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US Threatens Russia Over Petrodollar-Busting Deal
Zerohedge ^ | 04/05/2014 | Tyler Durden

Posted on 04/05/2014 6:51:12 AM PDT by Rusty0604

On the heels of Russia's potential "holy grail" gas deal with China, the news of a Russia-Iran oil "barter" deal, it appears the US is starting to get very concerned about its almighty Petrodollar

•*U.S. HAS WARNED RUSSIA, IRAN AGAINST POSSIBLE OIL BARTER DEAL •*U.S. SAYS ANY SUCH DEAL WOULD TRIGGER SANCTIONS •*U.S. HAS CONVEYED CONCERNS TO IRANIAN GOVT THROUGH ALL CHANNELS We suspect these sanctions would have more teeth than some travel bans, but, as we noted previously, it is just as likely to be another epic geopolitical debacle resulting from what was originally intended to be a demonstration of strength and instead is rapidly turning out into a terminal confirmation of weakness.

As we explained earlier in the week,

Russia seems perfectly happy to telegraph that it is just as willing to use barter (and "heaven forbid" gold) and shortly other "regional" currencies, as it is to use the US Dollar, hardly the intended outcome of the western blocakde, which appears to have just backfired and further impacted the untouchable status of the Petrodollar.

...

"If Washington can't stop this deal, it could serve as a signal to other countries that the United States won't risk major diplomatic disputes at the expense of the sanctions regime,"

And here is Voice of Russia, "Russia prepares to attack the Petrodollar":

The US dollar's position as the base currency for global energy trading gives the US a number of unfair advantages. It seems that Moscow is ready to take those advantages away.

The existence of “petrodollars” is one of the pillars of America's economic might because it creates a significant external demand for American currency, allowing the US to accumulate enormous debts without defaulting. If a Japanese buyer want to buy a barrel of Saudi oil, he has to pay in dollars even if no American oil company ever touches the said barrel. Dollar has held a dominant position in global trading for such a long time that even Gazprom's natural gas contracts for Europe are priced and paid for in US dollars. Until recently, a significant part of EU-China trade had been priced in dollars.

Lately, China has led the BRICS efforts to dislodge the dollar from its position as the main global currency, but the “sanctions war” between Washington and Moscow gave an impetus to the long-awaited scheme to launch the petroruble and switch all Russian energy exports away from the US currency .

The main supporters of this plan are Sergey Glaziev, the economic aide of the Russian President and Igor Sechin, the CEO of Rosneft, the biggest Russian oil company and a close ally of Vladimir Putin. Both have been very vocal in their quest to replace the dollar with the Russian ruble. Now, several top Russian officials are pushing the plan forward.

First, it was the Minister of Economy, Alexei Ulyukaev who told Russia 24 news channel that the Russian energy companies must should ditch the dollar. “ They must be braver in signing contracts in rubles and the currencies of partner-countries, ” he said.

Then, on March 2, Andrei Kostin, the CEO of state-owned VTB bank, told the press that Gazprom, Rosneft and Rosoboronexport, state company specialized in weapon exports, can start trading in rubles. “ I've spoken to Gazprom, to Rosneft and Rosoboronexport management and they don't mind switching their exports to rubles. They only need a mechanism to do that ”, Kostin told the attendees of the annual Russian Bank Association meeting.

Judging by the statement made at the same meeting by Valentina Matviyenko, the speaker of Russia's upper house of parliament, it is safe to assume that no resources will be spared to create such a mechanism. “ Some ‘hot headed' decision-makers have already forgotten that the global economic crisis of 2008 - which is still taking its toll on the world - started with a collapse of certain credit institutions in the US, Great Britain and other countries. This is why we believe that any hostile financial actions are a double-edged sword and even the slightest error will send the boomerang back to the aborigines,” she said.

It seems that Moscow has decided who will be in charge of the “boomerang”. Igor Sechin, the CEO of Rosneft, has been nominated to chair the board of directors of Saint-Petersburg Commodity Exchange, a specialized commodity exchange. In October 2013, speaking at the World Energy Congress in Korea, Sechin called for a "global mechanism to trade natural gas" and went on suggesting that " it was advisable to create an international exchange for the participating countries, where transactions could be registered with the use of regional currencies ". Now, one of the most influential leaders of the global energy trading community has the perfect instrument to make this plan a reality. A Russian commodity exchange where reference prices for Russian oil and natural gas will be set in rubles instead of dollars will be a strong blow to the petrodollar.

