Would you stick with the US dollar these days?
Would you consider the future of the dollar a good near term risk? ... long term?
Maybe a little concern about our debt, deficit, and lack of political backbone to seriously address this mess?
From a financial standpoint , we're a risk..
From a national strategic standpoint, ... it's a good move on their part.
I really don't think China and Russia are buddies, but they may share a common goal in weakening the USA.

 

I think the fact they didn't do this a long time ago speaks volumes about our political influence in the world, and the PERCEPTION of the USA.

The perception part is interesting. We might just be the emperor with no clothes in short order. Hell, we cant afford ANYTHING right now.

 

Is oil backed by US dollars or are US dollars backed by oil?

 

Oil isn't backed by anything, it doesn't need to be it's a Commodity.
Oil is Priced in Dollars, most of it is traded in Dollars. That is going to change and probably sooner than most realize, when it does the Dollar is done(if not before).

 

Probably related to the missile...

China tells Obama, 'hey, f-you, we're leaving the USD'
Obama says 'you better not or else'
China launches a missile 30 miles off Cali coast.
China leaves USD

 

LOL! I guess the SNL sketches aren't far from truth!

 

This is a monetary tipping point on an international scale. I would expect serious fallout.

 

is this being reported by the MSM?

 

I heard it on a world news report on WAEB up here near Allentown PA.

actually didnt want to bring it up here til I heard the stance our Prez is gonna take on it.

here it is how the Chinese are reporting it. chinadaily.com

 

There's two threads here about the same thing?Anyway,I know some do not listen to glenn beck,but didn't he say this will be the catalyst for things to start unravelling?And as someone else has already mentioned,a coincidence no doubt that this all happens with the american thanksgiving holidays.

 

The article only states that they are no longer using the dollar as currency in trade between those two countries (specifically Russia and China).

While it is still a harbinger for the US dollar and our government, it makes sense, from both Russia and China, to eliminate third party involvement in their trade relations. If said 3rd party can devalue and print Trillions of dollars without any input from other nations, why use their currency?

Not defending China and Russia by any stretch of the imagination, but the OP made it sound like the dollar was no longer going to be used by either nation... it's just not going to be used in their "bilateral" dealings (trade with each other). Of course, when larger nations abandon the world reserve currency (even for localized trade) other's can't be far behind.

 

I didnt make it sound like anything. It said Russia and China arent going to use the US $, meaning with each other.
I assumed when I posted the link people could read it for themselves.

 

"Tone" is kinda hard to pick up via text, but I do know that you are a self righteous ****.
I have better things to do with my valuable time than police other peoples posts on the net. Clearly you do not. I was trying to pass along information, unaware that it had been posted previously. Was that really such an aggregious error? Or is your life so empty that you are policing the site on Thanksgiving? So... thanks for "biting". Now go **** yourself.

Tone is everything... so I'll bite.



Silly me for thinking "standard currency" really meant "currency used in bi-lateral trade between the two countries as part of a pact/agreement between said countries" and not, um, uh, hmmmm oh, "standard currency"...

Good thing some of us actually do read the articles and don't take posters claims at face value, even when they do "make it sound like something".


So you had to clarify what you "meant" by what you posted... Pretty sure most wouldn't get that, out of your original post.

That, and the fact there were two other posts on the topic already going:
11/23/10 11:23 PM http://www.survivalistboards.com/showthread.php?t=138548
11/24/10 9:55 AM http://www.survivalistboards.com/showthread.php?t=138590

Search is your friend...

 

Question for one of you economists: What happens now? We use our dollars to buy another currency, and THEN use the accepted form to buy our goods? They dumped the dollar, but does that mean they are dumping their trade as well? How do we continue to get our goods at a reasonable rate if our money is no good to them?

 

Question for one of you economists: What happens now? We use our dollars to buy another currency, and THEN use the accepted form to buy our goods? They dumped the dollar, but does that mean they are dumping their trade as well? How do we continue to get our goods at a reasonable rate if our money is no good to them?

You mean how do we continue to buy THEIR goods? Simple. We don't. Eventually they'll cut us off. They already perceive the US dollar as a risky form of currency. We'll probably begin to convert to a different world reserve currency in the long term, and get a miserable return on the exchange rate. But for the average person, I expect major shortages of China's goods once they get their every aspect of their economy off the dollar.

 

Russia is not the first country to sign such an agreement with China, hell, they are not even the first dozen. China has already had such agreements with quite a few major trading parners from Iran to Brizzel to many other Asia countries...

 

"China will firmly follow the path of peaceful development and support the renaissance of Russia as a great power," he said.

"The modernization of China will not affect other countries' interests, while a solid and strong Sino-Russian relationship is in line with the fundamental interests of both countries."

Wen said Beijing is willing to boost cooperation with Moscow in Northeast Asia, Central Asia and the Asia-Pacific region, as well as in major international organizations and on mechanisms in pursuit of a "fair and reasonable new order" in international politics and the economy.

Sun Zhuangzhi, a senior researcher in Central Asian studies at the Chinese Academy of Social Sciences, said the new mode of trade settlement between China and Russia follows a global trend after the financial crisis exposed the faults of a dollar-dominated world financial system.

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.

Pretty slick. Yep, it technically only covers bilateral deals between China and Russia. But read the bold, underlined, and italicized sections of the article above. Any prepper worth his or her salt should be able to read between the lines here as to what is beginning to occur.

How long do you think it'll take for China to demand we repay our debts? They know the US cannot repay our debt to them.