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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.
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.
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.
Europe teeters with an aging population
As bad a shape as the US is in, Europe might be worse.
Russia was seen with convoys shipping the supposedly non-existent WMD to Syria a few days in advance, for example.
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.
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.
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.