De-Dollarisation.

[Gipsy]

$250 Trillion USD in Gold, Platinum, Rare Earths and cheap Oil

Surely you would want dollars? 

The following Denomination USDollars just fine - 1 oz fine to be exact... will accept same 1 oz mintage in Pandas Rubles Rand and CADs as well...

(Attachment Link)

One of those has got to be worth about $1200 these days, or am I way out??

[cufflinks]

Since Mr. Trump's (a Teutonic Scot Celt) campaign is en fuego as your Iberian friends say - we will soon have 11 to 20 Million undocumented ILLEGALS removed from our nation which will leave plenty of room for our Scot Celt Anglo Saxon and real Nordic and Teutonic even Franc cousins from across the pond escaping sharia no go rapefugee zones - plenty of room, plenty of cheap energy - gasoline now down to $0.99 to $1.75 per US Gallon and huge demand for Heuristically Educated and innovative EU-UKains here - might have to take one for the team and pair up with one of our phine phat phemales for a green card and accelerated permanent residency and "gulp" citizenship - and you may wish to make yourselves useful for WWIII by joining one of our local Rod and Hunt clubs and learn to develop some firearms skills.  Just saying...

Bonus - even the hot chicks here still think your Brit rocker accents are pantie dropping sexy!

Ummm, no. No. I like Trump a lot, and he is my #2 choice for President, Cruz is my first choice and who I will vote for (I am a lifelong Conservative and vote GOP 100% of the time). But Trump's promise to remove the 11 million Illegals from this country.....that is not possible and will never happen. Even Bill O'Reilly, a man I look up to and respect as much as almost anyone on this planet, admits as much.

It's called self-deportation.  Start increasing the number of cross-checking of databases done before welfare and other benefits are handed out; start disallowing illegals access to whatever you can block such as driver's licenses, access to Federal parks, whatever. 

The Supreme Court ruled about a court case involving illegals being allowed to register their kids for school, but that could be overturned or simply ignored by a strong enough executive.

Turn up the dial on these and other things, and some will decide that it is better to be back in the old country than in USA.

+1

[Gipsy]

Since Mr. Trump's (a Teutonic Scot Celt) campaign is en fuego as your Iberian friends say - we will soon have 11 to 20 Million undocumented ILLEGALS removed from our nation which will leave plenty of room for our Scot Celt Anglo Saxon and real Nordic and Teutonic even Franc cousins from across the pond escaping sharia no go rapefugee zones - plenty of room, plenty of cheap energy - gasoline now down to $0.99 to $1.75 per US Gallon and huge demand for Heuristically Educated and innovative EU-UKains here - might have to take one for the team and pair up with one of our phine phat phemales for a green card and accelerated permanent residency and "gulp" citizenship - and you may wish to make yourselves useful for WWIII by joining one of our local Rod and Hunt clubs and learn to develop some firearms skills.  Just saying...

Bonus - even the hot chicks here still think your Brit rocker accents are pantie dropping sexy!

Ummm, no. No. I like Trump a lot, and he is my #2 choice for President, Cruz is my first choice and who I will vote for (I am a lifelong Conservative and vote GOP 100% of the time). But Trump's promise to remove the 11 million Illegals from this country.....that is not possible and will never happen. Even Bill O'Reilly, a man I look up to and respect as much as almost anyone on this planet, admits as much.

It's called self-deportation.  Start increasing the number of cross-checking of databases done before welfare and other benefits are handed out; start disallowing illegals access to whatever you can block such as driver's licenses, access to Federal parks, whatever. 

The Supreme Court ruled about a court case involving illegals being allowed to register their kids for school, but that could be overturned or simply ignored by a strong enough executive.

Turn up the dial on these and other things, and some will decide that it is better to be back in the old country than in USA.

+1

Actually the 11 Million number is an old 2005 estimate the real Post Obama Islmo-Sympatico era number is between 30 to 60 million and already bankrupting the USA thanks to Obamas HATE AMERICA FIRST policies...

(Attachment Link)

Cuffy,

Is the US the same as the UK, where Govt's don't really know exactly how many Illegals they have in their respective countries, and if the estimate of 60 mill is correct, what can be done in the short/med term about it??

[cufflinks]

$250 Trillion USD in Gold, Platinum, Rare Earths and cheap Oil

Surely you would want dollars? 

The following Denomination USDollars just fine - 1 oz fine to be exact... will accept same 1 oz mintage in Pandas Rubles Rand and CADs as well...

(Attachment Link)

One of those has got to be worth about $1200 these days, or am I way out??

$1,209.90 today with oil back at $30.64 at the moment...

[cufflinks]

Since Mr. Trump's (a Teutonic Scot Celt) campaign is en fuego as your Iberian friends say - we will soon have 11 to 20 Million undocumented ILLEGALS removed from our nation which will leave plenty of room for our Scot Celt Anglo Saxon and real Nordic and Teutonic even Franc cousins from across the pond escaping sharia no go rapefugee zones - plenty of room, plenty of cheap energy - gasoline now down to $0.99 to $1.75 per US Gallon and huge demand for Heuristically Educated and innovative EU-UKains here - might have to take one for the team and pair up with one of our phine phat phemales for a green card and accelerated permanent residency and "gulp" citizenship - and you may wish to make yourselves useful for WWIII by joining one of our local Rod and Hunt clubs and learn to develop some firearms skills.  Just saying...

