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Thread: Russia warns US it will stop using the dollar.

  1. #1

    Russia warns US it will stop using the dollar.

    "He told the RIA Novosti news agency Russia could stop using dollars for international transactions and create its own payment system using its "wonderful trade and economic relations with our partners in the East and South.""

    http://news.yahoo.com/russia-warns-c...6261.html?vp=1

    Another crack in our debt based economy.



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  3. #2
    A quicker demise to the dollar.

  4. #3
    Too bad they outlawed bitcoins in russia. they could use those for international transactions.
    rewritten history with armies of their crooks - invented memories, did burn all the books... Mark Knopfler

  5. #4
    Russia and China don't need nuclear ICBMs. All they have do is stop using dollars to wipe us out.

  6. #5
    If I was Russia , I would have released a backed currency and quit using dollars some time ago .....

  7. #6
    Quote Originally Posted by torchbearer View Post
    Too bad they outlawed bitcoins in russia. they could use those for international transactions.
    They're not concerned about the people in Russia being able to trade internationally. They're concerned with being able to control trade.

    I'm not sure China would go in with Russia on a currency at this point. Venezuela and Argentina would jump at the chance. Iran might be interested.

    If Russia can get some African nations involved, they might be able to bribe China into taking a 1/4 share.
    "You cannot solve these problems with war." - Ron Paul

  8. #7
    Yahoo now has this story under the following headline:

    "Aide To Putin Makes The Stupidest Threat Imaginable To The US"

    People have no clue how much the US depends on being the world's reserve currency.

  9. #8
    This is getting good.
    "Men, it has been well said, think in herds; it will be seen that they go mad in herds, while they only recover their senses slowly, and one by one."
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  11. #9
    Quote Originally Posted by kathy88 View Post
    This is getting good.
    I agree. I think this is the first time someone openly threatened the US dollar, isn't it?

  12. #10
    It's one thing to start a war with a nation for selling petroleum for something other than dollars. It's something else entirely to go to war with a nation for selling petroleum to Russia for something other than dollars. And, of course, Russia has a lot of its own to sell in the form of natural gas.

    Does the Fed Board even know how to manage a currency that doesn't have that artificial demand propping up its value? Will they, being bankers, be able to resist the temptation to print?

    This is some $#!+. We need to start educating and lobbying against war with Russia. Right now. 'We managed to avoid committing nuclear holocaust with Russia when they were commies. Can we avoid that now that we're the commies?'


    Quote Originally Posted by Madison320 View Post
    Yahoo now has this story under the following headline:

    "Aide To Putin Makes The Stupidest Threat Imaginable To The US"

    People have no clue how much the US depends on being the world's reserve currency.
    And Yahoo's trying to keep it that way.
    Quote Originally Posted by Swordsmyth View Post
    We believe our lying eyes...

  13. #11
    Quote Originally Posted by acptulsa View Post

    This is some $#!+. We need to start educating and lobbying against war with Russia. Right now. 'We managed to avoid committing nuclear holocaust with Russia when they were commies. Can we avoid that now that we're the commies?'

    My guess is our leaders know how dependent we are on keeping the dollar as the reserve currency. I'll be surprised if we take any real action against Russia. Just guessing though.

  14. #12
    Quote Originally Posted by acptulsa View Post
    Does the Fed Board even know how to manage a currency that doesn't have that artificial demand propping up its value? Will they, being bankers, be able to resist the temptation to print?
    Perhaps the gameplan has been to destroy the US all along. just saying.

  15. #13
    Quote Originally Posted by Madison320 View Post
    Yahoo now has this story under the following headline:

    "Aide To Putin Makes The Stupidest Threat Imaginable To The US"

    People have no clue how much the US depends on being the world's reserve currency.
    I just googled the headline. It's at a lot of other sites, too.

    The article itself is just a collection of quoted sources accompanied by glib, out-of-hand dismissals.

    Here's a sample:
    From Reuters:

    A Kremlin aide said on Tuesday that if the United States were to impose sanctions on Russia over Ukraine, Moscow might be forced to drop the dollar as a reserve currency and refuse to pay off any loans to U.S. banks.

    Catch that? Glazyev is literally threatening to put his own companies into default. That's the opposite of a threat.
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  16. #14
    Russia knows exactly where the US' weak points are. It's ridiculous how outmatched the US govt is in this battle of wits.

  17. #15
    Quote Originally Posted by thoughtomator View Post
    Russia knows exactly where the US' weak points are. It's ridiculous how outmatched the US govt is in this battle of wits.

    Pretty sure China would be on board with this. They'd certainly be willing to partner wit Russia to create a currrency that was based at least partially on the strength of their currency. They would absolutely like to see the dollar kicked out of the title spot.

  18. #16
    Quote Originally Posted by specsaregood View Post
    Perhaps the gameplan has been to destroy the US all along. just saying.
    Or saying it differently, destroy the monopoly of the US dollar. Still that would be hard to believe because what would the US gain by totally destroying its monopoly? This move will not just hurt US citizens but it would also hurt the US govt. I cannot think of any reason why they would wanna do that



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  20. #17
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  21. #18
    Nice to see Russia firing back against the US instead of just backing down with their tail between their legs like the majority of other countries.

  22. #19
    Quote Originally Posted by juleswin View Post
    Or saying it differently, destroy the monopoly of the US dollar. Still that would be hard to believe because what would the US gain by totally destroying its monopoly? This move will not just hurt US citizens but it would also hurt the US govt. I cannot think of any reason why they would wanna do that
    No doubt the people involved have their own golden parachute and wont be hurt in the process. If anything they'll expect to be highly rewarded.