Rosneft has recently signed a series of big contracts for oil exports to China and is close to signing a “jumbo deal” with Indian companies. In both deals, there are no US dollars involved. Reuters reports, that Russia is close to entering a goods-for-oil swap transaction with Iran that will give Rosneft around 500,000 barrels of Iranian oil per day to sell in the global market. The White House and the russophobes in the Senate are livid and are trying to block the transaction because it opens up some very serious and nasty scenarios for the petrodollar. If Sechin decides to sell this Iranian oil for rubles, through a Russian exchange, such move will boost the chances of the “petroruble” and will hurt the petrodollar.

It can be said that the US sanctions have opened a Pandora's box of troubles for the American currency. The Russian retaliation will surely be unpleasant for Washington, but what happens if other oil producers and consumers decide to follow the example set by Russia? During the last month, China opened two centers to process yuan-denominated trade flows, one in London and one in Frankfurt. Are the Chinese preparing a similar move against the greenback? We'll soon find out.

Finally, those curious what may happen next, only not to Iran but to Russia, are encouraged to read "From Petrodollar To Petrogold: The US Is Now Trying To Cut Off Iran's Access To Gold."


TOPICS: Business/Economy
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1 posted on 04/05/2014 6:51:12 AM PDT by Rusty0604
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To: Rusty0604

I am sure Odumbo has our back on this one. Yeah Right.


2 posted on 04/05/2014 6:54:58 AM PDT by Mouton (The insurrection laws perpetuate what we have for a government now.)
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To: Rusty0604

Its hard for the WH to get a piece of the deal when its barter. VJ must be annoyed her Tehran friends are cutting them out.


3 posted on 04/05/2014 6:57:51 AM PDT by FlyingEagle
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To: Rusty0604

Don’t threaten with what you cannot back up with actions. And the world now knows this President has nothing to back himself up with, No morals, No core values that are worth defending at all costs.

So he presents himself as a toothless tiger and the world just humors him as he gums away on the things they’ll let him play with.


4 posted on 04/05/2014 6:58:31 AM PDT by The Working Man
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To: Mouton

This Clown is giving all kinds of ideas for skits on SNL and other late night shows. As the Brits used to say, the only way anybody would follow this guy is out of sheer curiosity.


5 posted on 04/05/2014 6:58:59 AM PDT by mortal19440
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To: Rusty0604

This is the sort of economic warfare that can quickly lead to actual warfare.

We are way, way out on a limb with the dollar. If it loses its status then we sink along with it.


6 posted on 04/05/2014 7:00:41 AM PDT by Bobalu (Four Cokes And A Fried Chicken)
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To: FlyingEagle
Actually the BRICS have been on this course for awhile albeit it has been virtually missing in the press which only gets its news from the Odumbo proclamations, you know, the ones that say Odumbo has commanded the tide not to rise.

The harm here is simple, as the demand for dollars drops, so does the value of the dollar in a free floating marketplace. As such, the price of imports rises which is directly felt on the inflation front. Want to see the budget deficits skyrocket further, watch when the interest rates also sky rocket to accommodate the declining dollar. The only “good” that will come from that is his royal eminence will be fully in the same league as Carter when he leaves office, hopefully on a rail.

7 posted on 04/05/2014 7:03:45 AM PDT by Mouton (The insurrection laws perpetuate what we have for a government now.)
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To: Rusty0604

Any individual or country that poses a credible risk of threatening the ‘World Reserve Currency’ status of the US Dollar had better make sure their life insurance premiums are paid up. That’s about the quickest way to get an Aircraft Carrier parked in the ocean nearest to their country. We can be sure the subject came up during 0-Tard’s latest travels abroad. Though he may despise our country in many ways, don’t think for a second that even 0bama doesn’t know where his real political/economic power comes from. With the debt we’re in and the deficits we run, if the oil producing countries abandoned the dollar for their transactions, we would be quickly brought to our knees. THAT’S the position our reckless leaders over the years have put us in.


