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Old February 2nd, 2014 #1
Alex Linder
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Currently the Russian Duma is discussing legislation that would eliminate the dollar’s use and presence in Russia. Other countries are moving away from the dollar. Recently the Nigerian central bank reduced its dollar reserves and increased its holdings of Chinese yuan. Zimbabwe, which was using the US dollar as its own currency, switched to Chinese yuan. The former chief economist of the World Bank recently called for terminating the use of the dollar as world reserve currency. He said that “the dominance of the greenback is the root cause of global financial and economic crises.” Moreover, the Federal Reserve is very much aware of the flight away from the dollar into gold, because it is this flight that causes the Fed to manipulate the gold price in order to hold it down and in order to be able to free up gold for delivery.
 
Old June 4th, 2016 #2
Proud White Guy
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Just keep buying gold, they can't keep this charade up forever.

When the shit hits the fan, the fan is spinning at about 20,000 rpm's, and it's going to be nasty.
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Old December 26th, 2018 #3
Robbie Key
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Russia Backs EU Pledge to Move Off the Dollar for Energy Trading
DECEMBER 24, 2018 BY 21WIRE 15 COMMENTS

In terms of global liquidity and ubiquity, by far the most utilized currency is the U.S. dollar – known widely as ‘the world’s reserve currency’ – because every country on the planet keeps large sums of dollars in reserve in order to make hard currency trades on majority commodities like oil, gas, grain and gold. That’s why the U.S. dollar makes up roughly 64% of all known central bank foreign exchange reserves. This advantage is what gives Washington unprecedented power and leverage in international affairs.

The next closest reserve currency is the euro at 19.9% of known central bank foreign currency reserves.

Below is a list of the ten most traded currencies in 2018:



Undoubtedly, the U.S. dollar will remain the dominant currency in the near to midterm, and maybe even in the long-term. The only thing which could seriously threaten this status quo is if major global and regional markets are able to move their oil and gas trades from the dollar to the euro. Once this happens, then the financial center of gravity will begin to swing away from the U.S. dollar and towards other baskets of currencies.

Presently, the largest common market on the planet is the EU, and if they enter into a commercial agreement with Russia to trade in euros – then this would spell serious trouble for the U.S. – and would likely illicit a stern reaction by Washington. Is it enough to lead to war? This remains to be seen, but judging by past efforts from states attempting to move off of the dollar for hard currency transactions on commodities like oil (Iraq and Libya, for example), this could be a cause for concern.

RT International reports…

Quote:
Since both Russia and the EU are not dollar-based, it would be more beneficial for both to switch to euro in energy resource trading, Russian Economic Development Minister Maxim Oreshkin said in an exclusive interview to RT.

One of the leading figures in charge of Russia’s economy, Oreshkin, sat down with RT correspondent Ilya Petrenko, to discuss a wide range of economic issues – from the current state of the ruble to cooperation with foreign players.

The minister believes Russia-EU economic ties are currently experiencing a real “renaissance,” adding that despite all the political “buzz” the number of bilateral projects is rapidly increasing. Meanwhile, Moscow fully backs the bloc in its recent initiative for wider use of the euro in the international arena, especially in the energy industry, said Oreshkin.

If you look [at Russia’s relations with the EU]…you will see cooperation and support from Russia in the current plan of increasing the role of the euro which was recently introduced by the European Commission,” the minister told RT.

The EC issued its proposal to boost the common European currency on December 5 in an apparent bid to challenge the dominance of the US dollar. The Russian economic development minister stressed that while for Russia the share of the dollar in trade is declining, it seems irrelevant to continue trading with its EU partners in dollars, given that both Moscow and European states do not use it as a national currency.

“Russia is not a dollar country, Europe is, you know, not dollar based… but for some reason we’re trading energy resources in dollars,” Oreshkin said. “So I believe we should think about switching at least to the euro as a more common currency both for Russians and the Europeans.”

During the interview, the minister also noted that the trade turnover between Russia and Europe saw “double digit” growth over the past two years – 23 percent in 2017 and 21 percent in 2018. At the same time, Moscow and its European partners are engaged in a vast number of projects, including large scale ones, such as the construction of new nuclear reactors in Hungary and Finland, as well as the Nord Stream 2 natural gas pipeline.
https://21stcenturywire.com/2018/12/...nergy-trading/
 
Old December 28th, 2018 #4
Alex Linder
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this is big stuff.

i've noticed over years, the way i've been most wrong is that stuff took a lot longer to happen than what i expected. so i wasnt wrong, but functionally i was, as it had same effect.

in theory, these non-US countries have obvious incentives to do things that counteract the dollar, etc, but in practice it takes decades to play out
 
Old December 28th, 2018 #5
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This is also among the things we can attribute to Trump becoming the US president. His positive effect hasn't been all that clear in the US (they say the number of jobs has increased...maybe, but I don't know how much that is attributable to a president...), but I believe the rest of the world has become a lot more wary of the US since his becoming the president, whether it is for the right or wrong reasons.
 
Old January 10th, 2019 #6
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Russia shifts $100bn of its reserves into yuan, yen & euro in a great dollar dump
Published time: 10 Jan, 2019 08:46
Edited time: 10 Jan, 2019 09:21
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The Central Bank of Russia has moved further away from reliance on the US dollar and has axed its share in the country’s foreign reserves to a historic low, transferring about $100 billion into euro, Japanese yen and Chinese yuan.

The share of the US currency in Russia’s international reserves portfolio has dramatically decreased in just three months between March and June 2018, from 43.7 percent to a new low of 21.9 percent, according to the Central Bank’s latest quarterly report, which is issued with a six-month lag.

The money pulled from the dollar reserves was redistributed to increase the share of the euro to 32 percent and the share of Chinese yuan to 14.7 percent. Another 14.7 percent of the portfolio was invested in other currencies, including the British pound (6.3 percent), Japanese yen (4.5 percent), as well as Canadian (2.3 percent) and Australian (1 percent) dollars.

The Central Bank's total assets in foreign currencies and gold increased by $40.4 billion from July 2017 to June 2018, reaching $458.1 billion.

Russia began its unprecedented dumping of US Treasury bonds in April and May of last year, amid a rise in tensions between the United States and Russia. The massive $81 billion spring sell-off coincided with the US’s sanctioning of Russian businessmen, companies and government officials.

The Kremlin has openly stated that American sanctions and pressure are forcing Russia to find alternative settlement currencies to the US dollar to ensure the security of the country’s economy. Other countries, such as China and Iran, are also pursuing steps to challenge the greenback’s dominance in global trade.

https://www.rt.com/business/448441-r...s-dollar-dump/
 
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