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Gazprom Ready To Drop Dollar, Settle China Contracts In Yuan or Rubles
Ms Sans Serif
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[quote:Anonymous Coward 26650444:MV8yNTgwNjcwXzQ0OTU3NDMyXzNCMzc1RkZB] [quote:Scottish Indian:MV8yNTgwNjcwXzQ0OTU2NjMwXzZFMDE4RERE] Speaking of Groceries, I just added up what my family of 4 has spent for the month of June so far-----$600.00+ and we still have 4 days and the weekend to go?????????????? As Paul Begley says, "WHAT!!!!!!!!!!!!!!! Oh, and we have not had steak once..... and I have been harvesting fresh vegetables from my "Victory Garden". I have two boys aged 12 and 16. Nah, there is no inflation, go back to sleep people everything is great. [/quote] $600 for a family of four with two growing boys is pretty good. I know many people who spend that much on just two of them, but, they eat out more than eat in. Most of the twenty crowd don't understand the concept of cooking. When I go shopping, I rarely visit the meat aisle with the exception of chicken (and I raise chickens!). I get my beef from a relative's farm and occasionally get a side of pork cut and processed from the meat processor for about a dollar a pound cheaper. Freezers come in all sizes anymore and buying in bulk is much cheaper. You can find room in an apartment for one if you are creative. [/quote]
A little over a month ago, when Russia announced the much anticipated "Holy Grail" energy deal with China, some were disappointed that despite this symbolic agreement meant to break the petrodollar's stranglehold on the rest of the world, neither Russia nor China announced payment terms to be in anything but dollars. In doing so they admitted that while both nations are eager to move away from a US Dollar reserve currency, neither is yet able to provide an alternative. This changed rather dramatically overnight when in a little noticed statement, Gazprom's CFO Andrey Kruglov uttered the magic words (via Bloomberg):
GAZPROM READY TO SETTLE CHINA CONTRACTS IN YUAN OR RUBLES: CFO
In other words just as the US may or may not be preparing to export crude - a step which would weaken the dollar's reserve status as traditional US oil trading partners will need to find other import customers who pay in non-USD currencies - the world's two other superpowers are preparing to respond. And once the bilateral trade in Rubles or Renminbi is established, the rest of the energy world will piggyback...
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