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Gazprom Ready To Drop Dollar, Settle China Contracts In Yuan or Rubles
Ms Sans Serif
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[quote:Saddletramp:MV8yNTgwNjcwXzQ0OTYwNjY3X0VGRDlDOTM3] [quote:Anonymous Coward 56117320:MV8yNTgwNjcwXzQ0OTU5Mzc4XzVBMUUxMjU2] [quote:Saddletramp:MV8yNTgwNjcwXzQ0OTU1OTk5X0Y0REIzNTIw] I'm predicting a negative 1.5% for 2Q '14 (after revisions of course). Consumer spending is still way way in the toilet. If you don't believe that just look at Walmart's year over year revenues. What happened to all of that tax refund spending spreed? It went to pay for gas, the mortgage, and groceries... [/quote] There is a simple explanation, while GDP was positive year over year, Obamco was deficit spending about $1 trillion a year or about 6-8% of GDP. Now, through their difficult reductions in spending (lol) they're down to $500 billion a year deficit spending, or roughly 3-4% GDP, meaning 3-4% less incremental boost to GDP through debt based spending. Maths bro. . [/quote] Well the problem is they spent $250 Billion in 1Q '14 and got a negative return of $74 Billion out of that...law of diminishing returns becomes the law of negative returns... Printing money in a chronically low interest rate environment will have a continually diminishing rate of return to GDP, until finally that return becomes negative, at which point...the game is up. I would say ask any economist, but 1/2 of them have never examined fiat monetary policy all the way through it's inevitable end point. But I have... [/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...
link to www.zerohedge.com
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