8 posted on 04/05/2014 7:08:50 AM PDT by KoRn (Department of Homeland Security, Certified - "Right Wing Extremist")
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To: Mouton

I am sure Odumbo has our back on this one. Yeah Right.


He’s got the backs of gays, muslims, and blacks. Other than that, I don’t believe he cares much.

The man is the biggest dipsheet to ever happen to the United States.


9 posted on 04/05/2014 7:10:06 AM PDT by boycott
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To: Bobalu

Very true. The Chinese and others have been rumbling about the dollar for a few years now. The way the US has been printing money to finance social agendas causes loss of faith in the dollar.


10 posted on 04/05/2014 7:10:07 AM PDT by Rusty0604
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To: The Working Man
So he presents himself as a toothless tiger and the world just humors him as he gums away on the things they’ll let him play with.

MUST we discuss Obama's sex life on EVERY thread?

11 posted on 04/05/2014 7:11:19 AM PDT by Lazamataz (Early 2009 to 7/21/2013 - RIP my little girl Cathy. You were the best cat ever. You will be missed.)
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To: Rusty0604

We need to move with all speed to gain energy independence and build the facilities needed to export LNG. The more we can export energy while retaining independence, the more we effectively end the threat from those who rely on energy exports for supporting their governments and agressions. That includes Russia, Iran and the Saudis.

We need to compete with Russia in Europe before the pipeline to China is completed.


12 posted on 04/05/2014 7:12:27 AM PDT by meatloaf (Impeach Obama. That's my New Year's resolution.)
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To: boycott

“The man is the biggest dipsheet to ever happen to the United States.”

Right, and shame on all those who refused to listen to those who said he was ineligible to be president. I still strongly believe he should not have been inaugurated. Not only is he not a natural born citizen, he has no values steeped in US tradition. I’d like to see him “transformed” into a pillar of salt.


13 posted on 04/05/2014 7:13:59 AM PDT by Mouton (The insurrection laws perpetuate what we have for a government now.)
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To: KoRn

There is a conspiracy theory that a reason Obama doesn’t want US to become totally independent on oil is that if we didn’t have to purchase oil from other countries, it would reduce the amount of dollars circulating and would cause less foreign debt purchases and inflation.

I don’t think he is that smart.


14 posted on 04/05/2014 7:15:42 AM PDT by Rusty0604
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To: Rusty0604

Ah the famous mac daddy red line threat with many many many more to follow.

Putin rides a motorcycle in black leather pant and jacket

Mac daddy rides a tricycle in a pink bra, pink silk panties and pink lipstick

That will work - sure.


15 posted on 04/05/2014 7:16:39 AM PDT by chiefqc
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To: Rusty0604

Very true. The Chinese and others have been rumbling about the dollar for a few years now. The way the US has been printing money to finance social agendas causes loss of faith in the dollar.


And who could blame them for wanting to get away from the dollar? Quantitative easing may fool a lot of the clowns that put Obama in office but it doesn’t fool people with common-sense.


16 posted on 04/05/2014 7:17:12 AM PDT by boycott
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To: Rusty0604

Ah the famous mac daddy red line threat with many many many more to follow.

Putin rides a motorcycle in black leather pant and jacket

Mac daddy rides a tricycle in a pink bra, pink silk panties and pink lipstick

That will work - sure.


17 posted on 04/05/2014 7:17:25 AM PDT by chiefqc
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To: Mouton

Not only is he not a natural born citizen, he has no values steeped in US tradition. I’d like to see him “transformed” into a pillar of salt.


I think more highly of salt. He’s just a big heaping pile of donkey dung.

I guess we shouldn’t expect someone raised in Indonesia by a transsexual nanny to have traditional American values. There is absolutely nothing normal about this evil bastard.


18 posted on 04/05/2014 7:22:14 AM PDT by boycott
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To: KoRn

If the USA behaves aggressively in any way, let alone militarily attacks other countries because they don’t want to route their trade through a US controlled racket, almost the entire world will be united against us.

