Addressing the Russian Parliament following his inauguration, Vladimir Putin observed the necessity of increasing Russia’s economic sovereignty and independence from the petrodollar system, stressing that the West is boosting this process through its economic bullying in the form of sanctions....De-dollarization is a Russian priority.
Zero Hedge
Putin: The Whole World Sees The "Dangerous Dollar Monopoly"
Tyler Durden
See also at ZH
7 comments:
https://www.bloomberg.com/news/articles/2018-05-10/new-york-drivers-may-get-more-siberian-tiger-in-their-tanks
Here this is a laugh: “Plus more and more of them are imposed to secure its favorite competitive advantages,” Putin said.
Then this mfer coordinates with OPEC on the price and production of oil!. LOL!
If the world does abandon the US dollar, thereby weakening demand for it, then the US can compensate, at least to some extent, by allowing all US citizens to use the US dollar via inherently risk-free checking/debit accounts of their own at the Federal Reserve and by eliminating all privileges for the banks since those weaken demand for the US dollar.
Churchill said: “You can always count on the Americans to do the right thing after they have tried everything else.”
Hopefully, the US will not prove stubborn in doing what is obviously right in the first place.
@ Andrew Anderson:
[1] You say you would like all Americans to have checking/debit accounts at the Fed. I agree with you, since the Fed would not need to charge ever-increasing fees like the greedy private retail banks do.
In Ecuador, ex-president Rafael Correa launched a program to give each Ecuadorian an account at Ecuador’s central bank. This enraged the private retail bankers so much that they resolved to get rid of Correa by any means necessary.
In late 2016 Correa said he would not run for re-election. Correa supported (as candidate) his vice-president Lenín Moreno, whose socialist parents named him after Vladimir Lenin. Moreno was shot in 1998 in a robbery attempt, and has used a wheelchair since then. For his advocacy for people with disabilities, he was nominated for the 2012 Nobel Peace Prize.
Unknown to President Correa, the bankers held secret meetings with Lenín Moreno, promising to help him win the presidency if Moreno did a complete about-face and went full neoliberal when he won. And that’s exactly what Moreno did. As soon as Moreno took office in May 2017, he flipped from a populist to an elitist a**hole. Ex-president Correa condemns Moreno’s betrayal almost every day in Correa’s blog posts.
I don’t know if Moreno ended Correa’s program of giving central bank accounts to average Ecuadorians.
[2] You write, “If the world does abandon the US dollar, thereby weakening demand for it, then the US can compensate, at least to some extent, by allowing all US citizens to use the US dollar via inherently risk-free checking/debit accounts of their own at the Federal Reserve and by eliminating all privileges for the banks since those weaken demand for the US dollar.”
If the world stops using the U.S. dollar, then it will not matter to Americans whether or not they have Fed checking / debit accounts.
The USA has such a whopping trade deficit that if the world stopped using the U.S. dollar (such that the USA could not buy imports) then the USA (as we know it) would be destroyed. The USA would break into several smaller nations, some of which would work on developing self-sufficiency, and some of which would become permanently impoverished dystopias.
This destruction is coming in any case. Currencies like the euro and the Chinese yuan are gradually widening in circulation. They still have a way to go before they eclipse UK pounds, and US / Canadian / Australian dollars, but the squeeze will increase each year. Eventually the USA as we know it will cease to be.
(So will its beloved parasite: Israel.)
The world would get off the petro dollar. They just "need the eggs". The eggs being their ability to have a net trade surplus with the US to buy the US dollars needed for oil.
With apologies to Ben Hunt and his use of this metaphor previously (http://epsilontheory.com/magical-thinking/) in allusion to Annie Hall: This guy goes to a psychiatrist and says, “Doc, my brother’s crazy; he thinks he’s a chicken.” And the doctor says, “Well, why don’t you turn him in?” The guy says, “I would, but I need the eggs.” Well, I guess that’s pretty much how I feel about relationships; y’know, they’re totally irrational, and crazy, and absurd … but, I guess we keep going through it because most of us … need the eggs.
The USA has such a whopping trade deficit that if the world stopped using the U.S. dollar (such that the USA could not buy imports) then the USA (as we know it) would be destroyed. Konrad
There's always hope for a Nation - if it shows sign of repentance.
You've read the Bible and don't believe it but the US has always had many people who do believe it - at least in principle* - and still does. So there's hope.
*But like the Pharisees of old they been led astray by man-made doctrines.
“There's always hope for a Nation - if it shows sign of repentance. ”
Yo , ever read the NT at all????
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