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(Al Jazeera)   Russian banks attempt to undercut the US dollar by moving to other currencies, although economists are unsure how stable a reserve currency based on vodka and borscht will be   (america.aljazeera.com) divider line 52
    More: Interesting, reserve currency, currency, people money, emerging economies, rubles, chiefs, BRICs, shot across the bow  
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2862 clicks; posted to Business » on 10 Jun 2014 at 2:09 PM (47 weeks ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2014-06-10 12:00:51 PM  
Go ahead.  And when the Chinese economy eventually pops...
 
2014-06-10 01:10:52 PM  
Russia is a $2 trillion economy (or roughly the size of Italy). Europe and the US alone are ~$33-34 trillion. Granted Russia hits above its weight in the export market but not enough to be important.

It is funny that they would choose the RNB which may be the most inflationary and out of control currency on the market. The only thing keeping it out of the Zimbabwe Dollar cycle is the fact that they peg it to the US dollar.
 
2014-06-10 01:16:52 PM  
When asked for comment, the Russian Foreign Minister said, "Мы вас похороним!"
 
2014-06-10 01:19:47 PM  
Vodka will never be worth nothing!!
 
2014-06-10 02:13:35 PM  
So, they'll exchange their toilet paper of a currency for RNB, which to actually get things pretty much anywhere else in the world, they'll exchange again for dollars from there.


It's a cunning plan by the banks to get twice the currency exchange fees.
 
2014-06-10 02:14:02 PM  
Wasn't this just the plot for the last jack Ryan movie?

The one that ducked.
 
2014-06-10 02:14:49 PM  
Too bad petroleum (your one export) is traded in dollars you stupid farks.
 
2014-06-10 02:17:46 PM  
It's vodak dammit!
 
2014-06-10 02:18:12 PM  

b2theory: Russia is a $2 trillion economy (or roughly the size of Italy). Europe and the US alone are ~$33-34 trillion. Granted Russia hits above its weight in the export market but not enough to be important.

It is funny that they would choose the RNB which may be the most inflationary and out of control currency on the market. The only thing keeping it out of the Zimbabwe Dollar cycle is the fact that they peg it to the US dollar.


They are an indirect threat. An economic problem in Russia could be pretty serious to our trading partners in Europe, especially if it impacts energy prices. We have to worry about the instability it could create in the Russian economy more than a threat that they could dominate anything.
 
2014-06-10 02:19:48 PM  
Russia's learning some interesting economic lessons lately. They don't seem to have thought their cunning plan all the way through.
 
2014-06-10 02:20:33 PM  

gopher321: Мы вас похороним


"What me worry?"

/ah... that one
 
2014-06-10 02:23:02 PM  

pkellmey: b2theory: Russia is a $2 trillion economy (or roughly the size of Italy). Europe and the US alone are ~$33-34 trillion. Granted Russia hits above its weight in the export market but not enough to be important.

It is funny that they would choose the RNB which may be the most inflationary and out of control currency on the market. The only thing keeping it out of the Zimbabwe Dollar cycle is the fact that they peg it to the US dollar.

They are an indirect threat. An economic problem in Russia could be pretty serious to our trading partners in Europe, especially if it impacts energy prices. We have to worry about the instability it could create in the Russian economy more than a threat that they could dominate anything.


Agreed
 
2014-06-10 02:26:08 PM  

Lunchlady: Too bad petroleum (your one export) is traded in dollars you stupid farks.


So change the policy and start trading it in Euros or something. What's the worst that could happen?

i1.ytimg.com
Oh, right. Never mind.
 
2014-06-10 02:31:22 PM  

Mentat: Go ahead.  And when the Chinese economy eventually pops...

 How would that matter to the Russians?
Unless they can't afford the gas of course.
 
2014-06-10 02:34:13 PM  

mithras_angel: So, they'll exchange their toilet paper of a currency for RNB, which to actually get things pretty much anywhere else in the world, they'll exchange again for dollars from there.


Bullshiat.

And also, irrelevant. Gazprom isn't traveling to Peru to purchase trinkets, so they don't give a shiat that the llama dealer only accepts Dollars.
 
2014-06-10 02:34:57 PM  

Lunchlady: Too bad petroleum (your one export) is traded in dollars you stupid farks.


And most of their gas pipes go to Europe. And the Chinese (their most powerful non-US, non-Europe trading partner) manipulate their currency all the time as a matter of policy.
 
2014-06-10 02:43:38 PM  

Arkanaut: Lunchlady: Too bad petroleum (your one export) is traded in dollars you stupid farks.

And most of their gas pipes go to Europe. And the Chinese (their most powerful non-US, non-Europe trading partner) manipulate their currency all the time as a matter of policy.