Bonus - even the hot chicks here still think your Brit rocker accents are pantie dropping sexy!

Ummm, no. No. I like Trump a lot, and he is my #2 choice for President, Cruz is my first choice and who I will vote for (I am a lifelong Conservative and vote GOP 100% of the time). But Trump's promise to remove the 11 million Illegals from this country.....that is not possible and will never happen. Even Bill O'Reilly, a man I look up to and respect as much as almost anyone on this planet, admits as much.

It's called self-deportation.  Start increasing the number of cross-checking of databases done before welfare and other benefits are handed out; start disallowing illegals access to whatever you can block such as driver's licenses, access to Federal parks, whatever. 

The Supreme Court ruled about a court case involving illegals being allowed to register their kids for school, but that could be overturned or simply ignored by a strong enough executive.

Turn up the dial on these and other things, and some will decide that it is better to be back in the old country than in USA.

+1

Actually the 11 Million number is an old 2005 estimate the real Post Obama Islmo-Sympatico era number is between 30 to 60 million and already bankrupting the USA thanks to Obamas HATE AMERICA FIRST policies...

(Attachment Link)

Cuffy,

Is the US the same as the UK, where Govt's don't really know exactly how many Illegals they have in their respective countries, and if the estimate of 60 mill is correct, what can be done in the short/med term about it??

In the USA it is much worse because our Dems lot turn the other cheek in exchange for Votes for Welfare Handouts - the reason NH voting is never questioned is we have Voter ID laws you must show a valid federal or state ID when you show up to vote and they cross you off the registered voters lists - in Sanctuary Cities and States like Massilltaxitooya it is - get this - the honor system to both register and vote NO ID required many illegals vote early and often the old Kennedy family way.

Actually the solution to the illegals is extremely simple and is currently the Federal Law of the Land - use the same system they use on me an honorably discharged Nuclear Submarine Combat Data Systems expert that I must use run by DHS called e-Verify on every contract or permanent job I am hired for...

You must supply a current Federal or State recognized ID - NOT expired and fill out a form including your current legal residence where you are sleeping at night ...

This is a free online service to all US Employers - it verifies that your Social Security Number is real and coincides with your IDs.

SOLUTION: Simply require e-Verify with EVERY Employer and Welfare Agency in the USA and no more Illegal Aliens, Visa Overstayers, Student Visa "Dropouts" overstayers or ILLEGAL workers - this is already the Law of the land for every Government and Civilian employer over a certain threshold iirc 50 Employees - make it mandatory for everyone and within One year all 30 to 60 Million Illegals are vamanoosed, adiosed, syonaraed, auf vieterzaned, alohaed and GOOD BYEd!

KISS it will work just fine... one direct POTUS Executive Order covering EVERYONE makes it so as it is already the LAW!

[cufflinks]

Since Mr. Trump's (a Teutonic Scot Celt) campaign is en fuego as your Iberian friends say - we will soon have 11 to 20 Million undocumented ILLEGALS removed from our nation which will leave plenty of room for our Scot Celt Anglo Saxon and real Nordic and Teutonic even Franc cousins from across the pond escaping sharia no go rapefugee zones - plenty of room, plenty of cheap energy - gasoline now down to $0.99 to $1.75 per US Gallon and huge demand for Heuristically Educated and innovative EU-UKains here - might have to take one for the team and pair up with one of our phine phat phemales for a green card and accelerated permanent residency and "gulp" citizenship - and you may wish to make yourselves useful for WWIII by joining one of our local Rod and Hunt clubs and learn to develop some firearms skills.  Just saying...

Bonus - even the hot chicks here still think your Brit rocker accents are pantie dropping sexy!

Ummm, no. No. I like Trump a lot, and he is my #2 choice for President, Cruz is my first choice and who I will vote for (I am a lifelong Conservative and vote GOP 100% of the time). But Trump's promise to remove the 11 million Illegals from this country.....that is not possible and will never happen. Even Bill O'Reilly, a man I look up to and respect as much as almost anyone on this planet, admits as much.

Really,    me, Trump is worse than Putin, and thats saying something.....

Too bad.  Just like the formerly great Great Britain needed a strong leader like Winston Churchill, the world now craves a strong leader like Trump.  Being loyal to my party I will vote for whoever the nominee is, however it's no secret that Trump is currently my first choice.

My UK vote is for Corbyn, irrespective of politics he has one unique thing. Genuine empathy for real people - I was speaking with him at KX station a while back, he will talk with the general public F2F, and listen and not push spin. So I really can't see anyone voting for anyone after this lot in UK, except maybe Corbyn, Mr Normal Voter can see this now, but it might well be too late, he's too old. One thing is for sure,  this current UK government will be the last Tory one for a long time, people are sick of it and the people have the franchise...

Sanders in US would get my vote but tbh I don't know that much about him, other than he's not any of the others.

