Argentina, Brazil to Drop U.S. Dollar in bilateral commercial transactions

Argentina, Brazil to Drop U.S. Dollar in bilateral commercial transactions

www.chinadaily.com.cn

BUENOS AIRES - Argentina and Brazil are to scrap bilateral commercial transactions in US dollars and start using their own currencies from August, an official in charge of currency settlement at the Argentine Central Bank said here Saturday.

The new payment system is aimed at reducing costs in commercial transactions and would benefit small and medium-sized enterprises, the official said.

Under the new system, there will be a unified exchange rate between the real and peso, the so-called reference rate, which will be applied by Brazilian and Argentine central banks at the end of each day.

Brazilian President Luiz Inacio Lula da Silva reached an agreement to establish a new payment system with his Argentine counterpart Cristina Fernandez de Kirchner during his visit to Argentina in February.

(visit the link for the full news article)

This is getting beyond alarming...You know we're screwed when other nations are favoring the PESO over the Dollar! WTF? The whole planet is wanting to distance itself from our currency. How the heck are we ever going to get out of this mess?

www.chinadaily.com.cn
(visit the link for the full news article)

All my dreams come true!

Ron Paul was your last hope, and you didnt understand it. Your Messias is now banned, and your empire is doomed.

For all the suffering Iraqis, Palestinians, Afghans, and many others who are devastated by your fascist army, im pleased to see, and hope that final collapse happens tomorrow, not one day after anymore.

Dollar is your achilles, and its attacked hardly. Army without own treasures is not an army, but bunch of criminals. And you have just come as ones.

Fall of USA is only present for rest of us!

Originally posted by DimensionalDetective


This is getting beyond alarming...You know we're screwed when other nations are favoring the PESO over the Dollar! WTF? The whole planet is wanting to distance itself from our currency. How the heck are we ever going to get out of this mess?

www.chinadaily.com.cn
(visit the link for the full news article)

So lets see....Venezuela, Brazil and Argentina...looks like our allies in South America are abandoning us in wholesale.

It's clear after watching Treasury Secretary Paulson this morning on the Sunday News Circuit that the dollar is doomed, and the only folks getting bailout help are the comapnies that caused the problem.

I don't blame some of the other countries for not taking the dollar...at least they have the option...WE DON'T!

Lets bring some sanity into this thread, this has nothing to do with Ron Paul or a decline of a "Empire"

There are talks of Latin America gaining its own single currency, like the Euro, Chavez has mentioned it many times before. This is probably the first move, we shall have to wait and see what happens.

The new payment system is aimed at reducing costs in commercial transactions and would benefit small and medium-sized enterprises, the official said.

Where is the conspiracy These nations just want to help small and medium businesses. Nothing doom and gloom here.

reply to post by infinite


if nobody is willing to accept our currency where does that leave us ?

Not at all surprising it's Brazil and Argentina, they've been charting an independent course from the US for some time and this is another step in distancing and toward charting their own way forward.

Brazil has just discovered 2 huge offshore oil & gas fields, the two countries are developing nuclear power, and are also jointly to build nuclear -powered attack submarines.

Looking at their agenda, it makes perfect sense.

Now if Japan, Russia, China or a major ME oil exporter is reported pondering something similar, then we should really worry.

reply to post by DimensionalDetective

The link does not work any more... And I cannot find that piece of news on that site. Any other links available on this?

reply to post by turbokid


Why should they? Argentina and Brazil are independent nations and can do what they like.

Logically the European Union and China will be next. China already buys oil in Euros.

Why should they? Argentina and Brazil are independent nations and can do what they like.

Because after WW2 the western allies agreed at the bretton Woods conference to the current set up so they could abandon tying currencies to gold reserves.

Now nations with oil have the new gold and they don't want it being bought with depreciating currency.

[edit on 17-3-2008 by sy.gunson]

Originally posted by infinite
reply to post by turbokid

 

Why should they? Argentina and Brazil are independent nations and can do what they like.

right. i wasnt saying they HAVE to use or accept our currency, i was saying what good is a currency that nobody accepts?
we cant force them to accept our crap money.
these two countries are the most recent in a string of countries lookin to divest from the dollar.
in trouble we are.