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

Montecresto said:
I hear ya shrub, and you have a point that no one need panic.
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But the blossoming Chinese/Russian partnership can't be ignored, and the topic of this op is but one aspect of it.

Cooperation with China is extremely important to Russia's international interests. China shares Russia's vision of a future multipolar world structure. In practical terms, that means both countries would like to see a world that is not dominated by only a single power, but one marked by cooperation between several centers of influence and guided by international law and the charter of the United Nations. Behind the ideal of a multipolar world an obvious reality lies hidden: Russia and China, as well as several other states, are large enough to have their own interests and their own approaches to the issues of regional and global development. They are not satisfied with a world order completely dominated by a single major power that does not take their interests into account. However, they are fully content with the post-World War II world structure with its system of international law in which the U.N. Security Council is the highest authority. Their status as permanent members of the Security Council places them on equal standing with the United States – a state that in every other respect is more powerful therefore naturally trying to alter the system that is fettering its possibilities.


Read more here.

The Unbalanced Triangle | Foreign Affairs


And a multipolar world is better than a unipolar world, even if the unipolar power is the US.
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I just checked and today the U.S. Dollar is up again and continuing to go up.

Will it go down eventually? Probably, but right now it's going up.
 
shrubnose said:
I just checked and today the U.S. Dollar is up again and continuing to go up.

Will it go down eventually? Probably, but right now it's going up.
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I haven't disputed that. The dollar goes up and down to be sure. But are you using that to dismiss the notion that a growing Russian/Chinese partnership could be problematic for the West? The link I gave is from the Council on Foreign Relations. The Pentagons report to congress, addresses their perspective on the growing threat as well.
 
Montecresto said:
I haven't disputed that. The dollar goes up and down to be sure.
But are you using that to dismiss the notion that a growing Russian/Chinese partnership could be problematic for the West?
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 The link I gave is from the Council on Foreign Relations. The Pentagons report to congress, addresses their perspective on the growing threat as well.
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Russia and China have both been problems for the USA for a long time.

I don't expect those problems to end anytime soon.
 
GreatNews2night said:
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?
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Examiner is a collection of people who write opinions, and get people to click on their article links for revenue.

Not credible, and similar to a blog.
 
shrubnose said:
Russia and China have both been problems for the USA for a long time.

I don't expect those problems to end anytime soon.
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Russia and China are drawing closer together then they've been in a very long time. That makes those "problems" potentially worse.
 
shrubnose said:
I noticed that and I also noticed a long time ago that's what's high today may be low tomorrow.

But I never thought that was earth-shaking news.

Some people spend a big part of their life wasting other people's time with BS.

But life goes on and the world doesn't stop turning.

Did you ever notice that?
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First, your two comments above about my post are unpleasant. I encourage you to be more polite, like I am. I respect you and want nothing different in return.

The reason many sources have mentioned for the strengthening of the dollar a couple of days ago is the rising tension around Ukraine. It has nothing to do with Russia's move to sell Gazprom products in roubles and yuans. The latter may still, and probably will, weaken the dollar at a more future point if fear of a major armed conflict subsides. People still reach for dollars when there is uncertainty. The issue is, maybe it won't continue to be like this in the future.
 
GreatNews2night said:
First, your two comments above about my post are unpleasant. I encourage you to be more polite, like I am. I respect you and want nothing different in return.

The reason many sources have mentioned for the strengthening of the dollar a couple of days ago is the rising tension around Ukraine. It has nothing to do with Russia's move to sell Gazprom products in rubles and yuans. The latter may still, and probably will, weaken the dollar at a more future point if fear of a major armed conflict subsides. People still reach for dollars when there is uncertainty. The issue is, maybe it won't continue to be like this in the future.
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I am afraid you may have come to the wrong place for respect.

Often times, I find, people (I am not referring to anyone in particular) come here to vent and belittle to make themselves feel better. Or they have a political position that they hold on to so tightly that those that challenge it are attacked for little other reason then they challenged it...regardless of the point or it's merit.

Personally, I just ignore that type (again, not saying anything about shrubnose in particular)...life is too short.

I am just here to learn, teach and kill a little time.

Not waste my time with bitter/rigid people who like to put others down to feel better about themselves.
 
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DA60 said:
I am afraid you may have come to the wrong place for respect.

Often times, I find, people (I am not referring to anyone in particular) come here to vent and belittle to make themselves feel better. Or they have a political position that they hold on to so tightly that those that challenge it are attacked for little other reason then they challenged it...regardless if the point or it's merit.

Personally, I just ignore that type (again, not saying anything about shrubnose in particular)...life is too short.

I am just here to learn, teach and kill a little time.

Not waste my time with bitter/rigid people who like to put others down to feel better about themselves.
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Well, maybe. Me, I'll remain polite. It's not that I'm coming here looking for respect of which thankfully I have enough in my personal life. It's just the way I am; I'm generally a polite and mild-mannered person. I try not to personally attack other users (I can't say I'm 100% successful in this all the time since I'm just a human being and not a saint, but at least I try).

And sure, it's not that I take this place too seriously either. I am interested in geopolitics and I understand that others know more about it than I do; this is why I opened this thread by asking others if the source I had encountered was credible or not. So I'm here primarily to learn. But of course it is a more pleasant experience if people can manage to discuss the issue without calling it BS or trying to attack the person of the user who brought it up.
 
GreatNews2night said:
Well, maybe. Me, I'll remain polite. It's not that I'm coming here looking for respect of which thankfully I have enough in my personal life. It's just the way I am; I'm generally a polite and mild-mannered person. I try not to personally attack other users (I can't say I'm 100% successful in this all the time since I'm just a human being and not a saint, but at least I try).

And sure, it's not that I take this place too seriously either. I am interested in geopolitics and I understand that others know more about it than I do; this is why I opened this thread by asking others if the source I had encountered was credible or not. So I'm here primarily to learn. But of course it is a more pleasant experience if people can manage to discuss the issue without calling it BS or trying to attack the person of the user who brought it up.
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I agree...my motto is 'you be nice to me/others and I'll be nice to you.'

Unfortunately, many do not follow that themselves.

I used to debate them. But I found that pointless, so now I just ignore them (I have a lot of names on my Ignore list).


I sincerely wish more posters were like you on this.

Anyway, welcome.
 
SMTA said:
Examiner is a collection of people who write opinions, and get people to click on their article links for revenue.

Not credible, and similar to a blog.
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Right, thanks. But then, as shown later in subsequent posts, the news got repeated by more reputable sources. Whether or not this Russian move will have a major impact on the US economy remains to be seen.
 
Rainman05 said:
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.
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I sure hope you are right.
 
Does Saudi Arabia and Nigeria still sell their oil to us for petrodollars? Just curious.
 
Amanda1858 said:
Does Saudi Arabia and Nigeria still sell their oil to us for petrodollars? Just curious.
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Yes, since ALL oil and gas sales in the world up to that one Russia has just announced, have always been paid in dollars (which is why they are called petrodollars).
The Russian sale is the first one to use another currency, which is why it is concerning (it breaches the monopoly of the dollar for oil and gas sales).
 
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