Posted on 08/23/2018 12:41:22 PM PDT by SleeperCatcher
As the Trump administration tightens sanctions against Iran and Russia, and as the imposition of tariffs against China as a means of negotiating a more favorable trade arrangement continue, all three nations are moving away from the U.S. dollar primarily when it comes to oil sales, as a way of circumventing the punitive measures.
“There is a common understanding that we need to move towards the use of national currencies in our settlements. There is a need for this, as well as the wish of the parties,” Russian Energy Minister Aleksandr Novak said earlier this month when discussing the move. “This concerns both Turkey and Iran – we are considering an option of payment in national currencies with them. This requires certain adjustments in the financial, economic and banking sectors.”
(Excerpt) Read more at thenationalsentinel.com ...
They’ll need ships bigger than the biggest oil tanker to carry their cash ,LOL
These are people who don’t understand economics and never will. That’s why their economies are also-rans in spite of some of best human resources on the planet. Leaders who are first rate plotters and incompetent rulers.
Do you apply this assessment to China also?
Fine, close all ports to their products, and anyone who trades with them.
This move will hurt them more than us.
Wait til the figure out their alternate currencies buy fewer goods than the dollar.
What
Ever
I have been hearing this for so many years, you would think by now they would have a common super currency....
Lame azz...
Let me get this straight. THey use their own currencies which they devalue almost monthly, they’ll be paying more for oil on the market?
Why would you want to collapse the economy?
If the USD ceases to be the world reserve currency, it will collapse. We will be collapsing THEIR economies and shift production and markets elsewhere.
[Do you apply this assessment to China also?]
China has been bootstrapped into rapid development by the efforts of its relentlessly enterprising private businessmen. If the Communist Party, with its exercises of arbitrary power and unchecked corruption, were removed from power, China’s growth would skyrocket. We are fortunate that the Communist Party remains dominant, just as we are fortunate that Putin remains in power. It is this incompetence that will shackle the territorial ambitions (driven by many centuries of tradition) of their political leaders, by limiting the resources with which they can achieve those ambitions.
If they try to substitute their own fiat for the dollar, you're probably right.
But if they go Bitcoin, then what?
I see inflation in their future.
5.56mm
Oh, no, the dollar is finshed! Again. No, we really mean it this time.
Iran's President Hassan Rouhani, Russia's Vladimir Putin and Turkey's Tayyip Erdogan meet in Sochi, Russia November 22, 2017. (photo credit: SPUTNIK/MIKHAIL METZEL/KREMLIN VIA REUTERS) The Three Amigos
Good assessment that I apply to America and the chains of the Democrat Party. I dream of a day where Communism/Socialism and totalitarianism finally dies and Capitalism can flourish.
Ya....that’ll teach Trump.....
If the petro-dollar is cast aside, TSHTF.
I’m still confused on this. Sounds like they would be using their own currencies to circumvent embargo etc? Meaning the buyer would be paying more on the oil market.
Russia - an economy the size of NY State’s, without prospects for rapid growth due to a “birth dearth” and the loss of young, talented people (all resulting from the Mexico-like Kleptocracy that Russia is).
Iran - much smaller economy, and now has many countries in the area banding together out of anger/fear over what it has done before, and what it is planning to do in the future. Dealing with a potential revolt, and very tough US sanctions. Their economy will be lucky to stay static.
China - heavily dependent upon exports; expansionism has angered many nations in the area and around the world; mercantilist trade policies on the verge of starting a trade war with the world’s largest economy, but which will likely be settled with China losing $100 billion/year or more in trade surpluses.
NONE of these nations holds a candle to the US economy, not even combined. NONE has a secure enough rule of law, or a free enough economy, to attract and hold potential investors. We’re going to clean their clocks.
Oh, and the Saudis will NEVER go off of the US dollar for oil sales...they are too tightly allied with us to do that.
This is business. In business, if you have a competitive advantage and press it, you simply cannot be defeated. The US has SEVERAL competitive advantages, and IS pressing them (at least now, under Trump). Trump is aiming to make the US just about as economically dominant as it was during the ‘50s, starting with energy...these crapola nations don’t stand a chance.
If China can buy oil from Russia and Iran using yuan and accept receipts for their exports in rubles and rials, its no one's loss except maybe the United States.
I'd expect other emerging markets to gravitate toward such a system also, where purchasing power isn't dominated by out sized reliance on US dollars.
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