Russia to dump waning dollar

[medbiller777]

Russian oil firm Rosneft will follow the lead of Gazprom and LUKOIL to sell crude in rubles amid the ongoing depreciation of the dollar.

"Our specialists are looking at all possibilities that could be beneficial for the company," Rosneft Spokesman Nikolai Manvelov said. "Everything depends on economic viability."

Russia's largest independent oil producer, LUKOIL earlier announced that the company will switch to the ruble in its gas and crude deals within two years.

http://www.presstv.ir/detail.aspx?id=34978&sectionid=3510213

[Butterflykisses]

Yep, it's follow the money, honey. For Russia, this is what it is about, along with power. I also bet it won't take 2 years.

[heybales219]

Russia is in with the Middle Eastern countries now. I agree, it won't take them two years. I have a feeling they've been planning this for a while.
Consider that China is leading the charge to ruin our dollar, then throw in the fact that Russia, China, and many Middle Eastern countries are in cahoots..... You begin to see a full picture after putting together a few pieces. They have declared war against the USA, but a nice quiet war.

Don't mean to get :offtopic, but I wonder why China wants to destroy the dollar, since we are their biggesst customer. :scratch

[Issachar]

Consider that China is leading the charge to ruin our dollar, ... I agree with your thoughts except this one. I don't believe these countries are out to ruin the US dollar. I think that they are just seeing the value of something that they invested in going down so they are "selling". Much as folks do with stocks. They go down, or start to, and a lot of people sell. The reason they are dumping the US dollar is because it is already losing value because of the actions of the Federal Reserve Board. Of course their actions are sorta kinda based on demand for "more" and that demand comes in part, from the American people. We want so we get. If the means to get must be borrowed, as a whole, Americans don't care as long as they get. The economy is a push-me-pull-you with the FED and the people.

Issachar

[Waiting...]

So now we are seeing a trend with countries starting to abandon the dollar. Does this further devalue the dollar which will encourage more countries to abandon it? Has this ever happened before in history? (Countries dropping the dollar). And finally one more question: Does this start a snowball effect that will eventually reach the point of no return?

[Pendragon]

Let them dump it it will bring jobs back home and put american made back to being american made. We just need to focus on actually making a quality product!

[Nova]

Consider that China is leading the charge to ruin our dollar, then throw in the fact that Russia, China, and many Middle Eastern countries are in cahoots.

Why blame other countries? We are doing such a good job of wrecking our economy on our own.

As a nation we spend more than we make. The federal government is in debt. And the average American is in debt. We have a trade defecit (which means we bought more from overseas than we sold overseas.) And our collective savings is negative (net debt is greater than net savings.) Bottom line-WE ARE DOING THIS TO OURSELVES.

At some point in time this has to catch up with us. Nowhere in scripture does God say debt is anything other than a bad plan.

[Butterflykisses]

I personally think America is spoiled lil brats, (some, not all).

[Chariots]

There is no encouragement to save. With low intrest, devaluation of the dollar, and inflation the money you save is worth less every month. The system is designed to promote spending and not saving. If we spend our federal reserve notes on tools, equipment, property, livestock, and things than appreciate with time we are saving but not in cash. Cash wealth is a figment of our imaginations. If you are spending all your extra funds on useful items then hurray for you.

Don't invest any more money than needed in cars they are the next bubble to burst IMHO.

[jds6958]

There is no encouragement to save. With low intrest, devaluation of the dollar, and inflation the money you save is worth less every month. The system is designed to promote spending and not saving. If we spend our federal reserve notes on tools, equipment, property, livestock, and things than appreciate with time we are saving but not in cash. Cash wealth is a figment of our imaginations. If you are spending all your extra funds on useful items then hurray for you.

Don't invest any more money than needed in cars they are the next bubble to burst IMHO.

and maybe credit cards...thoughts?