Posted on 07/12/2022 9:27:58 AM PDT by marshmallow
China already buys oil from Russia using their yuan, and I just saw an article yesterday that India has begun using its own currency to buy oil from Russia. So neither country needs dollars for that purpose as they once did, so the value of the dollar over time will diminish. BRICS will have a competing currency soon, there’s no doubt about that. Actually at its core, our proxy war with Russia is about this very thing. The bankrupt and overly indebted Western democracies will experience a monetary crisis before long, no question about it.
LOL Russia wants a return to the COMECON barter system. How many tons of Chinese tractors or Brazilian sugar for 10,000 barrels of Russian crude? Plus, having shown themselves to be politically unreliable suppliers, how many countries are willing to become dependent on Russian exports of raw materials?
When I was a kid there was some talk of going on the uranium standard. Of course the uranium couldn’t be physically held like gold or silver due to radioactivity.
But it could be held in reserve and would be seen as a certain unit of energy.
Back then they thought everything would eventually be nuclear powered with the exception of hydroelectric.
The issuer(s) of a reserve currency must by definition be net importers of goods. I’d love to hear the particulars of how this Rube Goldberg Machine gets built.
“Russia easily sold their oil and gas to happy customers in China, Asia and the rest of Asia at good prices.”
You do know there are no pipelines from Russia’s main gas fields into Asia. They only go west. For most of the supply if Putin doesn’t sell to Europe he doesn’t sell at all.
Sounds like they have one gas line and are building another.
https://www.voanews.com/a/russia-gas-pivot-to-china-poses-challenge-for-europe/6375859.html
“Sounds like they have one gas line and are building another.”
They do, but the problem for Russia is they have two main oil and gas regions. West Siberia and the smaller East Siberia.
East has pipelines going to China.
The West Siberia pipelines all go to Europe, and there is no cross-country pipeline that connects the two areas.
Yeah?
Is that why America is busy exporting LNG (Liquefied natural gas) to Western Europe even as we speak?
Did you secretly build a natural gas pipeline from America to Europe overnight even as we slept?
And what about the massive Russian oil exports to India and China?
“Is that why America is busy exporting LNG (Liquefied natural gas) to Western Europe even as we speak?”
You’ve discovered Russia’s problem. They have nowhere else to sell their gas, while Europe has other places to buy it. Does that explain which side has the advantage here?
GMAB.
Russia doesn't have a “problem”.
Russia is busy selling oil and natural gas at near record high prices to China, India and the rest of Asia, which have VASTLY bigger populations than the US and Europe combined,
China is now by far the biggest car market on the planet mostly because of their massive 1.4 Billion population.
You are whistling in the wind.
They have nowhere else to sell their gas,
China alone (1.4 Billion population) can buy all the natural gas Russia used to sell to Europe, without any problem through LNG.
while Europe has other places to buy it.
Is that why Europe is straggling to replace Russian natural gas and the German power companies, etc are busy paying the Russians in Rubles to make sure they secure their natural gas supplies from Russia?
Does that explain which side has the advantage here?
Western Europe has ZERO advantage in the natural gas, oil fight. Russia has the oil/gas and the power.
Imagine if they change their mind.
The US has reduced export by 19%, Australia is banning export at all, Qatar refuses to increase production on European terms, Algeria defected to Putin, French army is getting its but kicked by the Russian mercs in the rest of Africa and their proxies are losing ground.
Meanwhile, Russia is expanding export to China and now building a link between European and Asian pipeline systems, allowing to redirect the European sales to China. That’s on top of another big pipe to China.
Europe is a sucker in this setup. Now they are in a war frenzy. By the mid of the next year, they’d understand that they were royally screwed, and not by Russia.
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