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Russia Dumps the U.S. Dollar for Euro as Reserve Currency

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posted on May, 21 2009 @ 08:30 PM
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Russia Dumps the U.S. Dollar for Euro as Reserve Currency


www.marketoracle.co.uk

The US dollar is not Russia’s basic reserve currency anymore. The euro-based share of reserve assets of Russia’s Central Bank increased to the level of 47.5 percent as of January 1, 2009 and exceeded the investments in dollar assets, which made up 41.5 percent, The Vedomosti newspaper wrote.
(visit the link for the full news article)


Related News Links:
english.pravda.ru




posted on May, 21 2009 @ 08:30 PM
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And so it begins...

This strikes me as a rather significant development. I suppose better Russia than China or Japan, but can they be far behind?

I think in years to come this will be seen as a very significant moment. The first trickle in what is likely to become a very rapid, very ugly avalanche. And actully, now that I think of it, Russia represents much more than a mere "trickle..."

www.marketoracle.co.uk
(visit the link for the full news article)



posted on May, 21 2009 @ 08:58 PM
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The article mentions what has been going on in Spain:


The massive transfer of wealth that many businesses seek is not necessarily good for the rest of the economy. Spain has been proclaimed a global example in providing financial aid to renewable energy companies to create green jobs. But research shows that each new job cost Spain 571,138 euros, with subsidies of more than one million euros required to create each new job in the uncompetitive wind industry. Moreover, the programs resulted in the destruction of nearly 110,000 jobs elsewhere in the economy, or 2.2 jobs for every job created.


Yikes! Between the $30,000 GM golf carts we will be driving in a few years, and the "green economy", we are in dire straits.

[edit: this is supposed to be in another thread, whoops]

[edit on 21-5-2009 by greenorbs]



posted on May, 21 2009 @ 09:35 PM
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I believe this is huge, as well.

A while back, I read an article alleging that one of the reasons we invaded Iraq for the second time was that Saddam had announced that Iraq's oil would be traded in Euros, rather than dollars.

After having read that, I watched (back in the days of Bush), the saber rattling toward the end of Bush's term, and sure enough, Iran had announced that they would be trading oil in Euros from such and such a date on.

Within days, Bush was threatening actions on Iran, and I seem to remember this was when he made that WW3 comment.

At the same time this was going on, all of those internet outages from cut cables occurred. I always suspected they were tied to each other.



posted on May, 21 2009 @ 09:36 PM
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Wow. Any more sources on this? I will have to do some googling I see.
This will be bad, if it sets precedent for China and then all OPEC countries to follow.



posted on May, 21 2009 @ 09:47 PM
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Originally posted by Oaktree
I believe this is huge, as well.

A while back, I read an article alleging that one of the reasons we invaded Iraq for the second time was that Saddam had announced that Iraq's oil would be traded in Euros, rather than dollars.

After having read that, I watched (back in the days of Bush), the saber rattling toward the end of Bush's term, and sure enough, Iran had announced that they would be trading oil in Euros from such and such a date on.

Within days, Bush was threatening actions on Iran, and I seem to remember this was when he made that WW3 comment.

At the same time this was going on, all of those internet outages from cut cables occurred. I always suspected they were tied to each other.


You are so right!

Saddam switched to euros and wham! what happened?

Iran open it's oil Bours bypassing the dollar and wants to be payed in euros, later they cut the underwater fibers outside UAE and in other places to hinder Iran and to send a strong message.

"During 2007, Iran asked its petroleum customers to pay in non-dollar currencies. By December 8, 2007, Iran reported to have converted all of its oil export payments to non-dollar currencies"

en.wikipedia.org...



posted on May, 21 2009 @ 10:07 PM
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I'm sure (I hope) that TPTB understand that Russia is far from Iraq/ Iran as far as strength, but could some of these nations, such as Russia, China, and to a lesser extent, Saudi Arabia, UAE, etc. have found the U.S. achilles heal, so to speak?



posted on May, 22 2009 @ 01:15 AM
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I wonder if this has anything to do with that other thread "Us preparing for war with the enemy: russia"



posted on May, 22 2009 @ 01:29 AM
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Saddam was going to switch from $US just before the invasion. But it's not simple cause and effect.

China, Russia, and predominantly France were benefiting from deep discount oil in that scam UN program. That's why they freaked out about the US going in. They had billions owed to them in oil and were terrified a regime change they would never collect.

France was pushing for the Euro switch.

A lot of double dealing and back stories about the US invasion we'll never be told about. A joint agreement of silence.

Russia was seen with convoys shipping the supposedly non-existent WMD to Syria a few days in advance, for example.


Mike



posted on May, 22 2009 @ 02:38 AM
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I expected this. As China maneuvers the Yuan to reserve status through currency swaps and the sale of bonds, the rest of the world will dump the US dollar for Euros and Yuan. Imagine that, they are following the script.



posted on May, 22 2009 @ 03:10 AM
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A Catch-22 in the plan to move away from the $US is that the competition ain't lookin' so hot.

Europe has its own mega economic problems that aren't as reported on as those in the USA.

A lot of discontent particularly as unemployment rises and workers from ravaged countries move to the healthier ones. More significant a problem than it appears.

Europe teeters with an aging population, and no great advantages in manufacturing or anything they produce. Even buoyant countries like France and Italy face precipitous declines in GDP.

More than one country wants to pull away from the EU, while Geneva pushes for more consolidation. It's moving towards one big nation functionally, and no one quite knows who the leaders are.

As bad a shape as the US is in, Europe might be worse.

Don't exchange your dollars for euros yet.

