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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 56117320:MV8yNTgwNjcwXzQ0OTYwMzI5XzZBQzZFM0RG] [quote:Anonymous Coward 59514265:MV8yNTgwNjcwXzQ0OTU5OTAwXzE2MTM4OTc1] What will happen to a company like Vanguard when it all crashes down?My son in law works for them and I was wondering if he will still have a job? [/quote] You are asking the wrong question. The right question is, how much of government spending/meddling in the economy has distorted both prices and demand? Or, another way to say that is, what would happen to prices and demand if the government got out of economic planning entirely in 1 day? Think of the various ramifications, and I'm sure that you will stop worrying about 1 particular job, when the entire structure of the economy could potentially collapse. . [/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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