But they're also trading with Best Korea now!  They can exchange their petroleum exports for dirt and sadness.
 
2014-06-10 02:50:42 PM  

toraque: Arkanaut: Lunchlady: Too bad petroleum (your one export) is traded in dollars you stupid farks.

And most of their gas pipes go to Europe. And the Chinese (their most powerful non-US, non-Europe trading partner) manipulate their currency all the time as a matter of policy.

But they're also trading with Best Korea now!  They can exchange their petroleum exports for dirt and sadness.


And hunger. Don't forget the hunger
 
2014-06-10 02:55:04 PM  

stratagos: toraque: Arkanaut: Lunchlady: Too bad petroleum (your one export) is traded in dollars you stupid farks.

And most of their gas pipes go to Europe. And the Chinese (their most powerful non-US, non-Europe trading partner) manipulate their currency all the time as a matter of policy.

But they're also trading with Best Korea now!  They can exchange their petroleum exports for dirt and sadness.

And hunger. Don't forget the hunger


LOL
Reality
NSFUSSHPPL
 
2014-06-10 03:35:10 PM  
Has anyone told Putin that when you're in a deep, dark hole you should stop digging?

It's been a few years but I thought that Russia was still one of those places where hard U.S. currency can buy things in excess of it's true exchange rate. Now I know that's not entirely international policy, but it says something about the people's faith in their own currency. I expect Russians to start hoarding Dollars, Euros and Bitcoin in an attempt to weather the inevitable inflation.

The whole thing smacks of a face-saving measure and not a well planned monetary policy.
 
2014-06-10 03:47:37 PM  

Salmon: Wasn't this just the plot for the last jack Ryan movie?

The one that ducked.


I believe you are correct sir.  But ***Spoilers***
 
2014-06-10 03:49:41 PM  

Arkanaut: Lunchlady: Too bad petroleum (your one export) is traded in dollars you stupid farks.

And most of their gas pipes go to Europe. And the Chinese (their most powerful non-US, non-Europe trading partner) manipulate their currency all the time as a matter of policy.


Yes, it'll be really hard to convince the EU to pay in Euro's.

Lunchlady is so smart.
 
2014-06-10 03:51:00 PM  

The Irresponsible Captain: Has anyone told Putin that when you're in a deep, dark hole you should stop digging?

It's been a few years but I thought that Russia was still one of those places where hard U.S. currency can buy things in excess of it's true exchange rate. Now I know that's not entirely international policy, but it says something about the people's faith in their own currency. I expect Russians to start hoarding Dollars, Euros and Bitcoin in an attempt to weather the inevitable inflation.

The whole thing smacks of a face-saving measure and not a well planned monetary policy.


You thought wrong.

And since you seem to think they want to hoarde Euros, how is being paid in Euros detrimental to that?
 
2014-06-10 03:52:42 PM  

spawn73: Arkanaut: Lunchlady: Too bad petroleum (your one export) is traded in dollars you stupid farks.

And most of their gas pipes go to Europe. And the Chinese (their most powerful non-US, non-Europe trading partner) manipulate their currency all the time as a matter of policy.

Yes, it'll be really hard to convince the EU to pay in Euro's.

Lunchlady is so smart.


You seem to be missing the point though -- the Russians don't seem to want their economic fate to be tied to Europe either.
 
2014-06-10 04:11:50 PM  

Arkanaut: spawn73: Arkanaut: Lunchlady: Too bad petroleum (your one export) is traded in dollars you stupid farks.

And most of their gas pipes go to Europe. And the Chinese (their most powerful non-US, non-Europe trading partner) manipulate their currency all the time as a matter of policy.

Yes, it'll be really hard to convince the EU to pay in Euro's.

Lunchlady is so smart.

You seem to be missing the point though -- the Russians don't seem to want their economic fate to be tied to Europe either.


No, that would be fairly stupid.

Though they'll be accepting Euros in payment.
 
2014-06-10 04:26:16 PM  
The traditional US response to someone trying to move away from being shackled to the dollar is to invade them & overthrow their government.

Curious to see if US stupid enough to try this with Russia.
 
2014-06-10 04:27:59 PM  
This is a smart move by Putin. Anything to strengthen the Russia/China relationship only helps them both in the long run.
 
2014-06-10 04:32:38 PM  

NephilimNexus: The traditional US response to someone trying to move away from being shackled to the dollar is to invade them & overthrow their government.

Curious to see if US stupid enough to try this with Russia.


Are you really?

I'm honestly asking because that is an absolutely braindead thing to actually be curious about.
 
