China and Russia Quit Dollar

i did a bloomberg search and came up with this too:

www.bloomberg.com...

Wen is meeting Russian leaders this week as the countries seek to deepen cooperation in technology, finance and energy. Bilateral trade will probably exceed $50 billion this year, the official Xinhua News Agency said yesterday. Russia is seeking to expand beyond European markets, where the financial crisis and growing competition have hampered demand.

Talks between OAO Gazprom, Russia’s gas export monopoly, and China National Petroleum Corp. on supplies to the Asian nation are proceeding “successfully,” Putin told reporters after the meeting with Wen.

Anna Shiryaevskaya in Moscow at [email protected]

I doubt this will even get a mention in the Western MSM.

If people invested in the markets were to pay attention to stories such as these, I would expect a large move away from US dollars on Wednesday.

However, it's likely that no one in the USA will notice.

Originally posted by babybunnies
I doubt this will even get a mention in the Western MSM.

Does it matter?

The bond market rules the world and it is already speaking volumes by selling off US Treasuries overnight.

money.cnn.com...

The DOW fell 142 points this morning. Blamed on the N. Korea/S. Korea dispute. I do hope this will not be the only thing we "hear" of this in the western MSM.

reply to post by FermiFlux


Here is a little more...

China and Russia will stop using the U.S. dollar to settle bilateral trade and instead use the ruble or the yuan, though the move is not meant to signal a challenge to the dollar, according to reports Wednesday. China's Premier Wen Jiabao and Russian President Vladamir Putin made reference to the new currency trade pact late Tuesday, following meetings in St. Petersburg that also saw the signing of bilateral trade and energy-cooperation agreements, according to a report in the state-run China Daily. "About trade settlement, we have decided to use our own currencies," Putin told reporters, according to the report. Earlier this week, China added the ruble to the list of currencies that can be traded against the yuan on its domestic exchange.

www.marketwatch.com...

Keep an eye on this alliance...
They (Russia & China) have a "Tie Sealed By Blood"
www.abovetopsecret.com...


S&F to the OP!

The only thing the People's Bank of China is talking about right now is raising RMB reserve requirements by .5 percentage points. If the US dollar had actually been renounced we'd know, trust me.

What they are talking about is allowing the ruble to trade into RMB (Yuan) creating a bilateral trade agreement. This is no different than what happens between any two peaceful neighbors. The only way China and Russia will be able to challenge the dollar is if they started chewing away on the reserves of country after country that use dollars and buying them up with a more robust RMB.

I smell oil deals, and more BRIC activity coming in the next few months and years. The US dollar will be inflating pretty badly by then. Other nations dropping their reserves of USD, leading to a renunciation is not out of the question, but that is not what China is doing with this particular policy move.

Holy #$#@!! This is definitely significant to say the least.

reply to post by projectvxn


thank yooouuu..i dont think people are getting the picture,,,

from the first line in the first paragraph of the china.org link

Chinese experts said the move reflected closer relations between Beijing and Moscow and is not aimed at challenging the dollar, but to protect their domestic economies.

there will be no renouncing of the dollar by china..not anytime in the near future anyway

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. Western powers have tried to destroy gold as a backing for currencies for many years. Presently the major media won’t touch the story and that is understandable. Something we have been writing about for years is the Shanghai Cooperation Organization known as SCO. Few have been listening and few have been interested in what their mission is and what they have been up to. Some of the members are large oil producers and some, like China, are large oil users. Some have very large US dollar surpluses. As well, some are large commodity and gold and silver buyers. In fact, members are in a great part responsible for driving these prices higher. It is debatable, but we believe there is a conscious effort to accumulate gold and silver, dump dollars and to back their currencies with gold. China and Russia are both large gold producers and for a number of years have been buying up domestic gold and silver production, so that it never reaches the market and does not affect prices. If anything the absence of sales tends to push the markets higher. As a matter of fact Russia and India are visible buyers. Even Iran with its oil surplus recently announced that they had purchased 340 tons of gold. Their recent gold purchases are very significant as affiliate members, which have access to the present and ultimate direction of the group. You might say buying gold has been a protective effort to shield members and close observers from the problems generated by dollar policies. They are accumulating gold, as many have been worldwide, for the past ten years, but particularly over the past few years.

