Russia Is Doing It - Russia Is Actually Abandoning The Dollar

The Russians are actually making a move against the petrodollar. It appears that they are quite serious about their de-dollarization strategy. The largest natural gas producer on the planet, Gazprom, has signed agreements with some of their biggest customers to switch payments for natural gas from U.S. dollars to euros. And Gazprom would have never done this without the full approval of the Russian government, because the Russian government holds a majority stake in Gazprom. There hasn't been a word about this from the big mainstream news networks in the United States, but this is huge. When you are talking about Gazprom, you are talking about a company that is absolutely massive. It is one of the largest companies in the entire world and it makes up 8 percent of Russian GDP all by itself. It holds 18 percent of the natural gas reserves of the entire planet, and it is also a very large oil producer. So for Gazprom to make a move like this is extremely significant.

When Barack Obama decided to slap some meaningless economic sanctions on Russia a while back, he probably figured that the world would forget about them after a few news cycles.

But the Russians do not forget, and they certainly do not forgive.

http://theeconomiccollapseblog.com/archives/russia-is-doing-it-russia-is-actually-abandoning-the-dollar

Part of the beginning of the collapse of the US dollar.

Ha. Nice!

So Putin thinks avoiding the dollar will hurt the USA, when it'll likely just help us. We don't really export to Russia, and then pulling out of the dollar will just cheapen the dollar which reduces our inflation and makes US manufacturing cheaper.

We win.

Michael T. Snyder is a fundamentalist Christian crank who has started numerous blogs as a testament to his raging insane belief that the world is about to end. He started with The Economic Collapse Blog in 2007, with constant articles stating how the world is going to hell every single day since the meltdown started in 2007. It seems as though Snyder blames the government for every ill in the world, because without it everything would be great.

Like most doom-sayers, it doesn't seem to faze Snyder one bit that every one of his past predictions of economic collapse were dead wrong. This horrendous track record would cause most people to reevaluate their beliefs in the effort to one day be right. Yet, he simply refuses to even address or acknowledge that he has been wrong thousands of times, especially if you count each numbered item of his massive lists. He seems to have explosive diarrhea of the mind that no amount of logic can slow or stop.

Michael T. Snyder states on his contact page that he is an undergraduate in Commerce from the University of Virginia, and possesses a law degree with an LLM (legal emphasis, not stated) from the University of Florida law school. He has supposedly worked in "numerous Washington DC law firms," but quit to live outside of Seattle and rage at the world through the internet. Or as Snyder puts it, "Now I mostly focus on trying to make a difference in the world."

He also states very clearly, "I am a Christian, but I believe that most of the churches in America have gotten way off track." Snyder has recently posted a statement of faith[1] in which he states that he believes that the Bible is literally true and that Jesus is coming down in person soon to start the end times to punish all the non-believers.[2] After which Jesus will start his thousand year reign over Earth.

Otherwise Snyder is very tight lipped about himself, which makes it hard to find out what drove him mad.

http://rationalwiki.org/wiki/Michael_T._Snyder

http://whatdoesthebiblesayabout.com/archives/what-do-we-believe-our-statement-of-faith
(That Financial Guru)

I think we ought to take that Guy's Predictions with a large Dose of Sodium Chloride!

It's a fiat money system with the illusion of value, being devalued further daily by the FED itself.

It IS collapsing, it will fail, and not far in the future! China, Russia and the BRICs nations have been hoarding gold as the cookie crumbles as well as importing business and industry.

Call him many things, but Putin is no idiot like the joke sitting on our artificial throne, and our own govt (congress) is nothing more than a prop, a bunch of "yes men" for the multi-national corporations, fueled by the worker drones they and the stock markets have created for them...... who care little who wins or loses in the game!

that is so true

only the united states are ignorant enough to rebuild their enemies to mighty powerhouses so the world bankers can expand their financial markets

oh yeah the world bankers own the US govt

Perhaps i missed the sarcasm, in which case i apologize, but you do understand that the devaluation (cheapening, if you will) of our currency is pretty much the definition of inflation right? And lowering the cost of our exports to other countries also hurts our economy, as it lowers the amount of money we import?

Wasn't this the admitted real reason for Bush II's war in Iraq? Sadam was going with the Euro and wanted OPEC to do it as well?

Probably not, but if it works for you go with it.

