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Very Hot Topic (More than 25 Replies) Russia Is Doing It – Russia Is Actually Abandoning The Dollar (Read 6,449 times)
katsung47
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Russia Is Doing It – Russia Is Actually Abandoning The Dollar
Jun 28th, 2014 at 4:37pm
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Russia Is Doing It – Russia Is Actually Abandoning The Dollar

By Michael Snyder, on June 10th, 2014

The Russians are actually making a move against the petrodollar.  It appears that they are quite serious about their de-dollarization strategy.  The largest natural gas producer on the planet, Gazprom, has signed agreements with some of their biggest customers to switch payments for natural gas from U.S. dollars to euros.  And Gazprom would have never done this without the full approval of the Russian government, because the Russian government holds a majority stake in Gazprom.  There hasn't been a word about this from the big mainstream news networks in the United States, but this is huge.  When you are talking about Gazprom, you are talking about a company that is absolutely massive.  It is one of the largest companies in the entire world and it makes up 8 percent of Russian GDP all by itself.  It holds 18 percent of the natural gas reserves of the entire planet, and it is also a very large oil producer.  So for Gazprom to make a move like this is extremely significant.

http://theeconomiccollapseblog.com/archives/russia-is-doing-it-russia-is-actuall...
  
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Re: Russia Is Doing It – Russia Is Actually Abandoning The Dollar
Reply #1 - Jun 28th, 2014 at 4:39pm
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katsung47 wrote on Jun 28th, 2014 at 4:37pm:
Russia Is Doing It – Russia Is Actually Abandoning The Dollar

By Michael Snyder, on June 10th, 2014

The Russians are actually making a move against the petrodollar.  It appears that they are quite serious about their de-dollarization strategy.  The largest natural gas producer on the planet, Gazprom, has signed agreements with some of their biggest customers to switch payments for natural gas from U.S. dollars to euros.  And Gazprom would have never done this without the full approval of the Russian government, because the Russian government holds a majority stake in Gazprom.  There hasn't been a word about this from the big mainstream news networks in the United States, but this is huge.  When you are talking about Gazprom, you are talking about a company that is absolutely massive.  It is one of the largest companies in the entire world and it makes up 8 percent of Russian GDP all by itself.  It holds 18 percent of the natural gas reserves of the entire planet, and it is also a very large oil producer.  So for Gazprom to make a move like this is extremely significant.

http://theeconomiccollapseblog.com/archives/russia-is-doing-it-russia-is-actuall...



Someone has a message for you..
http://www.youtube.com/watch?v=Xc7U6WBk0ho
  
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PeterR
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Re: Russia Is Doing It – Russia Is Actually Abandoning The Dollar
Reply #2 - Jun 28th, 2014 at 7:36pm
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glen65 wrote on Jun 28th, 2014 at 4:39pm:
Someone has a message for you..
http://www.youtube.com/watch?v=Xc7U6WBk0ho


Won't work.  I don't think English (or at least Samuel L. Jackson's version of it) is Katsung's primary language. 


  

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Re: Russia Is Doing It – Russia Is Actually Abandoning The Dollar
Reply #3 - Jun 28th, 2014 at 8:11pm
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Can't blame then as the dollar is becoming worth less by the minute. I can't tell you the price of groceries or gas as I have not been to the store in the past 10 minutes.

Gas stations and stores are raising their prices in the wee hours of the mornings and at midnight.
  

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Re: Russia Is Doing It – Russia Is Actually Abandoning The Dollar
Reply #4 - Jun 29th, 2014 at 8:00am
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just_me wrote on Jun 28th, 2014 at 8:11pm:
Can't blame then as the dollar is becoming worth less by the minute. I can't tell you the price of groceries or gas as I have not been to the store in the past 10 minutes.

Gas stations and stores are raising their prices in the wee hours of the mornings and at midnight.

I remember the days when we were told we were fearmongering about inflation.  I would have preferred to have been wrong about this but anyone who is based on reality knows you simply can not print money and not expect this to happen.  I was at the seafood store and saw crab meat is running at 40.00 a lb.
  


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Re: Russia Is Doing It – Russia Is Actually Abandoning The Dollar
Reply #5 - Jun 29th, 2014 at 5:52pm
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Regarding inflation, see:

What Inflation Looks Like

The Federal Reserve is hardly going to be passive if price inflation becomes problematic (FRB: How will the Federal Reserve ensure that the size of its balance sheet won’t lead to excessive inflation?). Price inflation will not reach 70s levels.
  

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Re: Russia Is Doing It – Russia Is Actually Abandoning The Dollar
Reply #6 - Jun 29th, 2014 at 8:18pm
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gop_norm wrote on Jun 29th, 2014 at 5:52pm:
Regarding inflation, see:

What Inflation Looks Like

The Federal Reserve is hardly going to be passive if price inflation becomes problematic (FRB: How will the Federal Reserve ensure that the size of its balance sheet won’t lead to excessive inflation?). Price inflation will not reach 70s levels.


In your own words, what is the Fed going to do?  How will they react to price inflation?

Will they raise interest rates?  That would unwind much of the free money investments in the way we saw in 2008ish.

Will they sell assets?  What assets?  Mortgage backed securities?  Good-bye what little home value was left.  Hello, high mortgage rates.

Maybe they will sell their treasuries?  Well that might pose a problem for a government that continues to borrow.  Namely, high costs of borrowing.
  
