Free Republic

MOSCOW (Reuters) - Russia's Rosneft, one of the world's top oil producers and exporters, has notified customers that future tender contracts for oil products will be denominated in euros not dollars, five trading sources told Reuters. The move, which could come as soon as this year, is likely to be seen as an attempt to offset any potential negative impact of U.S. sanctions on Russia. Rosneft, which accounts for over 40% of oil output in Russia, produced 45.8 million tonnes of oil products at home in the first six months of this year - from diesel and gasoline to fuel...

The U.S. Treasury Department has incorrectly labeled China a manipulator of its currency. An important distinction exists between devaluing a currency and currency depreciation. Devaluing implies the People’s Bank of China actively manipulated the value of the Chinese renminbi to gain unfair advantage for its exports. Depreciation simply means the renminbi has lost purchasing power relative to the U.S. dollar, based on market forces. There’s no indication that China is actively devaluing its currency. However, according to the Treasury Department, China met a broad definition of manipulation laid out in the Omnibus Trade and Competitiveness Act of 1988, which says...

The gold bears have finally caved under the deafening barrage of fiscal and geopolitical catalysts, from Fed hints to intensely brewing conflict with Iran. But there is one key trend that stands to push gold up beyond $1,700--regardless of the day’s news. Of course, it’s difficult for the bears to ignore a nearly $50/ounce gain for gold, which is now trading well above its 5-year high.

Both the onshore and offshore yuan breached the 7.0 level against the dollar, which investors see as a key threshold in currency value China's decision to let its currency weaken against the dollar on Monday sent global markets diving further into the red and provoked a Twitter tirade from US President Donald Trump. The deteriorating picture appeared to worsen as official Chinese media reported Beijing ceased purchases of American farm exports. The Chinese yuan fell to its lowest level against the dollar since August 2010 in morning trading on Monday, fuelling speculation that Beijing is allowing currency depreciation to counter...

Russia and China took another step away from the US dollar after the two countries agreed to develop bilateral trade using the ruble and the yuan. It was just one of the major deals reached after the presidents of the two countries, Vladimir Putin and Xi Jinping, held talks in Moscow on Wednesday. “Russia and China intend to develop the practice of settlements in national currencies,” Putin told journalists at the news conference following the talks. He added that the states have signed intergovernmental agreements on expanding the use of the yuan and the ruble in bilateral financial operations. A...

Global capital is flooding into U.S. markets as many traders return from a long holiday weekend. Traders woke up to news that China may be reeling in its stimulus measures and that President Trump is vowing to reciprocate EU tariffs. Despite these potentially ominous headlines, the U.S. economy remains one of the few seeing steady growth, and traders are piling into U.S. assets. 1) US Dollar Index Tests 10-Month Highs As we noted last week, the U.S. Dollar index has formed “a large ‘ascending triangle’ pattern, which could foreshadow an explosive rally if the 97.70 barrier is eclipsed.” Rates peeked...

A cursory assessment might find the United States a less than ideal candidate for the job of managing the planet’s ultimate form of money. Its public debt is enormous — $22 trillion, and growing. Its politics recently delivered the longest government shutdown in American history. Its banking system is only a decade removed from the worst financial crisis since the Great Depression. Its proudly nationalist president provokes complaints from allies and foes alike that he breaches the norms of international relations, setting off talk that the American dollar has lost its aura as the indomitable safe haven. But money tells...

It is time for us to flow as one through each day so now as you ponder , as you sleep and when you are not sure just know I AM here to fill your mind and voice with The Father's Will and this is The Manifold Wisdom My Spirit brings and causes to bear fruit through your hand in mine. So let us become one with The Father and begin to walk in The Garden of your Life All together As One . John 4:34 Then Jesus explained: "My nourishment comes from doing the will of God, who sent...

Arresting and prosecuting people for possession of a US dollar bill seems too crazy to be true, but it is when it comes to Turkey, where owning a greenback in a one-dollar denomination may very well land you in prison on terrorism charges. In fact, thousands of people, ranging from a US-Turkish dual national who worked for NASA to a prominent professor and author who travels frequently, were charged under terrorism laws in Turkey based on the evidence that they had one dollar bills in their possession. Court documents present pictures of one dollar bills with various serial numbers as...

Saving up for a home's down payment can be a hefty task that's financially out of reach for many. But the town of Gary, Indiana has a special program to make home ownership easier by selling a handful of homes every year for just $1 apiece. Called the Dollar House Program, the initiative opens home ownership up to those who would not otherwise be able to afford a traditional mortgage sale, says Lakia Manley, the housing coordinator of Gary's Community Development Division. The program also addresses a chronic problem for the town. Since the 1960s, a decline in the steel...