Petro Euros vs. Petro Dollars

Iran's proposed Euro-based oil trading system is a factor behind the threat of war on Iran
Saddam Hussein's shift to petro-euros was a reason the US attacked Iraq

related page:

Peak Money
The Organization of Petroleum Exporting Countries (OPEC) is shifting away from total reliance on the dollar as an international currency - and adopting the euro as an alternative. This is probably the US government's worst nightmare, economically speaking. Saddam Hussein's biggest crime in recent years - in the minds of the US elites - is his demand to be paid in euros instead of dollars for the oil that Iraq exports (it was a wise business decision, given that the dollar has dropped and the euro is now worth $1.10, as of March 10, 2003 - $1.20 reached in December, 2003) These articles provide background and detail about the war between the dollar and the euro, which will be waged by proxy in Iraq (and Iran).

Update: as of September 2007, the euro is at $1.40 -- a substantial decline in the value of the dollar. This website does not keep track of the constant fluctuations, but the long term trend is obvious.

March 2008 - $1.50, $1.58, falling falling falling ...

What the United States gained in terms of European good will after World War II has been lost forever. And as the Euro continues to remain stronger than the dollar, there is little incentive anywhere for people here to remember.
-- Michael Ruppert





http://uk.news.yahoo.com/rtrs/20071208/tpl-uk-iran-oil-dollar-02bfc7e_1.html

Iran stops selling oil in U.S. dollars -report
Reuters - Saturday, December 8, 2007 - 10:10 am

TEHRAN (Reuters) - Iran has completely stopped selling any of its oil for U.S. dollars, an Iranian news agency reported on Saturday, citing the oil minister of the world's fourth-largest crude producer.

The ISNA news agency did not give a direct quote from Oil Minister Gholamhossein Nozari. A senior oil official last month said "nearly all" of Iran's crude oil sales were now being paid for in non-U.S. currencies.

For nearly two years, OPEC's second biggest producer has been reducing its exposure to the dollar, saying the weak U.S. currency is eroding its purchasing power.

From Time Magazine:


Foreign Exchange: Saddam Turns His Back on Greenbacks
By William Dowell/New York City Monday, Nov. 13, 2000
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Europe's dream of promoting the euro as a competitor to the U.S. dollar may get a boost from SADDAM HUSSEIN. Iraq says that from now on, it wants payments for its oil in euros, despite the fact that the battered European currency unit, which used to be worth quite a bit more than $1, has dropped to about 82[cents]. Iraq says it will no longer accept dollars for oil because it does not want to deal "in the currency of the enemy."

The switch to euros would cost the U.N. a small fortune in accounting-paperwork changes. It would also reduce the...

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Time magazine? You mean this Time Mag.?




I wouldn't wipe my A** with it.

Or this one?



I wouldn't wipe my A** with it either.

I would,and make sure the Face gets all nice poopy!

Not even if you had IBS?

When my azz needs wiping, it needs wiping! Although I once spent 45 minutes on a bidet at a fancy bed and breakfast; my g/f at the time kept saying that better be making you horny

Many have thought that the petrodollar was the only reason the dollar was staying afloat. The US has crushing debt. The Euro and the Chinese Yuan have been itching to become the standards to replace the dollar.

Without the petrodollar, the US dollar tends to follow the rest of the World's currency in the fact that ... the more you print without something to back it up, the less it is worth. The value of the US dollar is now being set by the value of a barrel of oil. Without that standard, the value of the US dollar could drop dramatically.

Well, when that happens we will have lot's of paper to wipe our a** with.

Yeah, you can start with that huge gas deal between Russia and China, $400 Billion, to be settled in rubles. They have also agreed that any trade between them will be settled in rubles and yuan.

Then you can add the BRICS countries that have agreed to settle in their currencies.

This is significant as the world's top countries start to shift their trade from the dollar, our free ride all these years, into local currencies. This will mean a total collapse of the dollar and the Euro, yes the Euro.

The big question here is which will go first, the Pound, the Yen, or the Euro. Doesn't really matter as it will be like falling dominoes, a chain reaction.

But oil is the big causation of the abandoning of the dollar, first Iraq, then Iran, Syria, Libya, Venezuela and now Saudi Arabia. The only value the dollar has is to buy oil, but with the oil producing countries switching to either the Euro or their own currencies, a worthless piece of paper becomes even more worthless, not even worth what little thermal energy generated to burn it.

But this is nothing new, just old news that the idiots in these united States prefer to ignore. Most will ignore even as that monster boulder rolling down the hill flattens them. Oh, there is going to be some fun times here in these united States here in the not too distant future. I would suggest practicing bending over, sticking the head between the legs and planting big smooches on the old derriere.

Beginning, the dollar collapsed long ago, just waiting for the death throes to be acknowledged.

In 1913, $0.04 would buy what it takes a $1.00 to buy today, a loss of 95.8% of it's value, a remarkable 2303% inflation.

US Inflation Calculator