade and finance balances of the world are being redetermined now. Quests for a new currency and trade system and the relevant steps taken are mostly seen in Asia nowadays. China considers U.S. President Donald Trump's scrap of the proposed Trans-Pacific Partnership (TPP) trade deal as soon as he took office as an opportunity served on a silver platter. China is preparing to sign new free trade agreements with South Korea and Australia, with which it has intense trade relations. The agreements that the U.S. rescinded and Trump's protectionist rhetoric inevitably pushed China to come into play.
Moreover, China is also forming commercial monetary unions with strong industrial producers like South Korea, which is one of the few countries that runs surpluses against China. In accordance with the agreement that China and South Korea signed, they will directly carry out trade with local currencies and South Korea will issue yuan-denominated bonds based on its yuan surpluses. In addition to taking strong local currencies against the dollar as a commercial motive this way, South Korea is taking a very important step toward enabling the use of local currencies in the financial network. The free trade agreement signed between China and South Korea in 2012 might be bearing the strongest consequences these days.
Meanwhile, major developments are taking place in the participation - Islamic - banking, which has neared $2 trillion in size today. The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) has set rules for using gold as a standard in the Islamic financial markets. This step will lead to the rapid proliferation of non-interest financial instruments and the emergence of new production-oriented financing models around the world, and will accelerate this process.
During our visit to the Gulf countries with President Recep Tayyip Erdoğan last week, I saw that the petro-dollar system is ending in these territories. In other words, Gulf states do not want to invest billions of dollars, which they earn from oil sales, in dollar-based Ponzi-style structures. They have done so because of economic and political reasons so far, however, they now know that there are alternatives to the petro-dollar system and what pains this system has brought to the region they live in. This is one of the main reasons for these countries' interest in Turkey. The formation of strong stable structures both in traditional financial markets and in Islamic financial markets in Turkey is a very strong expectation now.
This whole picture also shows that the accumulated capital in the world is changing position and place. We are coming to the end of the period in which the East and the South's capital is transferred to the West and the financial capital accumulates in Western capitals and financial centers - which also means the end of the world that is administered from these centers. The East is forming financial networks and instruments that will keep its resources in its own centers. New monetary systems and trade agreements are coming into play. The dollar-based financial sleight is being replaced by venture capital-oriented production and participatory economy. Islamic finance is the most appropriate approach for this system. In this regard, Turkey is one of the most advantageous countries in terms of geography and economic and financial dynamism. At this junction, Turkey's founding of the Sovereign Welfare Fund (SWF) is a historical step.
The SWF will be one of the hallmarks of the post-April 16 constitutional referendum period when Turkey will be the commercial and financial center of Eurasia with the new presidential system. The new world order in Asia is being established through countries like China and South Korea. Likewise, a new commercial and monetary-financial system apart from the dollar will be established through Turkey in this region.
So, "yes" votes in the constitutional referendum will not lead to a constitutional amendment in Turkey alone. The system change in Turkey is also a historical step toward eliminating the dollar-based Ponzi-style financial system, and concomitant despoliation, in the region. The endless and unique resources and the economic power of the Middle East, North Africa and the Eastern Mediterranean will permanently belong to their true owners and the region's people will take a historical step toward permanent welfare and peace.
Britain, one of the founders of the old world, established its order as a United Kingdom, calling it "the Commonwealth." However, this Commonwealth would first go for Britain and then - if any remains - for countries that formed the United Kingdom like Scotland and Ireland.
In an attempt to protect the Commonwealth for itself, Britain is striving to manage its secession from the EU these days. It is hard for the country even to convince Scotland for North Sea resources as before and maintain the Commonwealth.
Scotland, which determined the scientific and intellectual boundaries of the Industrial Revolution, now sees that it is a country with resources of which are seized with Britain's deception of the Commonwealth. The order that first Britain and then the U.S. maintained by seizing resources through invasion is coming to an end. Everyone must acknowledge this new situation. The rise of Asia today is certainly a new realistic and inclusive Commonwealth.