On June 20, 2018 (83 FR 28710), the U.S. Trade Representative (Trade Representative) provided notice of an initial action in the Section 301 investigation of the acts, policies, and practices of the Government of China related to technology transfer, intellectual property, and innovation. The initial action was the imposition of an additional 25 percent ad valorem duty on products of China with an annual trade value of approximately $34 billion, effective July 6, 2018. The proposed modification is to maintain the original $34 billion action and the proposed $16 billion action, and to take further action in the form of...

Public school officials in Alabama are looking to put God back into their schools through displays of the U.S. motto “In God We Trust” — but critics are speaking out against the move, calling it “a constant push for theocracy.” State lawmakers in February approved legislation allowing such displays on public property. The motto soon could become more common in Alabama schools, Al.com reported, with legal challenges expected to follow. Blount County’s school board is poised to become one of the first systems to take action, the news site reported. A policy on the issue could be drafted within the...

Turkish President Tayyip Erdogan is putting on a rather fierce face in reaction to new tariffs from President Donald Trump and the plunging lira. Erdogan – ever the strongman – implored the country to show economic patriotism in response to what was going on. Via Daily Sabah in Turkey. “If you have dollars, euros or gold under your pillow, go to banks to exchange them for Turkish lira. This is a national struggle,” he said.“This will be my people’s answer to those who declare economic war against us,” he added.Erdoğan also said Turkish people should not worry, saying “We...

Despite President Trump's tit-for-tat trade barbs, America’s CEOs are not wasting anytime in taking advantage of his tax reform plan. Over $300 billion was repatriated to the U.S. in the first quarter, according to the Bureau of Economic Analysis (BEA) -- the most on record. “U.S. firms that used to build their factories overseas in order to avoid U.S. taxes, they stopped in their tracks because of the tax bill, they are bringing all the money home,” said Kevin Hassett, chair of the president's Council of Economic Advisers, during an interview on FOX Business’ Varney & Co. in June.

What happens next may look like Greece during its financial collapse – meaning Turkey’s economy could shrink by 10%-20% The Turkish central bank managed to halt the free-fall of the country’s currency last week with a sharp rise in interest rates. But the move failed to stop the free-fall of Turkey’s equity market and – far more dangerous – the collapse of the credit quality of Turkey’s banks. Only last October, the euro-denominated 10-year bond of Turkey’s largest private lender, Garanti Bank, yielded just 3%. Now it yields more than 7%, and the dollar value of the bond has fallen...

Turkish President Recep Tayyip Erdoğan took aim at investors who are selling Turkish lira, saying the currency was under attack as it hit fresh record lows against the dollar. Erdoğan said there was no technical or rational reason why the lira should be losing so much value. Turkey has prepared a “project” that will reverse this trend, he said in a speech on Tuesday. The lira hit a new record as Erdoğan spoke, falling to as low as 4.3 to the U.S. currency. It declined 0.6 percent to 4.2946 at 1:28 p.m. in Istanbul. The currency had traded at 1.15...

Legislation introduced in Congress recently would define the U.S. dollar as a fixed amount of gold, a move that supporters say would help stabilize the monetary system while protecting savers, workers, and investors from the ravages of inflation. If signed into law, the bill would also restrict the ability of the controversial Federal Reserve System to confiscate the American people's wealth and manipulate the economy by expanding the currency supply. President Donald Trump has publicly supported the idea of returning to a gold-backed dollar, but the prospects for the new legislation remain uncertain. The legislation, H.R. 5404, would “define the...

Beijing launched a crude oil futures contract denominated in the Chinese yuan on March 26, in a move that could significantly enfeeble the international influence of the United States dollar. The contract lets foreign investors buy and sell crude oil on the Shanghai International Exchange with yuan rather than dollars. Reuters said it “kicked off to a roaring start,” with 15.4 million barrels of crude changing hands in the 2½ hours of the first day of trading. A Blow to the Dollar “This could be a death blow for an already weakening U.S. dollar, and the rise of the yuan...

Turkey’s lira weakened beyond the psychologically important level of 4.0 to the US dollar yesterday, bringing it close to a record low, as concerns about double-digit inflation, and politics, continued to weigh on sentiment.

The highly anticipated yuan-backed crude oil futures have been launched in Shanghai. China is the world’s biggest oil consumer, with eyes on rival benchmarks Brent and WTI as well as the US currency. Trading of the new oil futures contracts for September settlement started on the Shanghai International Energy Exchange at 440.20 yuan ($69.70) per barrel, reports Chinese daily the South China Morning Post. Some 18,540 lots have reportedly been sold and purchased so far. long-awaited step evoked a surge in global prices for oil with Brent Crude soaring to $71 a barrel for the first time since 2015. US...