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India has taken its first step towards liberating itself from dependence on the US dollar by buying oil from Russia in Indian rupees We have seen the continuous rise of the dollar since the First World War. After World War I, in exchange for supplies, the Allies began paying in gold to the United States, due to which America became the world's largest gold reserve. After the end of the war, various countries linked their currencies with the dollar and with this, the 'Gold Standard' ended in the world and thus the dollar became the world's most preferred currency. All...

Binance, the world's largest crypto exchange, will suspend US dollar transfers from Wednesday, and the move is reportedly fueling millions of dollars in outflows from the platform to rivals. A company spokesperson told several outlets Monday, including CNBC and Bloomberg, that deposits and withdrawals of dollars would cease indefinitely, without giving a reason for the move. Transfers in other fiat currencies such as the euro were unaffected... In a tweet, Binance US, the US arm of the group, said it was unaffected by the restriction, indicating the suspension would only affect dollars held by non-US customers. According to data provided...

Barter Society Emerges In Greece As Crisis Deepens *Video* Mac Slavo October 29th, 2011 As the Greek economy succumbs to the debt crisis and individual Greeks are made poorer each day through austerity measures and job cuts, many have begun resorting to traditional bartering as a way to make ends meet and at the same time increase their involvement with neighbors and their general community. Services being bartered include anything from language classes and babysitting to hand cooked meals and daily labor. It’s huge. Everything we do is without money, like looking after people or making food by ourselves. …We...

It's been a busy day at the market in downtown Volos. Angeliki Ioanitou has sold a decent quantity of olive oil and soap, while her friend Maria has done good business with her fresh pies. But not a single euro has changed hands – none of the customers on this drizzly Saturday morning has bothered carrying money at all. For many, browsing through the racks of second-hand clothes, electrical appliances and homemade jams, the need to survive means money has been usurped. "It's all about exchange and solidarity, helping one another out in these very hard times," enthused Ioanitou, her...

In Greece, the age-old practice of bartering for goods and services is experiencing a renaissance as the nation endures the sixth year of its debt-driven economic meltdown. And as bartering has come to mean the difference between starvation and survival for some Greeks, Americans ought to take note. The New York Times on Monday explained how virtual barter networks are popping up in Greece to help individuals and small businesses in the nation survive harsh capital controls put in place to combat a long-standing liquidity crisis. Earlier this year, many Greeks found themselves unable to withdraw money from banks for...

US President Joe Biden will decide whether to apply or waive sanctions on India, one of America’s key partners, under the CAATSA law for its purchase of the S-400 missile defence system from Russia, a senior administration official has told lawmakers.

India is discussing how to set up a rupee-ruble payment mechanism to enable it to trade with Russia, to circumvent the U.S. sanctions regime.India abstained from voting on the March United Nations (UN) General Assembly Resolution demanding an end to Russian offensive in Ukraine (General Assembly resolution demands end to Russian offensive in Ukraine).Since its Independence, India has tried to steer a neutral course between the U.S. and Russia (and previously, the USSR). During the 1950s, India’s first prime minister, Jawaharlal Nehru, was a prime architect behind the Non-Aligned Movement, under which developing countries tried to pursue their national interests...

India is exploring ways to set up a rupee payment mechanism for trade with Russia to soften the blow on New Delhi of Western sanctions imposed on Russia after its invasion of Ukraine, government and banking sources said. Indian officials are concerned that vital supplies of fertilizer from Russia could be disrupted as sanctions intensify, threatening India's vast farm sector.

India is stepping closer to setting up an alternative payments system to maintain its trade with Russia, identifying a potential bank, as a top panel examining the issue recommended prioritising edible oil and fertiliser imports as well as payments owed to India, an official aware of the development has said…. The top interministerial panel has been tasked with scrutinizing the impact of a barrage of economic sanctions imposed by the West on Russia on India’s economy. It is led by economic affairs secretary Ajay Seth and includes the ministries of food and consumer affairs, fertilizers, commerce, external affairs and petroleum....

India and sanctions-hit Russia are exploring the possibility of using China’s yuan as a reference currency to value the rupee-ruble trade mechanism, two Indian government officials aware of the development said. The two countries may also look at a floating rate arrangement as India, the world’s third-largest oil importer, considers buying oil from Russia at a discounted rate to cool inflationary pressures. To boost oil purchase from Russia, India is working to resolve key issues, including the availability of ships, insurance cover for imports and the oil blends, given the configuration of Indian refineries. This assumes importance given the Western...