The anglo-media(US/UK) is badly misleading the America people about how much support our gov’t has in the “international community” and downplaying the massive resentment that most people in the world feel about decades of Fed Gov coercion, bullying and thuggery.

Most countries in the world would like to see the US taken down a notch and their governments only pretend to like our government because of all the coercion and bullying that happens behind the scenes.

We are not in a posistion to act the way our gov’t has been.

Debt does matter, despite what Paul Krugman or Dick Cheney want you to think.


19 posted on 04/05/2014 7:33:22 AM PDT by Monmouth78
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To: meatloaf

We cannot possibly export enough LNG to weaken Russia.

Remember, using up our gas faster means we have less later when prices will likely be higher.


20 posted on 04/05/2014 7:35:44 AM PDT by Monmouth78
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To: Monmouth78

But, but Soros has suggested that we sell our petroleum reserves to lower the price of oil! And legalize pot! That will fix everything!


21 posted on 04/05/2014 7:42:39 AM PDT by Rusty0604
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To: Rusty0604
I don’t think he is that smart.

What was your 50th clue? (;>

22 posted on 04/05/2014 7:43:40 AM PDT by Stentor (Maybe the Goldman Sachs thing is just a coincidence. /S)
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To: Lazamataz

LOL, made me laugh out loud and cause my Grand-daughter to see what I was laughing about.

I didn’t tell her; she’s only eight.


23 posted on 04/05/2014 7:46:50 AM PDT by The Working Man
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To: Monmouth78

We have enough natural gas to prevent Russia from using theirs to strong arm Europe. All you need to know is that the Saudis are panicking over fracking in this country, the huge potential and the repercussions for the world market. We’re on track to stop importing 25% of the worlds oil. That’s a huge amount to be left in the market. Even with other country’s growth it still means an over supply and eventually lower prices. One analyst is predicting oil in the $20 range simply because of the massive supplies we’re developing.

We have the potential to destroy OPEC. If you thought the cheating within OPEC was a problem before, you haven’t seen anything.

By exporting LNG we’ll also affect the market for oil. It’s all good. We do need slightly higher prices to encourage more drilling.


24 posted on 04/05/2014 7:48:40 AM PDT by meatloaf (Impeach Obama. That's my New Year's resolution.)
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To: KoRn

I agree that this is the position we have been brought to by feckless leadership, but why should individual countries have to fear us if they decide not to use the USD?

That makes it sound like the USA is a mafia bully .... use our dollar or something bad might happen to you on the way home from the market.

I see no reason why the world’s countries SHOULD HAVE TO use our dollars if it doesn’t make economic sense for them to do so.

Should we be threatening other countries over this?


25 posted on 04/05/2014 7:50:27 AM PDT by Lorianne (fedgov, taxporkmoney)
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To: meatloaf

I’m sure on Obama’s recent trip to Saudi he reassured them he is doing everything he can to stop fracking and the pipeline.


26 posted on 04/05/2014 7:53:57 AM PDT by Rusty0604
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To: Lorianne

If other countries aren’t forced to use our dollar, the liberals here won’t be able to sell as much debt to finance their social agendas.


27 posted on 04/05/2014 7:58:35 AM PDT by Rusty0604
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To: Monmouth78

Exactly.

We should be using our energy to retool our manufacturing base and rebuild so that we can be self sufficient in other ways in addition to energy.

I can’t understand why people just want us to make the fastest buck we can on energy now that we might desperately need later or could sell for a much higher price later.

It’s like eating your seed corn.


28 posted on 04/05/2014 7:58:56 AM PDT by Lorianne (fedgov, taxporkmoney)
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To: Rusty0604

That’s true. But liberals are not the only ones who believe is spend, spend, spend. They just spend it on different stuff.


29 posted on 04/05/2014 8:00:03 AM PDT by Lorianne (fedgov, taxporkmoney)
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To: Lazamataz

Post of the day! ( you gotta admit his sex life sounds pretty exotic Or at least extra- terrestrial ?)


