Posted on 08/09/2014 5:24:13 PM PDT by SkyPilot
The last 3 months have seen Russia's "de-dollarization" plans accelerate. First Gazprom clients shift to Euros and Renminbi, then the UK signs currency swap agreements with China, then NATO ally Turkey cuts ties and mulls de-dollarization, Switzerland jumps in the currency swap agreements, and BRICS create their own non-US-based funding vehicle, and then finally this week, Russia's oligarchs have shifted cash holdings to Hong Kong. But this week, as RT reports, Russian and Chinese central banks have agreed a draft currency swap agreement, which will allow them to increase trade in domestic currencies and cut the dependence on the US dollar in bilateral payments. “"The agreement will stimulate further development of direct trade in yuan and rubles on the domestic foreign exchange markets of Russia and China," the Russian regulator said.
As RT reports,
In early July, the Central Bank’s chairwoman Elvira Nabiullina said Moscow and Beijing were close to reaching an agreement on conducting swap operations in national currencies to boost trade. The deal was later discussed during her trip to China.
President Vladimir Putin, during his visit to Shanghai in May, said cooperation between Russian and Chinese banks was growing, and the two sides were set to continue developing the financial infrastructure.....
(Excerpt) Read more at zerohedge.com ...
Meanwhile, US gold cannot be verified.
The Fed sold it.
We are screwed. The US Dollar will collapse. And how are all these middle aged to older aged "Financial Advisors" doing? They are overweight white guys who tell us all how to "invest" in this stock or that 401K. What a bunch of liars. I hope when the financial world collapses, these jerks realize what tools they all were.
Don’t worry about anything, obozo is at the helm.
What I don’t understand is why the US buck is still high relative to other currencies. Wouldn’t it first fall compared to other currencies before it collapses?
Meanwhile, the Fed continues to print dollars.
~What I don’t understand is why the US buck is still high relative to other currencies~
Do you really think so? I think USD lost way over 50% to Euro since the Euro appeared.
I know old buddy - they actually are not "printing" as many dollars as are in the US marketplace. They are moving decimal places on flat screen computers, and laughing about how they are hiking inflation to screw us all over.
Let me say this to the forum: most of you (as I am) are Baby Boomers. You put your hope in the future in IRAs and 401Ks. The Stocks have been going CRAZY the last few years - - backed up by not a single economic indicator of reality.
How much longer do you expect this fantasy to last?
When it does (and it will), don't come crying to the forum saying you never saw it coming.
If you fall out of that tree and break your leg...don't come running to me.
The US has a fairly sound monetary policy. That’s probably the only thing holding it all together.
Just don’t expect it to last.
I bet the Obamabastard is grinning from ear to ear over this.
The Stocks have been going CRAZY the last few years - - backed up by not a single economic indicator of reality.
How much longer do you expect this fantasy to last?
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Obama’s Monopoly money funnelled to the Wall Street banks. Expect a real “adjustment” when and if he stops the presses.
“I bet the Obamabastard is grinning from ear to ear over this.”
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And when he REALLY wants to pull the switch on the faux economy, all he has to do is turn off the printing presses....
I suppose Soros is shorting the US and will get a big thrill watching us collapse. “Just because he could”.
I wouldn’t believe anything on Zero Hedge. It ought to be banned from FR.
I’m not sure it matters much whether the U.S. government has gold or silver. It matters far more whether citizens have gold and silver.
There should have been riots in the streets, and mass resistance, when FDR confiscated gold. But only a tiny minority of people understand what money is, or ever will, beyond that it’s something you get at work and spend at stores.
Very dangerous.
Something continues to be ignored. Our large manufacturing base of the past provided enough extra revenues to support a wealthy economy. That manufacturing base was manned, for the most part, by men: fathers and husbands with real, undivided families.
Then our business, political and academic bosses embraced the newer immoral age of romanticism for about 40 years. During that time, we saw the new disease of corruption envelope every office. Even our language is defiled with it.
May the wonderful world to come, come soon.
By the way, such currency agreements have been made between quite a few countries for several years. A quick search with accurate keywords will show that. Another thing: our U.S. dollar has been unnaturally high in the international market for a long time. It takes more than agriculture, energy and minerals to continue a high currency and first world economy. Act like third-worlders, become third-worlders.
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