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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:MV8yNTgwNjcwXzQ0OTYwODMyX0U4NUFFNEY3] [quote:krinkfan:MV8yNTgwNjcwXzQ0OTYwNjA4XzI5M0M3MzIw] there are a few area of deflation, nothing that means anything substantial but it is here. i work in the golf course supply industry. all the consumables in the pro shops have been back price wise. bought any music lately? hard copy CD's at best buy are cheaper now than at any time in the past. clothing at the cheap cheap stores like target and kholls, etc too. obviously these are not life essentials but there is deflation, just in the fluff areas. [/quote] Ahh but see, these "non-essential" spending items are the first to go, while essential items are going through the roof. Hyper-inflation is not inflation, it is a lack of confidence in the fiat currency in question. Meaning essential items will inflate to the moon, while non-essential items languish on the shelves, while retailers continually discount them in an effort to sell them. Hyper-inflation is both inflation and deflation...for a modern (globalist) example, see the U.S.S.R. or Argentina, where bread was selling for exorbitant prices, while the stock market was crashing through the floor... [/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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