2014-06-10 04:41:51 PM  

relaxitsjustme: This is a smart move by Putin. Anything to strengthen the Russia/China relationship only helps them both in the long run march.

 
2014-06-10 05:15:37 PM  
California, by itself, has an economy the same size as Russia...just sayin,
 
2014-06-10 05:20:54 PM  

Ivo Shandor: Lunchlady: Too bad petroleum (your one export) is traded in dollars you stupid farks.

So change the policy and start trading it in Euros or something. What's the worst that could happen?

[i1.ytimg.com image 480x358]
Oh, right. Never mind.


Except that, unlike Iraq, Russia actually has nuclear weapons.  Thousands of them.
 
2014-06-10 05:28:29 PM  

LewDux: stratagos: toraque: Arkanaut: Lunchlady: Too bad petroleum (your one export) is traded in dollars you stupid farks.

And most of their gas pipes go to Europe. And the Chinese (their most powerful non-US, non-Europe trading partner) manipulate their currency all the time as a matter of policy.

But they're also trading with Best Korea now!  They can exchange their petroleum exports for dirt and sadness.

And hunger. Don't forget the hunger

LOL
Reality
NSFUSSHPPL


Stop trying to make sheeple happen.  It's not going to happen.
 
2014-06-10 05:36:46 PM  

spawn73: The Irresponsible Captain: Has anyone told Putin that when you're in a deep, dark hole you should stop digging?

It's been a few years but I thought that Russia was still one of those places where hard U.S. currency can buy things in excess of it's true exchange rate. Now I know that's not entirely international policy, but it says something about the people's faith in their own currency. I expect Russians to start hoarding Dollars, Euros and Bitcoin in an attempt to weather the inevitable inflation.

The whole thing smacks of a face-saving measure and not a well planned monetary policy.

You thought wrong.

And since you seem to think they want to hoarde Euros, how is being paid in Euros detrimental to that?


Sorry, it was the case several years ago when a friend of mine, a Russian exchange student, told me that people preferred to have dollars if possible, at least where he lived in Russia.

The article seemed to imply with this statement: "Last week, the head of state-owned Gazprom, which supplies Europe with 30 percent of its natural gas supply, announced the oil company would shift "nine out of 10" payment contracts from dollars to euros, with the ultimate goal of transitioning those contracts to rubles of renminbi," and others that the goal was to not trade in western currency, of which the Euro is considered.

I didn't mean to offend you with that.
 
2014-06-10 05:57:43 PM  

The Irresponsible Captain: spawn73: The Irresponsible Captain: Has anyone told Putin that when you're in a deep, dark hole you should stop digging?

It's been a few years but I thought that Russia was still one of those places where hard U.S. currency can buy things in excess of it's true exchange rate. Now I know that's not entirely international policy, but it says something about the people's faith in their own currency. I expect Russians to start hoarding Dollars, Euros and Bitcoin in an attempt to weather the inevitable inflation.

The whole thing smacks of a face-saving measure and not a well planned monetary policy.

You thought wrong.

And since you seem to think they want to hoarde Euros, how is being paid in Euros detrimental to that?

Sorry, it was the case several years ago when a friend of mine, a Russian exchange student, told me that people preferred to have dollars if possible, at least where he lived in Russia.

The article seemed to imply with this statement: "Last week, the head of state-owned Gazprom, which supplies Europe with 30 percent of its natural gas supply, announced the oil company would shift "nine out of 10" payment contracts from dollars to euros, with the ultimate goal of transitioning those contracts to rubles of renminbi," and others that the goal was to not trade in western currency, of which the Euro is considered.

I didn't mean to offend you with that.


It doesn't offend me. I just hate "USA USA USA!!!" comments.
 
2014-06-10 07:15:48 PM  
Judging from the number of Russian strippers working these days, they may well be stockpiling US currency one dollar
at a time.

For science:

www.timeslive.co.za
 
2014-06-10 07:51:02 PM  

NephilimNexus: The traditional US response to someone trying to move away from being shackled to the dollar is to invade them & overthrow their government.


Nope.

Not even close.  Our traditional response is to laugh and say "Let us know how that works for you!"  And then laugh more when it doesn't.  Which is how it works out every single time.
 
2014-06-10 08:01:37 PM  

Lunchlady: Too bad petroleum (your one export) is traded in dollars you stupid farks.


Its ok so is the RNB.
 
2014-06-10 08:05:51 PM  

relaxitsjustme: This is a smart move by Putin. Anything to strengthen the Russia/China relationship only helps them both in the long run.


If Putin thinks that Russia will be an equal partner in that relationship, you and him will be greatly disappointed.
 
