Wednesday, June 17, 2009
US Dollar discredited!
RUSSIA AND CHINA WANT TO GET RID OF THE US DOLLAR
Where does the story of Russia's finance minister of 3 days ago fit when he informed the international press that the US$ is in good shape?
Telegraaf, Holland. Translation
Russia and China want to trade in their own currencies and thus pay in rubles and yuan instead of U.S. dollars. This said the Russian president Dmitri Medvedev in Moscow Wednesday after a meeting with his Chinese counterpart Hu Jintao office.
China supports the efforts of Medvedev to reduce the role of the dollar within international payments because a supra national currency would be needed.
During the state visit the two countries signed agreements on economic cooperation, including an agreement on gas and coal. Russia has vast gas and rapidly industrializing China has a great need for energy.
Update: The death of the Dollar
Posted by Troy Ounce at 5:55:00 PM