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Euro's Share In Russian Reserves Overtakes U.S. Dollar

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posted on May, 18 2009 @ 08:21 PM
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This breaking news I would put to many places in ATS. I try to find some suitable thread for this news - but I assume this will be interest in many readers...

There is a concern from Russia-NATO relations going fast to red alert, and this is also great notice for those who have waited this to happen in economical battles too. But - now its true - and worlds 3rd greatest owner of foreign currency reserves has start officially to dump dollars, and change greenbacks to Euros.



The euro's share in Russia's forex reserves, the world's third-largest, overtook that of the dollar last year as the country pressed on with a gradual diversification, the Central Bank's annual report showed.

The euro's share increased to 47.5 percent as of Jan. 1 from 42.4 percent a year ago, according to the report, which was submitted to the State Duma on Monday.

The dollar's share fell to 41.5 percent from 47 percent at the start of 2008 and 49 percent at the start of 2007.

Concern about countries allocating a greater share of their reserves in currencies other than the dollar has been one of the factors weighing on the greenback in recent years.

www.themoscowtimes.com...



[edit on 18-5-2009 by JanusFIN]




posted on May, 18 2009 @ 08:51 PM
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GREAT FIND!!

Also read this afternoon that China is actively converting as well..

Article Here

Things will be moving faster than the speed of light now, the big boyz will be showing their arses on the Forex soon....

[edit on 18-5-2009 by RolandBrichter]



posted on May, 18 2009 @ 09:05 PM
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It's only a matter of time before others start doing this as well as they wouldn't want to be caught holding toilet paper.
My country has some $36 B and the entire Asean region have hundreds. This should be fun.



posted on May, 18 2009 @ 09:10 PM
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reply to post by RolandBrichter
 


Wow! And these two news broke out same day... Something big can be going on now! - and next SCO meeting is again taking place on Moscow with my recent information on 20.5. (Georgia Crisis) - Iran is also attending on 15.6.

- Maybe these has lots of do with these news - or then not...

Iranian President invited to Shanghai summit
www.irna.ir...

Mediators work to salvage Russia-Georgia talks
www.alertnet.org...

[edit on 18-5-2009 by JanusFIN]



posted on May, 18 2009 @ 09:36 PM
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Originally posted by RolandBrichter
GREAT FIND!!

Also read this afternoon that China is actively converting as well..

Article Here

Things will be moving faster than the speed of light now, the big boyz will be showing their arses on the Forex soon....

[edit on 18-5-2009 by RolandBrichter]
*looking@the banner of that site* ghe i wonder if they've already converted the stolen bail out money in commodities or something. Otherwise theFED&co have enough toiletpaper for the next century



posted on May, 18 2009 @ 09:37 PM
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Hey guys..

Europe is doing no better than us, infact they are worse off in most circumstances..

I wont comment beyond that



posted on May, 18 2009 @ 09:47 PM
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reply to post by GreenBicMan
 


That is pretty true, unemployment is higher, gdp contractions are higher, their banking sectors hit harder.. I am actually very surprised the Euro is still valued above the US Dollar quite honestly.. It may perhaps show how far the US Dollar has been debased since the begin of the crash.

I wouldn't be surprised if Russia is not also building a very large Gold reserve. .as it would make much more sense at the moment than buying Euro's.



posted on May, 18 2009 @ 10:01 PM
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reply to post by Rockpuck
 


Yeah, honestly, this whole thing seems like disinformation on some form..

If we look to the media lately, we have been seeing a lot of things about how poor the dollar is (which is true..)

But lets look at it this way..

Usually the best time to get into things is when the media is down on it the most (like the stock market)

I cant say I know for sure what is going on, I mean how could you.. but I have my doubts they are piling on more worthless euro's



posted on May, 18 2009 @ 10:02 PM
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Originally posted by GreenBicMan
Hey guys..

Europe is doing no better than us, infact they are worse off in most circumstances..

I wont comment beyond that


Europe is indeed in shambles...Look to Ireland to go Tango Uniform next...no matter how you wanna slice it, Western economic dominance is on the wane...



posted on May, 18 2009 @ 10:09 PM
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reply to post by RolandBrichter
 


No doubt..

