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Putin fuels dedollarization speculations
Published: 14 October, 2009, 20:56
Edited: 26 December, 2009, 18:55
TAGS: Oil, Putin, Asia, Russia, Currencies, USA
Vladimir Putin has further added to rumors that the US dollar will no longer be the dominant currency in global trade.
Wrapping up a three-day visit to China, the Russian Prime Minister said both Moscow and Beijing can increase the use of their own national currencies in trade deals.
“In principle, we are not against selling our energy resources to China for Russian roubles. But that means our Chinese partners need to get those roubles somewhere. We are ready to pay for Chinese goods in yuan, but we need a balance here,” Putin said.
“This issue has to be studied by experts. We’re planning to have a meeting of finance ministers and central bank heads in Kazakhstan within the framework of the Shanghai Cooperation Organization to discuss these sorts of questions,” he added.
The whole dedollarization issue came into focus after a report in the UK’s Independent newspaper, which claimed Russia, China, Brazil, China, Japan and the Gulf States are planning to stop using the dollar in oil trading.
In an exclusive interview with RT, the article’s author Robert Fisk said that the denial of the US currency is just a question of time.
14.10.2009, 20:41
5 comments
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It is probably not in the average American citizen's best interest to have the American dollar used like a world currency. It does benefit the world billionaires and rich bankers who pretty much run the world. Nothing in the United States constitution allows the exploitation of America"s monetary system. This is a problem that America must face and solve without causing a dangerous world depression. If political courage and the will of the people are not behind Federal Reserve changes to correct this, America and the rest of the world will suffer until changes are forced upon the fed at a later time. The financial rat hole gets bigger and deeper every day, yet American politicians {office holders} continue to pour trillions of dollars down the rat hole.
Here's a better idea. Get rid of fiat currencies, and make Gold/Silver the de-facto world currency. Just like we had here in the US before the Federal Reserve Act of 1913, which has brougt America and the rest of the world untold miseries.