[vision-master]

Russia & china quit the dollar

St. Petersburg, Russia - China and Russia have decided to renounce the US dollar and resort to using their own currencies for bilateral trade, Premier Wen Jiabao and his Russian counterpart Vladimir Putin announced late on Tuesday.

Chinese experts said the move reflected closer relations between Beijing and Moscow and is not aimed at challenging the dollar, but to protect their domestic economies.

"About trade settlement, we have decided to use our own currencies," Putin said at a joint news conference with Wen in St. Petersburg.

The two countries were accustomed to using other currencies, especially the dollar, for bilateral trade. Since the financial crisis, however, high-ranking officials on both sides began to explore other possibilities.

The yuan has now started trading against the Russian rouble in the Chinese interbank market, while the renminbi will soon be allowed to trade against the rouble in Russia, Putin said.

"That has forged an important step in bilateral trade and it is a result of the consolidated financial systems of world countries," he said.

http://www.chinadaily.com.cn/china/2010 ... 599087.htm

Cliff said in one of the reports it would take 3 days for the world to join in.

from tsottc 0 p11

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However the data is also very clear that the [loss of confidence] will [sweep around the planet] in less than [3/three days]

and

p10

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... [dumping] of [all forms (of dollar denominated) debt], and indeed, the data suggests [american] and [british] [debt] of all forms.

Time to top off those preps

Webbot.

Happy Thanksgiving..

[Pops]

So to protect it's currency, China will let it's 3 trillion in dollars turn to dust faster than they are now?

[vision-master]

Lindsey Williams said, watch out for Russia and China, expect gas to go to $6 gal by next year, food prices will skyrocket.

[TheAntiDoomer]

VM, will this be even worse than the "tipping point" that just slammed us?

[vision-master]

So clif wuz off by a few days, should be fun come next Monday..... lol

[vision-master]

More doom reading......

China, Russia quit dollar on bilateral trade

[Pops]

Russia, China to Promote Ruble, Yuan Use in Trade!


Oops, that was from a year and a half ago...
Nevermind.

I guess I can't see where their bi-lateral trades use Yuan/Ruble or buffalo chips makes any difference to the dollar. Us making the dollars they hold worth less, now that I understand.

'splain it to me, please.

[vtsnowedin]

http://www.chinadaily.com.cn/china/2010 ... 599087.htm


St. Petersburg, Russia - China and Russia have decided to renounce the US dollar and resort to using their own currencies for bilateral trade, Premier Wen Jiabao and his Russian counterpart Vladimir Putin announced late on Tuesday.


Chinese experts said the move reflected closer relations between Beijing and Moscow and is not aimed at challenging the dollar, but to protect their domestic economies.

"About trade settlement, we have decided to use our own currencies," Putin said at a joint news conference with Wen in St. Petersburg.

The two countries were accustomed to using other currencies, especially the dollar, for bilateral trade. Since the financial crisis, however, high-ranking officials on both sides began to explore other possibilities.

The yuan has now started trading against the Russian rouble in the Chinese interbank market, while the renminbi will soon be allowed to trade against the rouble in Russia, Putin said.

"That has forged an important step in bilateral trade and it is a result of the consolidated financial systems of world countries," he said.

[Armageddon]

There will come a time in the very near future when countries will no longer accept dollars for oil.

[Fiddlerdave]

And so the end for America begins.

The economic implications of the USA in the toppling of the Dollar is mammoth and devastating.

Watch this change spread like wildfire among many of the word's countries, without particular fanfare. This is why our large corporations have "moved on", as Stephen King's Gunslinger would say.

[Plantagenet]

The yuan has now started trading against the Russian rouble in the Chinese interbank market, while the renminbi will soon be allowed to trade against the rouble in Russia, Putin said.

Since China arbitrarily sets the value of its own currency, how long do you think it will take for China to manipulate the values of the Yuan so they are buying Russia oil for the equivalent about $10 per barrel?

[Sixstrings]

Well.. let's not overstate this.