Global Research, November 22, 2010 globalresearch.ca...


Peace

Significant, yes. Also obvious. It's been news for awhile that China wants to slowly move away from the dollar.

China, Others, Urge Move Away From Dollar As Reserve Currency

China, Russia start pushing dollar out of trade 'within weeks'

Last year, China said to Geithner that they would start changing their economy so they wouldn't need the US anymore and could use the US dollars they hold as pressure....Geithner said it was a good idea... he loves the US so much...

China's development strategy shift 'encouraging': US

US Treasury Secretary Timothy Geithner said Tuesday that export-driven China was shifting its development strategy to rely more on domestic consumption, a move he described as "encouraging."

Basically selling to their own citizens... so they don't need the US consumer... and can use their US dollar to bully the US... nice uh?

au revoir americanos



Down down down she goes, where does she end, nobody knows!

now all your morons that think the democrats, obama, or your stupid bailouts will save us now have no other choice but to eat their own words of BULL####!

its about time the brainwashed masses wake up from this mess.

this is a blatant financial attack
on the US Federal Reserve.

When nobody in the world wants
a US Dollar, then the Federal Reserve
will cease to exist.

If Washington was really smart
they would accept their defeat
and restructure before a lot of good
people die because of their
corruption. They are starting
a world war just to save their
currency and their power base.
That analogy is just wrong.
Suck up the pride and let's get
started on the restructure.
And I'm NOT talking bout the NWO
or the NAU. I'm talking about
restructuring America POST Federal
Reserve.

I've actually heard about this from Lindsey Williams, i was skeptical about his information before but it seems like his sources knows whats going down.

Supposedly one of the former chief of operations of ARCO told him that the dollar will be dead by around 2012 and oil prices will be at $180 in a year or so. Its at $80 right now. We'll see if his predictions are correct.

Put your assets into silver + gold and commodities related asset! The dollar is going down.

The thing is they can't just drop the dollar, they have to ease out, or who will buy the dollar?
At the top level as opposed to us peeps, they know what is inevitable, but they need suckers who don't know at the bottom. I will agree with those that say this isn't the endplay....yet, but I am quite certain it is another step out onto the slippery slope.

Question: Who is going to wind up holding the bag in the end? Who in their right mind will go into dollars?

What I will state unequivocally:every time there is a crazy a$$ed controversy thats when these steps to wards the door take place...I understand that Monday-ish Obama's veto on the illegal foreclosures are now legal, was overturned by the new republicans just elected...
they are going to convert the dollars into US commercial and residential properties.through this process...
also some of the major players never legally collateralized the mortgages before they sold them....
FRAUD
legally they would have to refund the money, but the don't have it because it has been sucked out already...

So as Big Furry Texan said earlier: rapegate

The euro isnt going to workout either, ( one interst rate for all the players regardless?) so they are going to get it too. Ireland, Greece, pigs etc
The countries that don't use the enslaving debt money system will just get plowed under violently and recreated as slave states. like Iraq, Afgahanistan, and I would guess the Iran and the other Arab states, and the other African genocides too. resourse cows

Originally posted by recycled
money.cnn.com...

The DOW fell 142 points this morning. Blamed on the N. Korea/S. Korea dispute. I do hope this will not be the only thing we "hear" of this in the western MSM.

hang on to the seat of ur britches,
it will drop even more tomorrow
after hearing Russia and China
are dropping the US Dollar.
I would say go to the banks
and get ur money out, however
it probably won't be worth the
paper after the crash.

The best advice I can give ya
is to quickly buy products u will
need to survive on a temp basis.
U can't eat gold and silver.

reply to post by FermiFlux


Star and flag
nice find

Not many outlets are carrying this one

dollar actually went UP a penny
www.fxstreet.com...

that bears out what ron paul said about the NS korea thing being about dollar value
I would have thought that on the news of the OP it should have dropped....without the distraction to hide it it would have

what Bagel said bears this out too
I think

Originally posted by bulletproof_monk
So im guessing this is going to affect the value of the US dollar even more?

The currency markets haven't reacted to this at all.

This isn't scaring any investors into safe havens. They are far more about things like the non-farm payroll. Business as usual.