Page 1 of 4 123 ... LastLast
Results 1 to 10 of 39

Thread: Petro-dollar era is officially over as Gazprom begins sales in Yuan and Rouble

  1. #1
    Educator GreatNews2night's Avatar
    Join Date
    Apr 2014
    Last Seen
    04-07-17 @ 01:26 AM
    Lean
    Slightly Liberal
    Posts
    699

    Petro-dollar era is officially over as Gazprom begins sales in Yuan and Rouble

    Petro-dollar era is officially over as Gazprom begins sales in Yuan and Rouble - National Finance Examiner | Examiner.com

    From examiner.com:

    The days of the dollar remaining the global reserve currency took a sharp hit today, and the ramifications of Russia's new move for selling oil in both Roubles and Yuan are just beginning. And since there is over $17 trillion in U.S. dollars afloat and in nations outside the U.S. kept on reserve for the primary purpose of buying oil and natural gas, as more and more countries migrate to the East and find it far more inexpensive and efficient to no longer use the dollar and SWIFT systems to supply their energy needs, then these dollars will soon come crashing back to American shores, and the inflation America has exported offshore for decades will come rudely back and suddenly hit U.S. consumers and our financial system.
    No idea if examiner.com is a reputable source. I didn't find this in any other news organization so far (haven't looked very hard, though).

    What is people's opinion on this? Accurate? Really significant problem, or would the US economy absorb the hit more gradually and adapt?

  2. #2
    Banned
    Join Date
    Sep 2012
    Last Seen
    12-26-14 @ 02:05 AM
    Gender
    Lean
    Independent
    Posts
    10,032

    Re: Petro-dollar era is officially over as Gazprom begins sales in Yuan and Rouble

    So basically, what this will do is force the EU to buy up rubbles or yuans to pay gazprom.

    That's it. Yes, we are talking about the #1 petrol and gaz exporter in the world not accepting dollars anymore for said things but what will that do?

    a) it will probably cause the dollar to go down a bit. It won't cause it go crash, chill, but it will go down a bit in value, nothing to be worried about. And it will cause the rubble and the yuan to increase in value as various companies and countries are gonna start buying them up.
    b) it will seriously make china very happy coz it can pay russia in it's own currency... that's like... a blessing. And it will cause the russian ruble to gain a bit of value too and that will have short term beneficial impacts for the russian country, not so much for the russians who are poor.. it will make the russians who are rich very happy... and that's it.

    So don't worry, it's not that big a deal.

  3. #3
    Sage
    shrubnose's Avatar
    Join Date
    Jan 2013
    Location
    Europe
    Last Seen
    11-29-17 @ 03:46 AM
    Gender
    Lean
    Centrist
    Posts
    18,851
    Blog Entries
    2

    Re: Petro-dollar era is officially over as Gazprom begins sales in Yuan and Rouble

    Quote Originally Posted by GreatNews2night View Post
    Petro-dollar era is officially over as Gazprom begins sales in Yuan and Rouble - National Finance Examiner | Examiner.com

    From examiner.com:



    No idea if examiner.com is a reputable source. I didn't find this in any other news organization so far (haven't looked very hard, though).

    What is people's opinion on this?
    Accurate? Really significant problem, or would the US economy absorb the hit more gradually and adapt?


    I just checked and right now the U.S. Dollar is going up.

  4. #4
    Sage
    Montecresto's Avatar
    Join Date
    Aug 2013
    Last Seen
    03-13-16 @ 11:59 PM
    Lean
    Undisclosed
    Posts
    24,561

    Re: Petro-dollar era is officially over as Gazprom begins sales in Yuan and Rouble

    Quote Originally Posted by GreatNews2night View Post
    Petro-dollar era is officially over as Gazprom begins sales in Yuan and Rouble - National Finance Examiner | Examiner.com

    From examiner.com:



    No idea if examiner.com is a reputable source. I didn't find this in any other news organization so far (haven't looked very hard, though).

    What is people's opinion on this? Accurate? Really significant problem, or would the US economy absorb the hit more gradually and adapt?

    Russia

    http://www.ibtimes.com/russian-energ...s-amid-1672302

    http://www.eurasiareview.com/2808201...l-rubles-yuan/
    Killing one person is murder, killing 100,000 is foreign policy

  5. #5
    Sage
    Sherman123's Avatar
    Join Date
    Jul 2012
    Location
    Northeast US
    Last Seen
    11-23-17 @ 11:12 AM
    Gender
    Lean
    Undisclosed
    Posts
    7,774

    Re: Petro-dollar era is officially over as Gazprom begins sales in Yuan and Rouble

    Yawn.

  6. #6
    Sage
    Montecresto's Avatar
    Join Date
    Aug 2013
    Last Seen
    03-13-16 @ 11:59 PM
    Lean
    Undisclosed
    Posts
    24,561

    Re: Petro-dollar era is officially over as Gazprom begins sales in Yuan and Rouble

    Russia seems perfectly happy to telegraph that it is just as willing to use barter (and "heaven forbid" gold) and shortly other "regional" currencies, as it is to use the US Dollar, hardly the intended outcome of the western blocakde, which appears to have just backfired and further impacted the untouchable status of the Petrodollar.

    http://www.zerohedge.com/news/2014-0...r-busting-deal

    Last week, Russia held an economic summit in St. Petersburg. CNBC reports that the main focus of the event was to further improve Russia’s trade relationship with China. Moscow’s budding friendship with its neighbor to the east is a major step towards Russia’s plan for the de-dollarization of the world.

    http://www.sbcgold.com/blog/russia-c...affect-dollar/
    Killing one person is murder, killing 100,000 is foreign policy

  7. #7
    Educator GreatNews2night's Avatar
    Join Date
    Apr 2014
    Last Seen
    04-07-17 @ 01:26 AM
    Lean
    Slightly Liberal
    Posts
    699

    Re: Petro-dollar era is officially over as Gazprom begins sales in Yuan and Rouble

    Quote Originally Posted by Rainman05 View Post
    So basically, what this will do is force the EU to buy up rubbles or yuans to pay gazprom.