All IMHO, not getting into pointless tit-for-tat diktat, we can all dig up stuff pro- anti- this.

Absolutely a person should vote their conscience.  I once met Ron Paul and chatted with him.  A good man and I like his son Rand Paul -- a Libertarian.

Since it's true there might be some serious economic problems soon (on topic with the thread title, De-Dollarisation),  I would recommend that you and anyone else reading purchase some Silver and Gold bullion as emergency money in case of some sort of collapse.  Depending on who is the next US President, this may become very important.

Gold for big purchases and Silver for Small:

[Manny]

As predicted:

BRICS nations, led by Russia, are beginning to chip away at the dollar.

As we reported earlier this month, Russia and China are now settling oil payments in yuan, a move that western analysts say is responsible for Russia overtaking the Saudis as China's leading oil exporter. Iran (not a BRICS member, but considered a key partner, as well as a potential member) has also sent clear signals that it wants to abandon the dollar: Tehran is now demanding euros for all oil sales.

While these developments have so far centered around oil, Moscow is looking to conduct all trade in national currencies. Moscow and New Delhi are already drawing up the plans:

http://russia-insider.com/en/another-nail-dollars-coffin-russia-and-india-plan-trade-national-currencies/ri13084

[WestCoast]

As predicted:

BRICS nations, led by Russia, are beginning to chip away at the dollar.

As we reported earlier this month, Russia and China are now settling oil payments in yuan, a move that western analysts say is responsible for Russia overtaking the Saudis as China's leading oil exporter. Iran (not a BRICS member, but considered a key partner, as well as a potential member) has also sent clear signals that it wants to abandon the dollar: Tehran is now demanding euros for all oil sales.

While these developments have so far centered around oil, Moscow is looking to conduct all trade in national currencies. Moscow and New Delhi are already drawing up the plans:

http://russia-insider.com/en/another-nail-dollars-coffin-russia-and-india-plan-trade-national-currencies/ri13084

Manny talk about bias reporting. Let's start with the first paragraph:

BRICS nations, led by Russia, are beginning to chip away at the dollar.

Russia is leading nothing in the BRICS. China is in charge. China has been looking to replace the US as the sole global superpower since before Putin became a politician. Russia is the 4th largest economy in a 5 country group. Russia's economy has dropped so much it is only barely larger than Canada's, a country of 35 million vs Russia's 140 million. In fact it is very likely that if the price of oil stays low, over the next few years Canada will pass Russia in regard to the size of their respective GDP.

How does the hierarchy work in the BRICS? Probably like in most authoritarian regime, when the leader speaks the subordinates snap to attention and salutes. In the case of the BRICS, when China speaks Putin snaps to attention and obeys. If Putin doesn't like what China says he still snaps to attention and salutes because he has little choice in the matter, Russia is the very junior partner in the BRICS. The BRICS HQ is in China and China pays most of the bills. China is the boss.

As for BRICS nations settling their bills in their own currencies this certainly is not unexpected, with the very low price of oil I'd imagine these nations are looking at all manners of ways to reduce costs.

As for Iran "now demanding euros for all oil sales" Reuters gives no name to its source and as Andy says "Reliance upon an unnamed source as a source of fact is never a good idea."


http://uk.reuters.com/article/uk-oil-iran-exclusive-idUKKCN0VE1P9

 

[andrewfi]

Westcoast, English not your first language?

If you ask one of your English speaking caregivers to parse the sentence for you they will tell you that the sentence, as written, means that, among the BRICS nations, Russia is the leader in moving away from dollar trading.

Because English is not your first language you did not understand the distinction between 'Russia, the leader of the BRICS nations is beginning to chip away at the dollar' and 'BRICS nations, led by Russia, are beginning to chip away at the dollar.'

However, you are also wrong as a matter of fact. (It must have been hard for your supervisors to train you on new products before you got let go!) Russia holds the presidency of the BRICS organization and the organization as a whole was set up at the instigation of the Russian government.

What you, Westcoast, as an international banker and businessman of great renown did not know was that the BRICS organization is an entity and not a concept.

Here's some useful information that international bankers and businessmen might want to read to keep up to date with current international business and banking affairs and avoid looking like complete twats. CLICK HERE!

[Gipsy]

As predicted:

BRICS nations, led by Russia, are beginning to chip away at the dollar.

As we reported earlier this month, Russia and China are now settling oil payments in yuan, a move that western analysts say is responsible for Russia overtaking the Saudis as China's leading oil exporter. Iran (not a BRICS member, but considered a key partner, as well as a potential member) has also sent clear signals that it wants to abandon the dollar: Tehran is now demanding euros for all oil sales.

While these developments have so far centered around oil, Moscow is looking to conduct all trade in national currencies. Moscow and New Delhi are already drawing up the plans:

http://russia-insider.com/en/another-nail-dollars-coffin-russia-and-india-plan-trade-national-currencies/ri13084

Manny talk about bias reporting. Let's start with the first paragraph:

BRICS nations, led by Russia, are beginning to chip away at the dollar.