But that doesnt explain why they would want more worthless stuff in exchange for our dollar (which might also be worthless, but at least carries somewhat more precedence IMO)



posted on May, 18 2009 @ 10:32 PM
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maybe this has someting to do with the builderberg meeting and thier intentions? Thejsut had thier annual cosnpiracy of death to all meeting last week...possilbe?



posted on May, 18 2009 @ 10:38 PM
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Originally posted by GreenBicMan
reply to post by RolandBrichter
 


No doubt..

But that doesnt explain why they would want more worthless stuff in exchange for our dollar (which might also be worthless, but at least carries somewhat more precedence IMO)


Something tells me that they're aiming for a global gold standard here...and link them to a basket of currencies...if that is the case China and Russia stand to gain the most...and we turn into a banana republic



posted on May, 18 2009 @ 11:53 PM
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A year ago , who would have guessed that there would be so much open discussion regarding the replacement of the $USD as a unit for the settlement of international trade?


Brazil and China eye plan to axe dollar
By Jonathan Wheatley in São Paulo
Published: May 18 2009 18:24 | Last updated: May 18 2009 23:31

Brazil and China will work towards using their own currencies in trade transactions rather than the US dollar, according to Brazil’s central bank and aides to Luiz Inácio Lula da Silva, Brazil’s president.

The move follows recent Chinese challenges to the status of the dollar as the world’s leading international currency.

Text


Dollar:Gold inverse?

Not in this market....

Uncle Buck headed South again today, making this 20min drive-by self explanitory. The only question is , which price suppression member (JPM? - GS?) , got the short end of the eeny-meeny-miny-moe this morning , and was required to dump a couple tons of their Gold holdings


On a $USD down day - the BS stands out like a sore-thumb.

GL



posted on May, 19 2009 @ 12:01 AM
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I dont know about this intl gold standard talk..

that means we would all have to give value to something somehow..

i like it better when we make things up..

its more of a game that way when you can buy or short your way into fortunes



posted on May, 19 2009 @ 05:39 AM
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reply to post by OBE1
 


Hehehehe. They really are following the pattern.
Those of you who follow my posts know what I'm talking about. The script is written, and the actors are acting.



posted on May, 19 2009 @ 09:54 AM
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Originally posted by Rockpuck
reply to post by GreenBicMan
 


That is pretty true, unemployment is higher, gdp contractions are higher, their banking sectors hit harder.. I am actually very surprised the Euro is still valued above the US Dollar quite honestly.. It may perhaps show how far the US Dollar has been debased since the begin of the crash.

I wouldn't be surprised if Russia is not also building a very large Gold reserve. .as it would make much more sense at the moment than buying Euro's.


The thing is, especially the US wants to keep the current system of the credit bubble alive were debt " shouln't be a problem" and a ridiculous expansion of the liquidity as long a there is growth (the prospect of).the Debt and growth are intertwinned, the US needs growth by lending and inreverse.As the big bubble, the final credit bubble will burst the US will call its bankruptcy and have the same unrest as Argentina in 2001[but knowing your nature probably worse], because CHina is such a big exporter to the US they too will feel the pain in the export bussiness.Trade within the EU is bigger then between EU and the outside..Europe experience slow growth or shrinking of the economy but not a monetary and financial meltdown because EU countries are not allowed to have a public debt more then 60% of their GDP, thus a strong Euro...

The new [debt] system will be just a new currency and then the FED is going to do the trick over and over again..

[edit on 19-5-2009 by Foppezao]



posted on May, 19 2009 @ 03:24 PM
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reply to post by Foppezao
 


I don't know where that info came from about Debt to GDP ratio for European countries.. almost every Eastern European is 100%+ debt to GDP ratio, and some countries like Ireland for example are several hundred % above GDP levels..

These same emerging economies which prop up the Euro are coming to the realization they never created any wealth at all. Just look at Ireland and Spain's housing explosion, the percentage of GDP that was construction, the number of corporations fleeing.. Europe went through SAME Bubble the US Did, only in many cases the Bubble was far larger and far more drastic.



posted on May, 19 2009 @ 03:28 PM
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reply to post by Rockpuck
 


I think some are in the 1000%'s actually, I know there is a slideshow on cnbc.com that lists these im pretty sure



posted on May, 19 2009 @ 03:30 PM
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My mistake.. its 8xx% with IRELAND taking the cake



Link



posted on May, 19 2009 @ 04:14 PM
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reply to post by GreenBicMan
 


Yes, exactly, I knew they where nearing 1000% percent though.

Taking a look at that slide show confirms the health of the European economy... a MASSIVE bubble that created "wealth" from Debt.



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