After all, surely it is ridiculous that a country can seriously contemplate to exist outside the ideological and religious confines of the Petrodollar... because if one can do it, all can do it, and next thing you know the US has hyperinflation, social collapse, civil war and all those other features prominently featured in other socialist banana republics like Venezuela which alas do not have a global reserve currency to kick around. Or so the Keynesian economists, aka tenured priests of said Petrodollar religion, would demand that the world believe. However, as much as it may trouble the statists to read, Russia is actively pushing on with plans to put the US dollar in the rearview mirror and replace it with a dollar-free system. Or, as it is called in Russia, a de-dollarized world. Voice of Russia reports citing Russian press sources that the countrys Ministry of Finance is ready to greenlight a plan to radically increase the role of the Russian ruble in export operations while reducing the share of dollar-denominated transactions. Governmental sources believe that the Russian banking sector is ready to handle the increased number of ruble-denominated transactions
Posted on: Wed, 14 May 2014 00:57:42 +0000
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