Bellando, a former investment bank analyst at JPMorgan, is the son of John Bellando, chief operating officer and chief financial officer at Condé Nast. His brother, John, a top chief investment officer with JPMorgan, works on risk exposure valuations. Several John Bellando emails were cited during testimony at the Senate Finance Committee’s inquiry into the bank’s losses during the infamous London Whale trade fiasco. Kenneth Bellando — who grew up in Rockville Center, LI, and was a Georgetown graduate — worked as a summer analyst at JPMorgan while in school. Upon graduation in 2007, he was hired as an investment...

China announced new measures Tuesday to curb inflows of foreign speculative capital, as senior government officials stepped up criticism of excessively loose monetary policies abroad, such as those of the Federal Reserve. The State Administration of Foreign Exchange (SAFE) said in a statement it will strictly control its financial institutions’ quotas for the use of short-term foreign debt. The nation’s foreign-exchange regulator also said it will tighten its oversight of funds shipped home by Chinese companies operating abroad, as well direct investments into China by foreign investors. The news measures echoed a statement Friday by People’s Bank of China Gov....

NEW YORK (MarketWatch) -- The dollar rose to the highest level in more than two months on Tuesday as stronger-than-expected U.S. economic reports lifted the greenback and concerns over the potential for European banks encountering a new round of problems weighed on the shared euro. Currency traders also positioned themselves as the Federal Reserve began its two-day monetary policy meeting. The dollar index /quotes/comstock/11j!i:dxy0 (DXY 76.91, +0.63, +0.82%) , which tracks the greenback against a trade-weighted basket of six major counterparts, rose to 77.022, compared with 76.351 late Monday. During the session, it touched 77.092, the highest on a closing...

Is a continued weakening in the dollar in the first half of 2010 a fait accompli? Not so fast. The median prediction in Bloomberg's survey of as many as 43 strategists shows the dollar gaining against the euro, British pound, yen, Swiss franc, and Swedish krona by September 30, 2010, Bloomberg News reported Monday. However, the Bloomberg survey also indicated that the top, or most accurate forecasters in the survey predict that the dollar will continue to weaken even as the U.S. Federal Reserve starts to increase short-term interest rates, which Fed officials have said is an extended period away....

Imagine a world with a small current account deficit in the US, a somewhat larger deficit in the eurozone and a not too excessive Asian surplus. In such a world, economic commentators would no longer bang on about global imbalances and would have to find a different subject. In the long run, such a world would require significant reform of the international monetary system. In the short term, a fall in the dollar’s exchange rate would help get us there. And I note with some satisfaction that it is happening. A lower dollar is desirable because it would help America...

"A strong dollar is in America’s best interest," the Bush and Obama administrations have repeatedly assured us. And yet for most of this decade the dollar has been sliding. Now, the greenback again is one of the world’s currency weaklings. But global financial markets, and governments, seem to be taking it in stride. The dollar has taken a renewed pounding over the last two weeks, driving the DXY index -- which measures the buck’s value against six other major currencies -- to nearly a one-year low. The euro has been the big winner as the U.S. currency has lost ground....

BRUSSELS, May 16, 2006 (RFE/RL) -- Slovenia today became the first new EU member state to get the green light to join the EU's common currency, the euro. Meeting in Strasbourg, the European Commission ruled the country meets all the necessary criteria and can adopt the euro as of January 1, 2007. The Commission turned down the application of a second candidate for early entry, Lithuania, saying the country's inflation is too high.

See for example this thread first. The price of oil and metals fell to which I shrug and say "Oh, well" It's no wonder why-- their price was just sky-high and the folks who just bought now cry "SELL!!!!"

TOKYO, May 1 (Reuters) - The dollar struck a seven-month low against the yen and a one-year low against the euro on Monday, extending a slide as the Federal Reserve appears set to soon end a two-year run of credit tightening. A renewed focus on U.S. deficits after last month's meeting of Group of Seven industrialised powers, worries about Iran's nuclear ambitions and deteriorating technical signals have pummeled the dollar across the board. The yen gained across the board on solid buying by foreign hedge funds and investment banks, while some Japanese players squared positions heading into the country's Golden...

LONDON (Reuters) - The dollar hit a 27-month high against the yen on Monday and edged closer to recent two-year lows versus the euro and sterling as greenback buying on yield advantage gathered momentum after a long U.S. weekend. In the absense of major data on Monday, investors, coming back from the Thanksgiving holiday weekend, pushed the dollar higher in anticipation of further rises in U.S. interest rates. The euro kept a low profile as investors awaited European Central Bank speakers including chief Jean-Claude Trichet ahead of a widely-expected 25 basis point rate hike this week. But the outlook beyond...