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Vladimir Putin seeks to dump the dollar in regional trade
The Washington Times ^ | September 1, 2015 | David R. Sands

Posted on 09/02/2015 12:46:19 PM PDT by Tolerance Sucks Rocks

Russian President Vladimir Putin has a new target in the revived cold war with Washington — the U.S. dollar.

The website Russia Today* reported Tuesday that Mr. Putin has drafted a bill to block the use of both the American greenback and the euro in trade between the bloc of countries that used to be part of the Soviet Union, including Russia, Armenia, Belarus, Kazakhstan and Tajikistan.

The measure “would help expand the use of national currencies in foreign trade payments and financial services and thus create preconditions for greater liquidity of domestic currency markets,” the Kremlin said in a statement.

The move could also prove a boost to the battered Russian ruble, which has fallen sharply in the face of Western economic sanctions over Moscow’s policies in Ukraine and over a sharp recent slide in global oil prices, Russia’s chief export money-maker.

Mr. Putin has been seeking new economic partners as trade with the West has been sharply curtailed in recent months. Russia and China have signed a major energy cooperation pact and both Beijing and Moscow have made moves to challenge the longtime dominance of the U.S. dollar as the world’s reserve currency.

Last month, according to the Russian news service RIA Novosti, Chinese banking officials launched a pilot program in Heilongjiang Province to introduce the ruble as the second currency, replacing the dollar.

(Excerpt) Read more at washingtontimes.com ...


TOPICS: Business/Economy; Foreign Affairs; Germany; Government; News/Current Events; Russia; United Kingdom
KEYWORDS: china; collapse; crimea; dollar; donetsk; energy; europeanunion; france; germany; inflation; methane; nato; newcoldwar; ntsa; opec; petroleum; preppers; preppertalk; putin; putindollar; putinsbuttboys; ruble; russia; russianstooges; russiasanctions; russiatoday; sanctions; sovietblock; ukraine; ukrainecrisis; unitedkingdom; us; vladtheimploder
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1 posted on 09/02/2015 12:46:19 PM PDT by Tolerance Sucks Rocks
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To: Kartographer; 3D-JOY; abner; Abundy; AGreatPer; Albion Wilde; AliVeritas; alisasny; ...

PING!


2 posted on 09/02/2015 12:46:42 PM PDT by Tolerance Sucks Rocks (Democrats and GOP-e: a difference of degree, not philosophy)
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To: laplata

ping


3 posted on 09/02/2015 12:50:50 PM PDT by laplata ( Liberals/Progressives have diseased minds.)
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To: Tolerance Sucks Rocks

Shhh. I am sure we can deal with on another after the re-election...


4 posted on 09/02/2015 12:54:27 PM PDT by fhayek
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To: Tolerance Sucks Rocks

With this info it seems teamobama has yet achieved another in their list of things to do to destroy America. Destroy the dollar.


5 posted on 09/02/2015 12:55:43 PM PDT by ColdOne (I miss my poochie... Tasha 2000~3/14/11 HillaryForPrison2016)
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To: ColdOne

Obama: “ Whatever it takes to take us down! “


6 posted on 09/02/2015 12:58:47 PM PDT by stephenjohnbanker (My Batting Average( 1,000) (GOPe is that easy to read))
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To: Tolerance Sucks Rocks

So, what are they supposed to do with the dollars they currently hold?


7 posted on 09/02/2015 1:00:16 PM PDT by Gen.Blather
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To: stephenjohnbanker

The Reset Button seems to have been used to
equal effect on race relations in the US.


8 posted on 09/02/2015 1:04:10 PM PDT by sparklite2 (Voting is acting white.)
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To: Tolerance Sucks Rocks

Great idea Vlad...just keep pushing on that string...


9 posted on 09/02/2015 1:06:11 PM PDT by econjack (I'm not bossy...I just know what you should be doing.)
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To: sparklite2

Yep. Worst in 50 years.


10 posted on 09/02/2015 1:07:16 PM PDT by stephenjohnbanker (My Batting Average( 1,000) (GOPe is that easy to read))
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To: Tolerance Sucks Rocks

Putin has drafted a bill to block the use of both the American greenback and the euro in trade between the bloc of countries that used to be part of the Soviet Union, including Russia, Armenia, Belarus, Kazakhstan and Tajikistan.

Which is no surprise....it’s been on the table for a long time.


11 posted on 09/02/2015 1:08:49 PM PDT by caww
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To: ColdOne
With this info it seems teamobama has yet achieved another in their list of things to do to destroy America. Destroy the dollar.

More like a desperation move by Putin to prop up a ruble that has fallen 23 percent against the dollar in just the last 30 days. He's going to try to spread the pain to the countries that still can't extricate themselves from Moscow's economic hegemony.

12 posted on 09/02/2015 1:10:24 PM PDT by Bubba Ho-Tep ("The rat always knows when he's in with weasels."--Tom Waits)
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To: Gen.Blather

Russia and China have been liquidating their dollars.


13 posted on 09/02/2015 1:13:18 PM PDT by Rusty0604
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To: Bubba Ho-Tep

“More like a desperation move by Putin to prop up a ruble that has fallen 23 percent against the dollar in just the last 30 days.”

All we need to do to “smoke out Putin,” is to keep international oil prices down at $30. He needs $100.+ to prop up his economy. Couldn’t happen to a nicer country. Russia has always been a political dump.


14 posted on 09/02/2015 1:27:45 PM PDT by vette6387
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To: Bubba Ho-Tep

If Russia can isolate its currency from the global economy and be self-sufficient, could it (and other countries that do so) avoid the effects of a global depression?


15 posted on 09/02/2015 1:34:07 PM PDT by grania
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To: Tolerance Sucks Rocks

It is empty posturing. Putin has been losing a lot so he needs to make a show for dumbos where he would not seem a loser.

These Russia’s partner countries are resource exporters with a total expected GDP of $300-400 billion for a year 2015. That is quite a bit smaller than Belgium. The little trade they have with Russia is mostly state mandated so it is likely that Putin will just pay them extra to play along in the charade and accept Rubles for his silly PR stunt.


16 posted on 09/02/2015 1:44:50 PM PDT by Krosan
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To: Tolerance Sucks Rocks
This is not new and not uncommon.

Actually, using regional currency, actually affirms the country's commitment to the USD as its reserve currency. Think about it, Russia is keeping USD to bolster the ruble by not using USD as a trade currency with CHINA.

17 posted on 09/02/2015 1:48:53 PM PDT by 11th Commandment ("THOSE WHO TIRE LOSE")
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To: Tolerance Sucks Rocks
The entire reason the US dollar became a global currency was because it was backed by the full faith and credit of the US federal government, back when that meant something.

The US dollar has lost its luster, but no other currency is going to take its place because there is no such thing as an honest government anymore.

18 posted on 09/02/2015 2:08:38 PM PDT by E. Pluribus Unum (Is the Pope Catholic?)
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To: 11th Commandment

China is certainly not going to give Russia any handouts. If Putin wants to buy something he sees as prestige to bolster his image from them then China will certainly charge him heavily for it.


19 posted on 09/02/2015 2:10:58 PM PDT by Krosan
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To: E. Pluribus Unum
The US dollar has lost its luster, but no other currency is going to take its place because there is no such thing as an honest government anymore.

It's kinda like Churchill's observation on democracy. The dollar is the worst currency, except for all the others.

20 posted on 09/02/2015 2:40:01 PM PDT by Bubba Ho-Tep ("The rat always knows when he's in with weasels."--Tom Waits)
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