Russia is leading nothing in the BRICS. China is in charge. China has been looking to replace the US as the sole global superpower since before Putin became a politician. Russia is the 4th largest economy in a 5 country group. Russia's economy has dropped so much it is only barely larger than Canada's, a country of 35 million vs Russia's 140 million. In fact it is very likely that if the price of oil stays low, over the next few years Canada will pass Russia in regard to the size of their respective GDP.

How does the hierarchy work in the BRICS? Probably like in most authoritarian regime, when the leader speaks the subordinates snap to attention and salutes. In the case of the BRICS, when China speaks Putin snaps to attention and obeys. If Putin doesn't like what China says he still snaps to attention and salutes because he has little choice in the matter, Russia is the very junior partner in the BRICS. The BRICS HQ is in China and China pays most of the bills. China is the boss.

As for BRICS nations settling their bills in their own currencies this certainly is not unexpected, with the very low price of oil I'd imagine these nations are looking at all manners of ways to reduce costs.

As for Iran "now demanding euros for all oil sales" Reuters gives no name to its source and as Andy says "Reliance upon an unnamed source as a source of fact is never a good idea."


http://uk.reuters.com/article/uk-oil-iran-exclusive-idUKKCN0VE1P9

 

Westy,

One cannot compare ONLY the countries GDP when looking at how well/badly a country is faring against other countries in the world, its NOT good enough to highlight the countries economics..
One has to involve various other aspects, such as, Debt to GDP, unemployment, economic output per capita, foreign reserves, Gold holdings, etc...
So, if we compare Russia to Canada, using only the above aspects, then sorry my friend, but Canada comes way down the list, nowhere near Russia..

Brics bank is headquartered in Shanghai, and China is picking up the tab for the building of the place, and the running of the place, BUT, that's all, the headquarters will be staffed by equal amounts of people from all 5 countries involved, the bank is equally owned by same countries, Headed by each country in turn on an annual rotation.
To assist you further, may I remind you that the ECB is owned by some 20ish different countries, by headquartered in Frankfurt, where the German government is picking up the tab, both for the building and its running costs.
Also, the IMF, similar situation, headquartered in the US, with the US picking up the tab, and European headquarters with the host nation picking up the tab...

Just because a country hosts an organisation, does not mean that that country dictates what the organisation must do, and who it should or should not help.

I should also add, that, I think its from the beginning of April this year, Russia is selling their gas and oil only in Roubles...

[Gipsy]

Westcoast, English not your first language?

If you ask one of your English speaking caregivers to parse the sentence for you they will tell you that the sentence, as written, means that, among the BRICS nations, Russia is the leader in moving away from dollar trading.

Because English is not your first language you did not understand the distinction between 'Russia, the leader of the BRICS nations is beginning to chip away at the dollar' and 'BRICS nations, led by Russia, are beginning to chip away at the dollar.'

However, you are also wrong as a matter of fact. (It must have been hard for your supervisors to train you on new products before you got let go!) Russia holds the presidency of the BRICS organization and the organization as a whole was set up at the instigation of the Russian government.

What you, Westcoast, as an international banker and businessman of great renown did not know was that the BRICS organization is an entity and not a concept.

Here's some useful information that international bankers and businessmen might want to read to keep up to date with current international business and banking affairs and avoid looking like complete twats. CLICK HERE!

Excellent, thanks..

[Markje]

Here's some useful information that international bankers and businessmen might want to read to keep up to date with current international business and banking affairs and avoid looking like complete twats. CLICK HERE!

From your link:

- to bolster the positions of BRICS in the international system by expanding the association's external relations, including in Eurasia, and ensuring their stability;

I read that as if BRICS are going to make an effort to stabilize and bring peace and prosperity to Eurasia. Since Europe is part of that equation , it makes the western propaganda that Putin himself is responsible for our immigration problems laughable.

My english teacher also said, that a "," is a direct nono before the word "and" because it confuses the readers.

Mark.

[andrewfi]

Mark, I was neither the writer or subeditor for the words to which you linked and so can not comment authoritatively upon the choice made, however, there is, in written English, a stylistic usage called the 'Oxford comma'. CLICK HERE!
The Oxford comma is used more commonly, I think, in British English than in American usage in lists where the list items have more than one word in them. The linked page has some examples showing just why the Oxford (or serial) comma is so useful.

The purpose is to reduce confusion in writing. I did not use it until recently, in my writing, but now I try to remember to use it. That said I am really bad at consistent use of commas and then forget to match up paired commas in my writing -if somebody pays me to have a sub-editor that problem would go away!

[WestCoast]

As predicted:

BRICS nations, led by Russia, are beginning to chip away at the dollar.

As we reported earlier this month, Russia and China are now settling oil payments in yuan, a move that western analysts say is responsible for Russia overtaking the Saudis as China's leading oil exporter. Iran (not a BRICS member, but considered a key partner, as well as a potential member) has also sent clear signals that it wants to abandon the dollar: Tehran is now demanding euros for all oil sales.