    That's it. Yes, we are talking about the #1 petrol and gaz exporter in the world not accepting dollars anymore for said things but what will that do?

    a) it will probably cause the dollar to go down a bit. It won't cause it go crash, chill, but it will go down a bit in value, nothing to be worried about. And it will cause the rubble and the yuan to increase in value as various companies and countries are gonna start buying them up.
    b) it will seriously make china very happy coz it can pay russia in it's own currency... that's like... a blessing. And it will cause the russian ruble to gain a bit of value too and that will have short term beneficial impacts for the russian country, not so much for the russians who are poor.. it will make the russians who are rich very happy... and that's it.

    So don't worry, it's not that big a deal
    Really? But what about this part?

    Then these dollars will soon come crashing back to American shores, and the inflation America has exported offshore for decades will come rudely back and suddenly hit U.S. consumers and our financial system.

  8. #8
    Educator GreatNews2night's Avatar
    Join Date
    Apr 2014
    Last Seen
    04-07-17 @ 01:26 AM
    Lean
    Slightly Liberal
    Posts
    699

    Re: Petro-dollar era is officially over as Gazprom begins sales in Yuan and Rouble

    OK, so it is true. Now, what will the impact be, for the US economy and the dollar? People who are saying it's not a big deal are forgetting about this part of one of your articles above quoted (I take it seriously, and I'm apprehensive).



    The US dollar's position as the base currency for global energy trading gives the US a number of unfair advantages. It seems that Moscow is ready to take those advantages away.

    The existence of “petrodollars” is one of the pillars of America's economic might because it creates a significant external demand for American currency, allowing the US to accumulate enormous debts without defaulting. If a Japanese buyer want to buy a barrel of Saudi oil, he has to pay in dollars even if no American oil company ever touches the said barrel. Dollar has held a dominant position in global trading for such a long time that even Gazprom's natural gas contracts for Europe are priced and paid for in US dollars. Until recently, a significant part of EU-China trade had been priced in dollars.

    Lately, China has led the BRICS efforts to dislodge the dollar from its position as the main global currency, but the “sanctions war” between Washington and Moscow gave an impetus to the long-awaited scheme to launch the petroruble and switch all Russian energy exports away from the US currency .
    And also this, from your second article:

    While neither of these deals have had a direct impact on the U.S. dollar, analysts are beginning to wonder about what this could mean for the United States economy down the road. The dollar is strengthened by its status as the world’s reserve currency, allowing the U.S. to borrow nearly unlimited amounts of money since there is always a huge demand for its currency. A downgrade in the global status of the dollar would force the United States to stop living beyond its means, which could lead to major government cut backs and possibly multiple defaults.
    So, how come people are so nonchalant about this? This could be a major blow to the United States.
    Last edited by GreatNews2night; 08-28-14 at 09:17 PM.

  9. #9
    Sage
    Montecresto's Avatar
    Join Date
    Aug 2013
    Last Seen
    03-13-16 @ 11:59 PM
    Lean
    Undisclosed
    Posts
    24,561

    Re: Petro-dollar era is officially over as Gazprom begins sales in Yuan and Rouble

    Quote Originally Posted by GreatNews2night View Post
    OK, so it is true. Now, what will the impact be, for the US economy and the dollar? People who are saying it's not a big deal are forgetting about this part of one of your articles above quoted (I take it seriously, and I'm apprehensive).



    And also this, from your second article:



    So, how come people are so nonchalant about this? This could be a major blow to the United States.
    Well, that's a very good question. Obviously I'm not, that's why I helped you with those links. I just can't figure out the risks we are taking with Russia, over the Ukraine, and particularly because Russia is desperate to resist, and apparently at all cost, NATO expansion eastward! And from my chair, quite understandably.
    Killing one person is murder, killing 100,000 is foreign policy

  10. #10
    Sage
    Sherman123's Avatar
    Join Date
    Jul 2012
    Location
    Northeast US
    Last Seen
    11-23-17 @ 11:12 AM
    Gender
    Lean
    Undisclosed
    Posts
    7,774

    Re: Petro-dollar era is officially over as Gazprom begins sales in Yuan and Rouble

    Quote Originally Posted by GreatNews2night View Post
    OK, so it is true. Now, what will the impact be, for the US economy and the dollar? People who are saying it's not a big deal are forgetting about this part of one of your articles above quoted (I take it seriously, and I'm apprehensive).



    And also this, from your second article:



    So, how come people are so nonchalant about this? This could be a major blow to the United States.
    Because it isn't a major blow to the US and it's a minor news story. It's a protective measure because of the sanctions regime.

Page 1 of 4 123 ... LastLast

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •