Korean Job Discussion Forums

recessiontime · Posted: Sat Nov 27, 2010 3:52 am Post subject: China, Russia quit US dollar

http://www.chinadaily.com.cn/china/2010-11/24/content_11599087.htm

China and Russia have decided to renounce the US dollar and resort to using their own currencies for bilateral trade, Premier Wen Jiabao and his Russian counterpart Vladimir Putin announced late on Tuesday.

http://community.nasdaq.com/News/2010-11/china-russia-open-up-nondollar-trading.aspx?storyid=46466

The former enemies in North Asia have agreed to abandon longstanding rules that require cross-border transactions to be conducted in foreign currency � and dollars in particular.

http://nonsensibleshoes.blogspot.com/2010/11/china-and-russia-abandon-dollar.html

Pang Zhongying, who specializes in international politics at Renmin University of China, said the proposal is not challenging the dollar, but aimed at avoiding the risks the dollar represents.

http://theglobalawakening.wordpress.com/2010/11/24/china-russia-iran-are-dumping-the-dollar/

Something is going on that your government does not want you to know about. Very few journalists have written about it and little or nothing has appeared in the mainstream media. The story could be one of major stories of our time.

Poker · Joined: 16 Jan 2010

So I am guessing that if we keep our money in any currency except for USD we will be okay? Or should we all be buying up gold too?

Jeonmunka · Joined: 05 Oct 2009

I always thought Iraq quitting the dollar was the true pretext / reason for war in 2001/02.
It sure was up there with WMDs and revenge for WTC.

recessiontime · Posted: Sat Nov 27, 2010 6:57 am Post subject:

Junior · Joined: 18 Nov 2005 Location: the eye

mises · Joined: 05 Nov 2007 Location: retired

It makes sense. There's no reason for China and Russia to use a third currency to settle accounts. The US has had a free ride for a long time. I'm sure Ohio will go back to manufacturing when the dollar is dethroned. Nothing to worry about.

Space Bar · Joined: 20 Oct 2010

rollo · Joined: 10 May 2006 Location: China

I assume that it will be replaced by the Euro since Europe is doing so well right now!!

No one bombed Iraq because they wanted euros for their oil. How would asking for Euros really cause the U.S. any problem?

recessiontime · Posted: Sat Nov 27, 2010 6:30 pm Post subject: Re: China, Russia quit US dollar

mises · Joined: 05 Nov 2007 Location: retired

recessiontime · Posted: Sun Nov 28, 2010 10:14 am Post subject:

mises · Joined: 05 Nov 2007 Location: retired

Just imagine the situation if there was only one good globally - apples - and they were priced in dollars. Every apple sold needs a dollar.

recessiontime · Posted: Sun Nov 28, 2010 10:34 am Post subject:

"This allows the US to spend more than the economy produces without the inflationary impact of additional currency circulating."

this part

mises · Joined: 05 Nov 2007 Location: retired

The demand for oil increases the value of the dollar. If oil demand in dollars is diminished, the value of the dollar will decrease.

ThingsComeAround · Joined: 07 Nov 2008

Since someone mentioned Israel, it seems they no longer care for oil...

http://www.npr.org/2010/11/28/131644613/israel-s-clean-tech-boom-draws-a-new-green-line