While these developments have so far centered around oil, Moscow is looking to conduct all trade in national currencies. Moscow and New Delhi are already drawing up the plans:

http://russia-insider.com/en/another-nail-dollars-coffin-russia-and-india-plan-trade-national-currencies/ri13084

Manny talk about bias reporting. Let's start with the first paragraph:

BRICS nations, led by Russia, are beginning to chip away at the dollar.

Russia is leading nothing in the BRICS. China is in charge. China has been looking to replace the US as the sole global superpower since before Putin became a politician. Russia is the 4th largest economy in a 5 country group. Russia's economy has dropped so much it is only barely larger than Canada's, a country of 35 million vs Russia's 140 million. In fact it is very likely that if the price of oil stays low, over the next few years Canada will pass Russia in regard to the size of their respective GDP.

How does the hierarchy work in the BRICS? Probably like in most authoritarian regime, when the leader speaks the subordinates snap to attention and salutes. In the case of the BRICS, when China speaks Putin snaps to attention and obeys. If Putin doesn't like what China says he still snaps to attention and salutes because he has little choice in the matter, Russia is the very junior partner in the BRICS. The BRICS HQ is in China and China pays most of the bills. China is the boss.

As for BRICS nations settling their bills in their own currencies this certainly is not unexpected, with the very low price of oil I'd imagine these nations are looking at all manners of ways to reduce costs.

As for Iran "now demanding euros for all oil sales" Reuters gives no name to its source and as Andy says "Reliance upon an unnamed source as a source of fact is never a good idea."


http://uk.reuters.com/article/uk-oil-iran-exclusive-idUKKCN0VE1P9

 

Westy,

One cannot compare ONLY the countries GDP when looking at how well/badly a country is faring against other countries in the world, its NOT good enough to highlight the countries economics..
One has to involve various other aspects, such as, Debt to GDP, unemployment, economic output per capita, foreign reserves, Gold holdings, etc...
So, if we compare Russia to Canada, using only the above aspects, then sorry my friend, but Canada comes way down the list, nowhere near Russia..

Gipsey I should point out that Canada vs Russia using "economic output per capita" or as economists refer to it, gross domestic product (at purchasing power parity) per capita, than Canada is well ahead of Russia. Gipsey let's just assume I know far more about finance and economics than you. It was my job. BTW what do you do in Russia?

Brics bank is headquartered in Shanghai, and China is picking up the tab for the building of the place, and the running of the place, BUT, that's all, the headquarters will be staffed by equal amounts of people from all 5 countries involved, the bank is equally owned by same countries, Headed by each country in turn on an annual rotation.

Gipsey let's do a reality check. Russia has an economic alliance with Belarus, Kazakhstan, Armenia and Kyrgyzstan. Does anyone really think that Putin allows the leaders of the other countries equal decision making? No of course not. Russia is the larger country, with the largest GDP. Russia leads the other countries follow.   

To assist you further, may I remind you that the ECB is owned by some 20ish different countries, by headquartered in Frankfurt, where the German government is picking up the tab, both for the building and its running costs.

Gipsey, great example. Germany is often called the economic engine of the EU or the EU paymaster. It has the largest economy in the EU. Frankfurt is not only the financial capital of Germany but one of the world's leading financial centres. The ECB (European Central Bank) is located there because of those reasons. Again, Gipsey, great example.

I should also add, that, I think its from the beginning of April this year, Russia is selling their gas and oil only in Roubles...

I'll believe it when I see it on the news. Russia needs foreign revenue badly, I think they'll take any currency the buyer offers.

[WestCoast]

Westcoast, English not your first language?

Andy you've got to change your standard insult. It shows you have little imagination when you constantly use it.

to parse the sentence for you they will tell you that the sentence, as written, means that, among the BRICS nations, Russia is the leader in moving away from dollar trading.

Not true. China has been trying to move away from US dollar trading far longer than Russia. 

Russia holds the presidency of the BRICS organization and the organization as a whole was set up at the instigation of the Russian government.

It's called a rotating presidency, Andy. The leader of each member state holds the presidency for a predetermined time.

[Gipsy]

As predicted:

BRICS nations, led by Russia, are beginning to chip away at the dollar.

As we reported earlier this month, Russia and China are now settling oil payments in yuan, a move that western analysts say is responsible for Russia overtaking the Saudis as China's leading oil exporter. Iran (not a BRICS member, but considered a key partner, as well as a potential member) has also sent clear signals that it wants to abandon the dollar: Tehran is now demanding euros for all oil sales.

While these developments have so far centered around oil, Moscow is looking to conduct all trade in national currencies. Moscow and New Delhi are already drawing up the plans:

http://russia-insider.com/en/another-nail-dollars-coffin-russia-and-india-plan-trade-national-currencies/ri13084

Manny talk about bias reporting. Let's start with the first paragraph:

BRICS nations, led by Russia, are beginning to chip away at the dollar.

Russia is leading nothing in the BRICS. China is in charge. China has been looking to replace the US as the sole global superpower since before Putin became a politician. Russia is the 4th largest economy in a 5 country group. Russia's economy has dropped so much it is only barely larger than Canada's, a country of 35 million vs Russia's 140 million. In fact it is very likely that if the price of oil stays low, over the next few years Canada will pass Russia in regard to the size of their respective GDP.