2014-06-10 08:40:11 PM  

anfrind: LewDux: stratagos: toraque: Arkanaut: Lunchlady: Too bad petroleum (your one export) is traded in dollars you stupid farks.

And most of their gas pipes go to Europe. And the Chinese (their most powerful non-US, non-Europe trading partner) manipulate their currency all the time as a matter of policy.

But they're also trading with Best Korea now!  They can exchange their petroleum exports for dirt and sadness.

And hunger. Don't forget the hunger

LOL
Reality
NSFUSSHPPL

Stop trying to make sheeple happen.  It's not going to happen.


I want some of the shiat this guy is smoking...

At the 3:00 mark it shows the same computer room as in the Vice episode.

/puff puff pass, quit bogarting the joint brah
 
2014-06-10 08:55:12 PM  

stratagos: toraque: Arkanaut: Lunchlady: Too bad petroleum (your one export) is traded in dollars you stupid farks.

And most of their gas pipes go to Europe. And the Chinese (their most powerful non-US, non-Europe trading partner) manipulate their currency all the time as a matter of policy.

But they're also trading with Best Korea now!  They can exchange their petroleum exports for dirt and sadness.

And hunger. Don't forget the hunger


Anyone else think that Putin might be running the risk of being economically dominated by China with the new pipeline deal?  At the very least, I would be nervous about Siberia.  *That* would be Schadenfreude of a high order.

gifrific.com.
/Seems appropriate.
//Interesting times coming up.
///Slashies.
 
2014-06-10 09:37:41 PM  
All well and good for Russia until China suddenly remembers it used to own the Amur region.
 
2014-06-10 11:19:25 PM  

Dooooooooo eeeeeeeiiiiiiitttt.

Do your best, chuckleheads. It's fun to watch you teeter over the edge.
 
2014-06-11 12:47:02 AM  

Nonrepeating Rotating Binary: All well and good for Russia until China suddenly remembers it used to own the Amur region.


Are you suggesting China might use protecting native Chinese speakers as justification for an invasion?  That would never happen...
 
2014-06-11 02:11:35 AM  
While it sure will not put a dent on the stability of USD as the reserve currency I do think it is a right move at this stage.

/there is no "t" in borsch
 
2014-06-11 03:41:22 AM  
Vodkoin.  Book it. Done.
 
2014-06-11 05:23:39 AM  
No matter what happens he will blame it on Obama (America).  Man's a maniac.  I suppose that is what you have to be to want to be at the helm of any nation though.  Even ours.
 
2014-06-11 06:48:43 AM  

All2morrowsparTs: relaxitsjustme: This is a smart move by Putin. Anything to strengthen the Russia/China relationship only helps them both in the long run.

If Putin thinks that Russia will be an equal partner in that relationship, you and him will be greatly disappointed.


I don't know what Putin thinks. I know that China and Russia share a huge border. Russia has lots and lots of oil and gas to sell and China can't buy energy fast enough. Trading in renminbi gets around US trade sanctions. I don't see a whole lot of downside to this deal for either party.
 
2014-06-11 01:44:32 PM  

Nonrepeating Rotating Binary: NephilimNexus: The traditional US response to someone trying to move away from being shackled to the dollar is to invade them & overthrow their government.

Nope.

Not even close.  Our traditional response is to laugh and say "Let us know how that works for you!"  And then laugh more when it doesn't.  Which is how it works out every single time.


So you laughed really hard at all those countries that went to the D-mark and then the Euro?

No you didn't, because you're clueless, and just spouting shiat like clueless people sometimes do when they think noone other than their fellow morons are listening.
 
2014-06-11 03:18:14 PM  

Lunchlady: NephilimNexus: The traditional US response to someone trying to move away from being shackled to the dollar is to invade them & overthrow their government.

Curious to see if US stupid enough to try this with Russia.

Are you really?

I'm honestly asking because that is an absolutely braindead thing to actually be curious about.


He's in Michigan, he's got nothing to lose... *shrug*
 
2014-06-11 07:46:05 PM  

spawn73: Nonrepeating Rotating Binary: NephilimNexus: The traditional US response to someone trying to move away from being shackled to the dollar is to invade them & overthrow their government.

Nope.

Not even close.  Our traditional response is to laugh and say "Let us know how that works for you!"  And then laugh more when it doesn't.  Which is how it works out every single time.

So you laughed really hard at all those countries that went to the D-mark and then the Euro?

No you didn't, because you're clueless, and just spouting shiat like clueless people sometimes do when they think noone other than their fellow morons are listening.


Oh, you mean like that time countries went to the Deutschmark for trading and the US dollar completely collapsed and ceased to be the world's premier reserve currency?  That totally happened, right?

Oh, no it didn't.
 
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