This is a deal for them to exchange their own currencies more when trading with each other. I read somewhere that Russia alone actually has more US hundred dollar bills in circulation than exist in the US itself -- talking paper money here, that's in addition to their large on-the-books reserves.

[SeaGypsy]

Sixstrings, the importance of this is such that the last time an oil major and a key oil bid competitor tried this the result was Gulf War 1.

This is the thin edge of the wedge. If it goes through without kerfuffle, the USA hegemoney has effectively collapsed. Majors could be dealing direct all over the show by next year's end. There goes reason number one for said nations to keep stock in dollars.

A gallon a day for a worker/ 2 for a boss. The new world standard wage.

[Sixstrings]

Sixstrings, the importance of this is such that the last time an oil major and a key oil bid competitor tried this the result was Gulf War 1.

Yeah, just wanted to point out though that China and Russia haven't really "quit the dollar." As long as the dollar is a haven for safety and as long as oil is traded in dollars, nobody can just "quit the dollar." Not only that but everything's interlinked.. an imploded dollar would trigger a meltdown of all those manufactured financial products that little towns in Norway invest in.

EDIT: It is pretty strong language though, in this article:

St. Petersburg, Russia - China and Russia have decided to renounce the US dollar and resort to using their own currencies for bilateral trade, Premier Wen Jiabao and his Russian counterpart Vladimir Putin announced late on Tuesday.

The article is from Chinadaily, so this is comin' from the horse's mouth.

[SeaGypsy]

Either you don't get it or you don't want to.
Last time round it was Iraq starting to sell oil direct to several northern euro countries in local currency, ie. French buy in Franc etc. The USA called it 'embargo breaching' went mental and invaded the country supposedly over a missunderstanding over who owns Kuwait; which is of couse a convenient oil annexisation by the British on their withdrawal from the region 60 plus years ago.

The soon to be biggest oil source in the world for the next ten years has agreed to do business direct in local currency with 1/5th of the world, the fastest growing nation on earth and by far the USA's number 1 competitor and you don't think this is significant because of the international bond market.

What it means is that these 2 have marked the turning of the tide of confidence in the dollar and shifted it to their own currency. It means you are now free to QE the dollar to shit as quick as you can do it without sinking your country.

That's what's actually going on.

[vtsnowedin]

a missunderstanding over who owns Kuwait; .

Oh that's what that was. All along I thought it was the invasion,rape and pillage of Kuwait by Saddam Hussein.

That aside this change is indeed ominous. Countries need to conduct trade in the most stable currency available so the value of a deal doesn't change between order and delivery. Dropping the dollar for their own currency means they think the US dollar is headed for unstable and inflationary times and I have too agree with them.

[Ibon]

What it means is that these 2 have marked the turning of the tide of confidence in the dollar and shifted it to their own currency. It means you are now free to QE the dollar to shit as quick as you can do it without sinking your country.

That's what's actually going on.

I was interpreting this along the same lines and I went to check on several websites that usually would run with this topic and nothing came up. i am curious why this announcement from the ChinaDaily
has not had much of a response either from the mainstream or alternative media outlets.

[vtsnowedin]

What it means is that these 2 have marked the turning of the tide of confidence in the dollar and shifted it to their own currency. It means you are now free to QE the dollar to shit as quick as you can do it without sinking your country.

That's what's actually going on.

I was interpreting this along the same lines and I went to check on several websites that usually would run with this topic and nothing came up. i am curious why this announcement from the ChinaDaily
has not had much of a response either from the mainstream or alternative media outlets.

It's top of the page at Drudge. The MSNBCs of the world are probably waiting for the Obama administration to get their response lined up before bringing it to the public's attention. Wouldn't want to press them into saying something hasty don't you know.

[Pops]

Why would we care what other countries do with the dollar?

We've have the perfect economic system: we loan money to ourselves...

...the Fed's official holdings of US Treasury securities now amount to $891.3 billion, which is higher than the second largest holder of US debt: China, which as of September 30 held $884 billion, and Japan, with $864 billion.

[efarmer]

If the US were a repo company instead of a nation, we would be getting to the point where we would have to see if our tow trucks could snatch themselves in the middle of the night.