How does the hierarchy work in the BRICS? Probably like in most authoritarian regime, when the leader speaks the subordinates snap to attention and salutes. In the case of the BRICS, when China speaks Putin snaps to attention and obeys. If Putin doesn't like what China says he still snaps to attention and salutes because he has little choice in the matter, Russia is the very junior partner in the BRICS. The BRICS HQ is in China and China pays most of the bills. China is the boss.

As for BRICS nations settling their bills in their own currencies this certainly is not unexpected, with the very low price of oil I'd imagine these nations are looking at all manners of ways to reduce costs.

As for Iran "now demanding euros for all oil sales" Reuters gives no name to its source and as Andy says "Reliance upon an unnamed source as a source of fact is never a good idea."


http://uk.reuters.com/article/uk-oil-iran-exclusive-idUKKCN0VE1P9

 

Westy,

One cannot compare ONLY the countries GDP when looking at how well/badly a country is faring against other countries in the world, its NOT good enough to highlight the countries economics..
One has to involve various other aspects, such as, Debt to GDP, unemployment, economic output per capita, foreign reserves, Gold holdings, etc...
So, if we compare Russia to Canada, using only the above aspects, then sorry my friend, but Canada comes way down the list, nowhere near Russia..

Gipsey I should point out that Canada vs Russia using "economic output per capita" or as economists refer to it, gross domestic product (at purchasing power parity) per capita, than Canada is well ahead of Russia. Gipsey let's just assume I know far more about finance and economics than you. It was my job. BTW what do you do in Russia?

Brics bank is headquartered in Shanghai, and China is picking up the tab for the building of the place, and the running of the place, BUT, that's all, the headquarters will be staffed by equal amounts of people from all 5 countries involved, the bank is equally owned by same countries, Headed by each country in turn on an annual rotation.

Gipsey let's do a reality check. Russia has an economic alliance with Belarus, Kazakhstan, Armenia and Kyrgyzstan. Does anyone really think that Putin allows the leaders of the other countries equal decision making? No of course not. Russia is the larger country, with the largest GDP. Russia leads the other countries follow.   

To assist you further, may I remind you that the ECB is owned by some 20ish different countries, by headquartered in Frankfurt, where the German government is picking up the tab, both for the building and its running costs.

Gipsey, great example. Germany is often called the economic engine of the EU or the EU paymaster. It has the largest economy in the EU. Frankfurt is not only the financial capital of Germany but one of the world's leading financial centres. The ECB (European Central Bank) is located there because of those reasons. Again, Gipsey, great example.

I should also add, that, I think its from the beginning of April this year, Russia is selling their gas and oil only in Roubles...

I'll believe it when I see it on the news. Russia needs foreign revenue badly, I think they'll take any currency the buyer offers.

Westy,

We were discussing the Canadian economy v the Russian, NOT the difference in the standard of living.
Take a look at both countries GDP - Debt ratio, enough said.
If you were my financial advisor, well, sorry mate.
Why does Russia need foreign revenue badly, It has very little foreign debt, what it needs is foreign investment, better technology, more specialists in many areas.
Russia is about 35 years behind Europe and the US but catching up very quickly, which is not bad considering its past..
As far as the rest of your factual manipulation is concerned, well, enough said..

[WestCoast]

As predicted:

BRICS nations, led by Russia, are beginning to chip away at the dollar.

As we reported earlier this month, Russia and China are now settling oil payments in yuan, a move that western analysts say is responsible for Russia overtaking the Saudis as China's leading oil exporter. Iran (not a BRICS member, but considered a key partner, as well as a potential member) has also sent clear signals that it wants to abandon the dollar: Tehran is now demanding euros for all oil sales.

While these developments have so far centered around oil, Moscow is looking to conduct all trade in national currencies. Moscow and New Delhi are already drawing up the plans:

http://russia-insider.com/en/another-nail-dollars-coffin-russia-and-india-plan-trade-national-currencies/ri13084

Manny talk about bias reporting. Let's start with the first paragraph:

BRICS nations, led by Russia, are beginning to chip away at the dollar.

Russia is leading nothing in the BRICS. China is in charge. China has been looking to replace the US as the sole global superpower since before Putin became a politician. Russia is the 4th largest economy in a 5 country group. Russia's economy has dropped so much it is only barely larger than Canada's, a country of 35 million vs Russia's 140 million. In fact it is very likely that if the price of oil stays low, over the next few years Canada will pass Russia in regard to the size of their respective GDP.

How does the hierarchy work in the BRICS? Probably like in most authoritarian regime, when the leader speaks the subordinates snap to attention and salutes. In the case of the BRICS, when China speaks Putin snaps to attention and obeys. If Putin doesn't like what China says he still snaps to attention and salutes because he has little choice in the matter, Russia is the very junior partner in the BRICS. The BRICS HQ is in China and China pays most of the bills. China is the boss.

As for BRICS nations settling their bills in their own currencies this certainly is not unexpected, with the very low price of oil I'd imagine these nations are looking at all manners of ways to reduce costs.