Mike



posted on May, 22 2009 @ 10:35 AM
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WOOOOOOAAAAAH! This is massive news..

Especially seeing as the EU is in a pretty big recession for the size of its economy ... The EURO is in good shape though which is actually hurting the slower EU economies even more... this might give the EU more of an ability for quantitive easing directly from the ECB.

This will have some detrimental effects to the US in a few years.. But with the IMF being pushed for the position of Global reserve bank and treasury, we won't have specific reserve currencies for long.. so it may not make that much of a difference.



Europe teeters with an aging population


True but fortunately our leaders have organized mass immigration of Muslims in order to bridge the pension gap
The EU will be 50% (mainly non practising) Muslim by 2050.


As bad a shape as the US is in, Europe might be worse.


Not to worry anyway, both the US and EU will be replaced by China in 50 years for 50 years, then India, then Africa will get a chance because of outsourcing...

Unless the EU/US create a joint open economy in the next few decades.. which I can see happening as the anti US dominance sentiment keeps teetering out amongst the non English speaking EU nations... we are the most similar out of everyone else on the planet so it seems like the most likely option.

Each mass economy will be the engine of the planet until we are all one economy with various area's of industry as economic engines... then it gets hard to see what system will be in place.. we'll all be long dead by that stage though..



Went a bit off point there..



posted on May, 22 2009 @ 10:39 AM
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Uh-oh for the Dollar.
I'm still waiting for the tipping point when the extravagant lifestyles of Americans has eroded to the point where they are mobilizing. Apparently gradually losing their freedom isn't enough but soon when ACTUALLY struggling to feed and shelter themselves becomes an issue- not good. Not bad I suppose.

Gotta love Russia's Foreign Policy of snubbing who they deem fit. In International Relations, it could be said we are witnessing a rather significant shift in the balance of power.



posted on May, 22 2009 @ 10:43 AM
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reply to post by projectvxn
 


I don't think the Yuan and Euro are tight enough to prosper without the Dollar as intermediary. Collectively and traditionally the largest currency blocks have been between USD-Yuan, Euro-USD, and others I'm forgetting but these two are the bigguns.

I'm waiting for the IMF to swoop in and bailout the world with SDRs- oh what a joyous world it'll be.



posted on May, 22 2009 @ 10:48 AM
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reply to post by mmiichael
 





Russia was seen with convoys shipping the supposedly non-existent WMD to Syria a few days in advance, for example.


what evidence do you do have for this BS post ?? there no proof except worldnutdaily , and debka and claims by neocons to cover face , whose credibility is zero .



[edit on 22-5-2009 by Kombatt98]

[edit on 22-5-2009 by Kombatt98]



posted on May, 22 2009 @ 10:49 AM
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Originally posted by Moonsouljah
I'm still waiting for the tipping point when the extravagant lifestyles of Americans has eroded to the point where they are mobilizing. Apparently gradually losing their freedom isn't enough but soon when ACTUALLY struggling to feed and shelter themselves becomes an issue- not good. Not bad I suppose.


If that does happen, its not going to be for long.. Once China and India are proper consumer economies like us (5-10 yearS) , the US/EU GDP output will explode as it becomes mass manufacturers once again. We will not be as wealthy on the world stage in comparison to the gap that is there now but we will still be as well off.

But our governments (Especially the US and UK) are going to have to take their finger out and sort out that deficit in the next decade or there will be serious problems with infrastructure in the near future and that could be devastating.



posted on May, 22 2009 @ 10:50 AM
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Originally posted by mmiichael



More than one country wants to pull away from the EU, while Geneva pushes for more consolidation. It's moving towards one big nation functionally, and no one quite knows who the leaders are.





What the hell are you talking about? now more then ever countries want to stay in the EU and countries would love to join and get the EUro as their currency [Iceland for example]

www.economist.com...
Take a good look at the countries without the Euroand how bad they're doing..

The EU economy is more open then the US economy and thus more sensitive to the volatility of the market and recession[apart from agriculture
]..And for your understanding Switzerland is not part of the EU, nor does Geneva has anything to do with the EU..And yes that is that country in the ALpes in the middle of Europe..

[edit on 22-5-2009 by Foppezao]



posted on May, 22 2009 @ 10:53 AM
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I can't say I'm surprised....after all many foreign investors were screwed by the banks just as much as people here in the states. So I can understand why they would do that. Hopefully our financial sectors will get a good cleaning in the meantime.



posted on May, 22 2009 @ 10:56 AM
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Originally posted by mmiichael
More than one country wants to pull away from the EU, while Geneva pushes for more consolidation. It's moving towards one big nation functionally, and no one quite knows who the leaders are.


Sorry man but that is actually propaganda..

You can see this on some US news channels and Chinese CCTV news about the EU bloc and you can see this on UK news channels about the EUROZONE....

Both are obviously pointing out problems with the EU/EURO with others in order to make themselves look better...

I wouldn't listen to any of that, the EU is about to become a federal government backed by a constitution in the next 5 years.

We just have to hope that they will change it to a proper democratic republic in the following couple of decades.

Also.. Geneva is in Switzerland.. Which is not in the EU even though they are in the Schengen agreement. The Swiss use the Swiss Franc and the Euro but the Swiss Franc is their official currency btw.

[edit on 22/5/09 by Dermo]



posted on May, 22 2009 @ 10:57 AM
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I'm not surprised, I just turned $50k into $84k on my Forex currency trading account in 9 days.

All I traded were Euros.

(PS - Pity it's only my practice account)

Buy Euros and get rich quick.



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