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katsung47
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Re: Russia Is Doing It – Russia Is Actually Abandoning The Dollar
Reply #7 - Jul 9th, 2014 at 5:13pm
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wyattstorch2004 wrote on Jun 29th, 2014 at 8:18pm:
In your own words, what is the Fed going to do?  How will they react to price inflation?

Will they raise interest rates?  That would unwind much of the free money investments in the way we saw in 2008ish.

Will they sell assets?  What assets?  Mortgage backed securities?  Good-bye what little home value was left.  Hello, high mortgage rates.

Maybe they will sell their treasuries?  Well that might pose a problem for a government that continues to borrow.  Namely, high costs of borrowing.


Russia Dumps 20% Of Its Treasury Holdings As Mystery "Belgium" Buyer Adds Another Whopping $40 Billion

Submitted by Tyler Durden on 05/15/2014 13:23 -0400
Back in mid-March, there was a brief scare after the start of the Ukraine conflict, when Fed custody holdings plunged by a record $104.5 billion (if promptly bouncing back the following week), leading many to believe that Russia may have dumped its Treasurys, or at least change its bond custodian. We noted that we wouldn't have a definitive answer until the May TIC number came out to know for sure how much Russia had sold, or if indeed, anything. Moments ago the May TIC numbers did come out, and as expected, Russia indeed dumped a record $26 billion, or some 20% of all of its holdings, bringing its post-March total to just over $100 billion - the lowest since the Lehman crisis.

http://www.zerohedge.com/news/2014-05-15/russia-dumps-20-its-treasury-holdings-m...
  
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katsung47
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Re: Russia Is Doing It – Russia Is Actually Abandoning The Dollar
Reply #8 - Jul 20th, 2014 at 4:50pm
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839. Iraqi crisis created to save dollar (6/18/2014)

In early June, Russia switches the oil payment from dollars to Euros.

Quote:
Gazprom Signs Agreements to Switch from Dollars to Euros

Global Research, June 07, 2014

Gazprom Neft had signed additional agreements with consumers on a possible switch from dollars to euros for payments under contracts, the oil company’s head Alexander Dyukov told a press conference.

“Additional agreements of Gazprom Neft on the possibility to switch contracts from dollars to euros are signed. With Belarus, payments in rubles are agreed on,” he said.

Dyukov said nine of ten consumers had agreed to switch to euros.

http://www.globalresearch.ca/gazprom-signs-agreements-to-switch-from-dollars-to-...


This is very important news. If people starting to abandon the dollar, US will be hurt seriously in economy. Yet the news was little reported by the mainstream media. Several days later, the ISIL rebel in Iraq activates an offensive. The puppet Iraqi government retreats without any resistance. As a result, the oil price goes up.


Quote:
Oil prices spike as Iraq violence flares
By Mark Thompson  @MarkThompsonCNN June 12, 2014

Oil prices spiked Thursday to levels not seen in nine months as escalating violence in Iraq sparked worries about crude exports.

Light crude oil futures touched $106 a barrel, up nearly 2% and the highest price since September 2013.

http://money.cnn.com/2014/06/12/news/oil-prices-iraq/


Since the money used in most oil trading is dollar, the higher oil price will force the buyer to keep more dollar in bank as purchasing power. It’s a big amount if future option is included. Manipulating oil price becomes a strategy to save the dollar. Iraq is a big country of oil production and exportation. Its political stability has huge influence to oil price. US has turned it into a switch to adjust the oil price.
  
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katsung47
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Re: Russia Is Doing It – Russia Is Actually Abandoning The Dollar
Reply #9 - Jul 31st, 2014 at 5:50pm
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844. To save the dollar by hitting the Euro  (7/17/2014)

Someone argues,
Quote:
Originally Posted by imaginethat 
Russia is the world's largest exporter of oil. Any increase in the price of oil benefits Russia.


That’s true. But oil price is the fastest way to adjust the demand of the dollar. We saw then the Euro – an alternative to the dollar, is threatened.

Quote:
Portugal bank crisis shakes investor confidence
By Brigitte HagemannJuly 10, 2014

Lisbon (AFP) - Fears over the health of Portugal's largest listed bank, Banco Espirito Santo, sent its shares into freefall Thursday, shaking stock markets in Lisbon and across Europe and even the Atlantic.

http://news.yahoo.com/portugals-financial-system-weak-pockets-imf-182844328.html


Euro is the reserve currency next to the dollar. When dollar is weak that oil buyers have to use Euros for payment to Russian oil, what if Euro’s value is threatened? Similar situation had acted four years ago when US had a financial crisis (the bankruptcy of Leman Brothers caused by sub-prime loan collapse), US resolved it by introducing the Greek financial crisis.

Quote:
  Wall St. Helped to Mask Debt Fueling Europe’s Crisis

By LOUISE STORY, LANDON THOMAS Jr. and NELSON D. SCHWARTZ

Published: February 13, 2010
Wall Street tactics akin to the ones that fostered subprime mortgages in America have worsened the financial crisis shaking Greece and undermining the euro by enabling European governments to hide their mounting debts.

As worries over Greece rattle world markets, records and interviews show that with Wall Street’s help, the nation engaged in a decade-long effort to skirt European debt limits. One deal created by Goldman Sachs helped obscure billions in debt from the budget overseers in Brussels.

http://www.nytimes.com/2010/02/14/business/global/14debt.html?partner=rss&emc=rs...


If the high oil price would benefit enemy Russia, then US has to dig into the foundation of ally’s wallet. Last time the ignition was Greece, this time it is Portugal.

  
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