  23. #20
    Quote Originally Posted by DFF View Post
    Nice to see Russia firing back against the US instead of just backing down with their tail between their legs like the majority of other countries.
    Just imagine if China had made that comment. Then the dollar would really be in trouble.

  24. #21
    Quote Originally Posted by juleswin View Post
    Or saying it differently, destroy the monopoly of the US dollar. Still that would be hard to believe because what would the US gain by totally destroying its monopoly? This move will not just hurt US citizens but it would also hurt the US govt. I cannot think of any reason why they would wanna do that
    I agree. I don't see how the US govt and especially the US banking system would benefit from a dollar crash. Right now the banks and the govt are getting free money. If the dollar crashes and gets replaced with real money they'd have to work for a living.

  25. #22
    Quote Originally Posted by Madison320 View Post
    I agree. I think this is the first time someone openly threatened the US dollar, isn't it?
    Gadhafi worked on that subject.

  26. #23
    They, like the Chinese, have been signing bilateral trade agreements with just about everyone around them outside of USD (using their own currencies, Euro etc - anything but the dollar) for about 5 years now and have gone into over drive over the last 2 years or so.

    Backed currency is very unlikely. Failed CONFIDENCE in the reserve status fiat will achieve the same goals without having to redeem their own currency for a coveted commodity.

    Quote Originally Posted by oyarde View Post
    If I was Russia , I would have released a backed currency and quit using dollars some time ago .....
    "Like an army falling, one by one by one" - Linkin Park

  27. #24
    Quote Originally Posted by juleswin View Post
    Or saying it differently, destroy the monopoly of the US dollar. Still that would be hard to believe because what would the US gain by totally destroying its monopoly? This move will not just hurt US citizens but it would also hurt the US govt. I cannot think of any reason why they would wanna do that
    The way I see it there are two camps: Neocons and globalists. On the one hand, the neocons want a de facto one-world government as a result of US hegemony with the Israeli government as a silent partner (but still have golden parachutes and friends across the aisle just in case). On the other hand, the globalists are just using the US as a tool instead of identifying with its flag, and they don't really care what "countries" make the laws as long as they still control the currency and have their tentacles everywhere. Whether the US, EU, UN, or someone else officially calls the shots is of little concern to them, as long as world finance has to go through their oligopoly. From their perspective, overusing their favorite cudgel (the US government) until it grinds into dust and ends the world's first experiment in limited government in embarrassment is an additional perk rather than a danger (and they never really liked the US from the beginning given its original roots in sound money). The biggest difference between the two camps is probably how often they sing "America $#@! Yeah" in the shower, and I'd imagine the latter group probably has a larger representation in the Fed's leadership.

    That's my best guess at least.
    Last edited by Mini-Me; 03-04-2014 at 04:12 PM.
    Quote Originally Posted by President John F. Kennedy
    And we must face the fact that the United States is neither omnipotent nor omniscient. That we are only 6% of the world's population, and that we cannot impose our will upon the other 94% of mankind. That we cannot right every wrong or reverse each adversity, and that therefore there cannot be an American solution to every world problem.
    I need an education in US history, from the ground up. Can you help point me to a comprehensive, unbiased, scholarly resource?



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  29. #25
    When the US is at 90-100% leverage or beyond, what does a 1% drop do?

    Hmmm...
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  30. #26
    Quote Originally Posted by idiom View Post
    When the US is at 90-100% leverage or beyond, what does a 1% drop do?

    Hmmm...
    Stay Tuned, and Find Out!
    Quote Originally Posted by President John F. Kennedy
    And we must face the fact that the United States is neither omnipotent nor omniscient. That we are only 6% of the world's population, and that we cannot impose our will upon the other 94% of mankind. That we cannot right every wrong or reverse each adversity, and that therefore there cannot be an American solution to every world problem.
    I need an education in US history, from the ground up. Can you help point me to a comprehensive, unbiased, scholarly resource?

  31. #27
    Hmm. I think some conspiracy nut has been running around warning that this Ukraine thing has serious implications on the petrodollar... The Ukraine is also a major point of logistics for what resource again? Petroleum products of all kinds? Oh, OK. A major national-resource level oil pipe-line? Uh huh. I get it. Natural gas too?

    If Russia stops using the US Dollar the place they will stop first is oil. Once the floodgates open for competing currencies or a replacement currency for petroleum transactions, the dam will break, and the valley will flood. The FRN will become worthless overseas. Things will change slightly more slowly at home. There will be a lot of people with a lot of worthless dollars hanging out overseas, they will try to bring them home and convert those dollars to assets and durable goods. As that buying explodes, monetary inflation will mostly expand into these asset purchases, but that will end, spending will shift to consumable items, and then the US Dollar will implode, and break open a 'class divide by wealth' more severe than has ever been seen on Earth.

    The dollar will collapse, food costs will start launching upwards, logistics will break down, groceries will empty and go out of business, and people, finally hungry, will go out to the streets in protest and riot en masse.

    I want to make a giant banner in wait for when this does happen, and when people begin moving on the government en-masse join them with an absurdly large banner (2-person at least) reading "This would not have happened if you had obeyed the Constitution."

  32. #28
    Oh, and I do think the grocery stores will re-fill pretty quickly, only half the population just won't be able to afford to shop there.

  33. #29
    Quote Originally Posted by GunnyFreedom View Post
    I want to make a giant banner in wait for when this does happen, and when people begin moving on the government en-masse join them with an absurdly large banner (2-person at least) reading "This would not have happened if you had obeyed the Constitution."

    Good idea. I'll kick in a bit for the banner!

  34. #30

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