“This is what ‘change’ looks like.” —Barack Hussein Ubama
I cannot wait to hear the reaction from Obola to this one, after all it is in the paper so he should be aware of it since he gets all his news from them.
If other countries follow this lead, far from a certainty, the dollar could collapse as demand for it to settle exchange vanishes.
This is nothing new and I don’t see how this is going to make any difference at all. For years, the Soviet Union bartered oil for Cuban sugar, Polish ham, East German machinery and whatever other junk its satellites had.
By then it will be far too late to do anything about the situation
This would be really bad for the USA if the USA were not increasing oil production and if the USA were not involved in a hard fast scheme to collapse demand for oil world wide.
But since the USA is raising oil production precipitously and the USA is in the first years of a long term plan to collapse demand for oil...
....this agreement that presages the decline of the petrodollar — merely means that the world is returning to a pre 1973 pre petro dollar world...
...which is actually better for the USA.
BRIC nations and more have been in the process of using their own currencies for some time. The U.S. dollar has been long unnaturally overvalued in a world market without a big manufacturing base to back it up, resulting in the debt regime. The answer by our nations of the West is the big oil hoax.
Oil prices are too low for any nation or its government-linked producers to break even. At the same time, refineries (at least some of them owned by investor groups behind oil producers) are pricing very high, hence, the high fuel prices, especially in tourist areas.
That’s what’s “curbing demand” and keeping the game going for our western oil producers: high prices for both retailers and customers. Maybe it will work to break the Ruskies, who have much more difficulty affording the low oil prices than western producers hooked into refineries.
ping