As for Iran "now demanding euros for all oil sales" Reuters gives no name to its source and as Andy says "Reliance upon an unnamed source as a source of fact is never a good idea."


http://uk.reuters.com/article/uk-oil-iran-exclusive-idUKKCN0VE1P9

 

Westy,

One cannot compare ONLY the countries GDP when looking at how well/badly a country is faring against other countries in the world, its NOT good enough to highlight the countries economics..
One has to involve various other aspects, such as, Debt to GDP, unemployment, economic output per capita, foreign reserves, Gold holdings, etc...
So, if we compare Russia to Canada, using only the above aspects, then sorry my friend, but Canada comes way down the list, nowhere near Russia..

Gipsey I should point out that Canada vs Russia using "economic output per capita" or as economists refer to it, gross domestic product (at purchasing power parity) per capita, than Canada is well ahead of Russia. Gipsey let's just assume I know far more about finance and economics than you. It was my job. BTW what do you do in Russia?

Brics bank is headquartered in Shanghai, and China is picking up the tab for the building of the place, and the running of the place, BUT, that's all, the headquarters will be staffed by equal amounts of people from all 5 countries involved, the bank is equally owned by same countries, Headed by each country in turn on an annual rotation.

Gipsey let's do a reality check. Russia has an economic alliance with Belarus, Kazakhstan, Armenia and Kyrgyzstan. Does anyone really think that Putin allows the leaders of the other countries equal decision making? No of course not. Russia is the larger country, with the largest GDP. Russia leads the other countries follow.   

To assist you further, may I remind you that the ECB is owned by some 20ish different countries, by headquartered in Frankfurt, where the German government is picking up the tab, both for the building and its running costs.

Gipsey, great example. Germany is often called the economic engine of the EU or the EU paymaster. It has the largest economy in the EU. Frankfurt is not only the financial capital of Germany but one of the world's leading financial centres. The ECB (European Central Bank) is located there because of those reasons. Again, Gipsey, great example.

I should also add, that, I think its from the beginning of April this year, Russia is selling their gas and oil only in Roubles...

I'll believe it when I see it on the news. Russia needs foreign revenue badly, I think they'll take any currency the buyer offers.

Westy,

Why does Russia need foreign revenue badly, It has very little foreign debt, what it needs is foreign investment, better technology, more specialists in many areas.

Gipsey, you're answering your own question. Russia needs foreign revenue so it can acquired better tech, educate more specialists and get more foreign investment.

If Russia doesn't have the tech, where is it going to get it? From foreign countries and that will mean using revenue that will probably involve either euros or USD. Same with specialists.

If Russia needs specialised workers as it does in the oil and gas industry it will have to pay them, again in euros or USD. Currently Russia is using American specialists to upgrade their oil and gas industries. Do you think the American specialists are being paid in rubles?

Of course Russia is still importing many items from non western countries, more importantly countries that Russia does not have currency exchange agreements with. This means that Russia is probably using USD to buy the goods.

[Gipsy]

Gipsey, you're answering your own question. Russia needs foreign revenue so it can acquired better tech, educate more specialists and get more foreign investment.

If Russia doesn't have the tech, where is it going to get it? From foreign countries and that will mean using revenue that will probably involve either euros or USD. Same with specialists.

If Russia needs specialised workers as it does in the oil and gas industry it will have to pay them, again in euros or USD. Currently Russia is using American specialists to upgrade their oil and gas industries. Do you think the American specialists are being paid in rubles?

Of course Russia is still importing many items from non western countries, more importantly countries that Russia does not have currency exchange agreements with. This means that Russia is probably using USD to buy the goods.

Russia's trade deficit for 2015 was about $160B, and is projected to be slightly more in 2016 so foreign currency is not the biggest problem.

The problem is that it needs massive technological assistance in its infrastructure for a start.

It also needs experienced management and leaders in many fields of investment banking, business and manufacturing.

Manufacturing is much stronger and efficient than it was several years ago, but there is still much room for efficiency gains to be made.

The majority of gas and oil upgrades are being done internally, with little assistance from other countries, and the majority of "Ex-pats"/"Contractors" working within the industry, are on rouble salaries, (I hear complaints about the ex-rate most days).

As far as oil and gas upgrades are concerned, with the exception of drilling for new fields in the Arctic, Russian technology/equipment in the majority of cases, is already amongst the best in the world.

As I stated above, Russian exports outweighs its imports by far.

It needs foreign buyers to buy its products and services in roubles, in order to support and strengthen the currency, which is the direction in which it is heading, in other words De-dollarization/De-euroization.

[andrewfi]

Colour me surprised that an international banker is not aware of how international banking works. 

[Texan77]

What some of you guys do not seem to get it USA is also under going change. Not all of this change is negative like you seem to think. Our balance of trade with China is much smaller than it used to be. The amount of money we spend for oil imports is less than it used to be. This is causing a dollar shortage which is causing the dollar to rise in value. It would destroy the USA economy by raising the dollar value to levels that would put much of America out of work if everyone still traded in dollars. Manny's article mention Iran requiring Euros to buy their oil. Than happened in the 1980's. Russia has been selling oil to China in yuan for a number years now. How can you chip away at that which does not exist.

