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Gazprom Ready To Drop Dollar, Settle China Contracts In Yuan or Rubles
Ms Sans Serif
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[quote:Davos:MV8yNTgwNjcwXzQ0OTYwNTczX0YzRTk4MjM2] The euro, the dollar, the pound all fiat, all fucked. Its getting near to the end of the game, the corruption is so huge but so clear, they dont even try to hide it any more, the sheep are just too dumb to figure it out. The dollar's going down fast, it started slow but its accelerating, so many non dollar agreement being signed, the US is flat out clowning itself due to its inabilty to make a logical foreign policy decision. Isis are out of control and the situation is ripe for Putin to show the way forward, russian boots in iraq? Maybe and if i does happen american hegemony is toast. Not sure how its gonna play out though... Gold backed currancies or debt jubilee? or of course war... The dollar has got 5 years as reserve currency left tops, you folks really dont wanna be holding bundles of toilet paper when they all come flooding back. [/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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