30 posted on 04/05/2014 8:01:22 AM PDT by faithhopecharity ((Brilliant, Profound Tag Line Goes Here, just as soon as I can think of one..))
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To: Rusty0604

I don’t think that went as well as the Saudis expected. Obama pointedly wasn’t invited to stay for dinner. Drilling for natural gas has been going on for a long time. What the Saudis apparently didn’t note is that it’s not on federal land and the companies comply with regulations. The feds can’t do squat. Capitalism is merrily and greedily involved in the usual money making that will eventually drastically affect the price of oil.

When the world loses its largest buyer of oil because it’s become independent, it’s a game changer.


31 posted on 04/05/2014 8:03:23 AM PDT by meatloaf (Impeach Obama. That's my New Year's resolution.)
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To: Lorianne

Not exactly. We’re in the situation of having so much seed corn we’re hampering the effort to grow more. Why grow more seed corn when your storage is over flowing?

The huge over supply of natural gas and the consequent low price have stopped drilling in some areas. Many are only drilling wells in areas where the wet gases that accompany natural gas such as propane, butane, ethane and pentane is sufficient to be profitable because the natural gas price is too low to be worth while drilling.


32 posted on 04/05/2014 8:09:01 AM PDT by meatloaf (Impeach Obama. That's my New Year's resolution.)
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To: boycott
Quantitative easing may fool a lot of the clowns that put Obama in office but it doesn’t fool people with common-sense.

US dollars are made in Italy by fiat.

33 posted on 04/05/2014 8:14:19 AM PDT by Navy Patriot (Join the Democrats, it's not Fascism when WE do it, and the Constitution and law mean what WE say.)
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To: boycott

Maybe if the ‘stimulus’ had been spent on public works like city to city maglevs, a robust continental electrical grid, mission to moon, mars, and beyond, etcetera we’d still be fostering our industries. The problem was with the feminists, too many jobs for burly men because, speaking for the women, the did not want to be pushing shovels for the money, just the checks please.


34 posted on 04/05/2014 8:23:21 AM PDT by IDFbunny
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To: Rusty0604

ODumbA$$ threatening someone again? Drawing another red line in the red dirt? There is not one nation on earth that is afraid of ODumbA$$ and the USA today. They all know that he will only send in the Homo Brigade of Pink Fairies to fight with purses and high heels. It makes me sick to think that the United States military that I once served in, loved and supported has been turned into the Homo Brigade. Makes me sick to my stomach. This Pink Brigade is the very reason that America will fall. They will be too worried about having their panty hose getting a run in them than defending the Republic.


35 posted on 04/05/2014 8:28:04 AM PDT by RetiredArmy (MARANATHA, MARANATHA, Come quickly LORD Jesus!!! Father send thy Son!! Its Time!)
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To: Monmouth78
"Debt does matter, despite what Paul Krugman or Dick Cheney want you to think."

To put the remark by Cheney into context, he said that back when it was only a couple hundred or so billion. Still too high, but manageable.

36 posted on 04/05/2014 8:29:14 AM PDT by KoRn (Department of Homeland Security, Certified - "Right Wing Extremist")
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To: meatloaf

But if left in the ground is security in the future. You don’t have to spend it RIGHT NOW.

We can get it later when we it’s likely more valuable , or we can use it to fund or fuel (literally) future capital improvements.

If we are just converting energy into more fiat currency, what good is that doing us in the long run?


37 posted on 04/05/2014 8:32:27 AM PDT by Lorianne (fedgov, taxporkmoney)
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38 posted on 04/05/2014 8:37:55 AM PDT by musicman (Until I see the REAL Long Form Vault BC, he's just "PRES__ENT" Obama = Without "ID")
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To: KoRn

And you don`t think that could backfire into an absolute hatred for, and international move to dump the petrodollar? Especially if the Russo/Chinese alliance calls that bluff with their new carrier killer weapons?


39 posted on 04/05/2014 8:52:14 AM PDT by nomad
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To: Lorianne

You can either allow Middle Eastern countries to maximize their income and use the excess cash flow to sponsor terrorism and pursue nuclear weapons while allowing Russia to use it’s excess cash flow to modernize its military while using aggressive actions against neighbors or get out of the way and allow capitalism to stop all of the above without spending a dime of taxpayer money. One leads to a better future by using LNG as an economic weapon. The other leads to a much more risky future.

Choose wisely.