Why don't you guy try to tell where the dollar is used for trade in the world that does not involved the US. This trade does not exist in large amounts of money any more. The US does not want to promote dollar trade as dollars are already too expensive.

Even Jim Richards who came up with all of this and how it was going to ruin the dollar has move on the another scam as the last one has run out of gas. The only place where this is talked about is in Russian propaganda to make it sound like Russia is destroying the USA.

[andrewfi]

Texan, you are s7mply flat out wrong about the use of dollars. If you were even close to being right then dedollarisation would not be a thing.

The use of dollars in international trade as an intermediary currency is core to the US economy. The US way of life is predicated upon the export of US dollars.

You are similarly incorrect about the US balance of payments. Exports are now at their lowest since 2011. The balance of payments trend is also downward, with an increasing trade gap. Imports have been falling but more slowly than Exports have been increasing.

As for goods and services traded, well almost everything traded internationally can be and is traded using dollars as intermediary. The most visible commodity is, of course, oil.

[Texan77]

Texan, you are s7mply flat out wrong about the use of dollars. If you were even close to being right then dedollarisation would not be a thing.

The use of dollars in international trade as an intermediary currency is core to the US economy. The US way of life is predicated upon the export of US dollars.

You are similarly incorrect about the US balance of payments. Exports are now at their lowest since 2011. The balance of payments trend is also downward, with an increasing trade gap. Imports have been falling but more slowly than Exports have been increasing.

As for goods and services traded, well almost everything traded internationally can be and is traded using dollars as intermediary. The most visible commodity is, of course, oil.

Andrew, why is the dollar going up? Also tell me who still trades in Dollars internationally? No body BRICS, No body Europe, is there any body left who even counts?  Yes our exports are down because our dollar is too strong. We do not need other countries trading in it and making it stronger.

[Gipsy]

Texan, you are s7mply flat out wrong about the use of dollars. If you were even close to being right then dedollarisation would not be a thing.

The use of dollars in international trade as an intermediary currency is core to the US economy. The US way of life is predicated upon the export of US dollars.

You are similarly incorrect about the US balance of payments. Exports are now at their lowest since 2011. The balance of payments trend is also downward, with an increasing trade gap. Imports have been falling but more slowly than Exports have been increasing.

As for goods and services traded, well almost everything traded internationally can be and is traded using dollars as intermediary. The most visible commodity is, of course, oil.

Andrew, why is the dollar going up? Also tell me who still trades in Dollars internationally? No body BRICS, No body Europe, is there any body left who even counts?  Yes our exports are down because our dollar is too strong. We do not need other countries trading in it and making it stronger.

Reading for you..

http://www.bloomberg.com/news/articles/2015-12-24/dollar-to-strengthen-versus-all-major-peers-except-pound-loonie

Old, but also informative..

https://wealth.barclays.com/en_gb/home/international-banking/insight-research/global-market-insight/why-the-us-dollar-may-be-set-to-strengthen.html

[WestCoast]

Texan, you are s7mply flat out wrong about the use of dollars. If you were even close to being right then dedollarisation would not be a thing.

The use of dollars in international trade as an intermediary currency is core to the US economy. The US way of life is predicated upon the export of US dollars.

You are similarly incorrect about the US balance of payments. Exports are now at their lowest since 2011. The balance of payments trend is also downward, with an increasing trade gap. Imports have been falling but more slowly than Exports have been increasing.

As for goods and services traded, well almost everything traded internationally can be and is traded using dollars as intermediary. The most visible commodity is, of course, oil.

Andrew, why is the dollar going up? Also tell me who still trades in Dollars internationally? No body BRICS, No body Europe, is there any body left who even counts?  Yes our exports are down because our dollar is too strong. We do not need other countries trading in it and making it stronger.

Reading for you..

http://www.bloomberg.com/news/articles/2015-12-24/dollar-to-strengthen-versus-all-major-peers-except-pound-loonie

Old, but also informative..

https://wealth.barclays.com/en_gb/home/international-banking/insight-research/global-market-insight/why-the-us-dollar-may-be-set-to-strengthen.html

Gipsey, how can the "economic-growth outlook for the U.S." be so good? Andy has said Russia and China will hurt the US economy via de-dollarisation. Yet the USD is raising against the currencies of both countries according to the article you referenced.

Is it possible Andy is wrong? He is a master spammer so he should know about spam and maybe nothing else. I have repeatedly corrected him about his posts in the fields of politics, economics, finance, food, dieting, exercise, dating, travel, the FSU, the CIA, good grooming and many other topics. 

[Gipsy]

Westy,

As you are the self acclaimed financial/economics wiz kid, you should be able to answer your own question, especially having so recently told me that I have no knowledge in such things in comparison to your profound experience.

You will also, being such an expert, be able to distinguish between the current economic situation in the US, and its outlook.

You should also be able to understand as to why various countries wish for de-dollarization in their trading's, and any effect that such a move will have on the US economy.

You should also be able to distinguish the damage that a strong dollar is causing to other countries economies and currencies around the world...

As to your other comments, I really am not in a position to make any contribution.