40 posted on 04/05/2014 10:24:17 AM PDT by meatloaf (Impeach Obama. That's my New Year's resolution.)
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To: meatloaf

As in all things economic....Adapt or Die. The global economic landscape is changing, and the US better be ready to deal with it.


41 posted on 04/05/2014 10:25:45 AM PDT by dfwgator
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To: Mouton; boycott

The biggest dipsheet? I thought he was the biggest sheepdip.


42 posted on 04/05/2014 10:39:17 AM PDT by Enterprise ("Those who can make you believe absurdities can make you commit atrocities." Voltaire)
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To: meatloaf

Once more, the shallow thinking of the Marxist elitists comes back to undermine them. Obama’s war on energy is turning out to be the chief means of making him the laughingstock of the entire world. If he and the other clowns in power had an aggressive energy development policy, they would now be dealing from a position of strength that would make the Russians and Chinese pause. Obama and his crew like being Bossy. Their own policies have ended up only making them sound bitchy. In this final phase of his Presidency, Obama is suffering from PMS (Putin Menstrual Syndrome). And Putin is loving it. As SNL pointed out, Putin comes from Warrior Jeans, Obama wears Mom Jeans.


43 posted on 04/05/2014 10:50:51 AM PDT by Enterprise ("Those who can make you believe absurdities can make you commit atrocities." Voltaire)
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To: Lazamataz
"MUST we discuss Obama's sex life on EVERY thread?"

Well hell, Obama started it when he was talking about stinkburger.

44 posted on 04/05/2014 10:53:25 AM PDT by Enterprise ("Those who can make you believe absurdities can make you commit atrocities." Voltaire)
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To: meatloaf; Rusty0604

There’s something else that’s giving the House of Saud nightmares. Every other nation is looking at fracking and wondering, “If they can do it in the United States with such spectacular results, why can’t we?”


45 posted on 04/05/2014 11:00:22 AM PDT by Enterprise ("Those who can make you believe absurdities can make you commit atrocities." Voltaire)
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To: Rusty0604

......”A Russian commodity exchange where reference prices for Russian oil and natural gas will be set in rubles instead of dollars will be a strong blow to the petrodollar......
Rosneft has recently signed a series of big contracts for oil exports to China and is close to signing a “jumbo deal” with Indian companies..... In both deals, there are no US dollars involved”.......

Russia seeks over $11 billion in ‘debt’ from Ukraine.....Gazprom is also seeking immediate payment for all recent gas deliveries to Ukraine, valued at over $2.2 billion.

Additional news is Russia is going to the Rubal backed by gold....??? That will change many equations!


46 posted on 04/05/2014 11:10:35 AM PDT by caww
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To: Enterprise

The more the merrier! Need I say it? FRACK the Saudis!


47 posted on 04/05/2014 11:16:50 AM PDT by meatloaf (Impeach Obama. That's my New Year's resolution.)
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To: meatloaf

Give them the mother of all FRACKS!


48 posted on 04/05/2014 11:20:32 AM PDT by Enterprise ("Those who can make you believe absurdities can make you commit atrocities." Voltaire)
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To: meatloaf

It’s all going to eventually lead to war in the future. They cannot continue at the trajectory the nation powers are moving without it coming to this.

Pretty amazing that one President and the EU/NATO has completely upset the entire International stage as they have..and very quickly.

With Obama’s hands ... created divisions in our Congress and Country.... but has exported his divisions on the International Stage by not having any foreign policy nor understanding how nations work....he doesn’t care...his vision is taking the USA along side the EU/Nato trajectory and has handed us over to the EU/Nato agenda for Global Dominance.....while they allow him to sit at the head of the table as if he’s still significant in order to continue to gain the revenues from our country to the IMF and World Bank..


49 posted on 04/05/2014 11:20:38 AM PDT by caww
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To: meatloaf

We are not going to hurt Russia’s LNG exports.
We don’t have the capacity or the infrastructure to do that, nor do we have a way to force other countries to buy from us unless we say we are going to bomb you if you don’t buy from us


50 posted on 04/05/2014 2:54:11 PM PDT by Lorianne (fedgov, taxporkmoney)
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