Russia Cuts Dollar Holdings From $119 Billion Wealth Fund Amid Sanctions
Bloomberg: Russia Cuts Dollar Holdings From $119 Billion Wealth Fund Amid Sanctions
(Bloomberg) -- Russia said it will eliminate the dollar from its oil fund to reduce vulnerability to Western sanctions just two weeks before President Vladimir Putin holds his first summit meeting with U.S. leader Joe Biden.
The National Wellbeing Fund will shift its dollar holdings into euros, yuan and gold, Finance Minister Anton Siluanov said. The dollar pared gains on the news Thursday before bouncing back as analysts said the immediate market impact is likely to be limited. The transfer will take place within the central bank’s huge reserves. It affects about $119 billion in liquid assets, of which about a third is held in dollars.
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WNU Editor: In the past year both China and Russia have been buying gold like crazy, while dumping the U.S. dollar .... Bye Bye Benjamin! Russia & China speed up de-dollarization process: most trade no longer conducted in greenbacks (RT). This move by Russia's Wealth Fund only continues this trend.
Based ion the pie chart above, I would guess Russia would align with China if perchance there was a world war.
ReplyDeleteI see no reason why the American oligarchs cannot break bread with the Russian oligarchs. Are the American oligarchs better than thou? They just stole an election.
In Russia they have a iron gauntlet and the West wears a velvet glove. Does it make it better? The USSR put political opponents in psychiatric hospitals. The French socialist in and out of government wanted to give their main opposition leader Marin la Pen a psych eval. Many liberals in America want to put deniers in hospitals or prison. Seems like the two systems are converging IMO.
I guess the The Beltway and the Kremlin are incapable of breaking bread just as the Roman and Carthaginian senates were.
Footnote(s)
Marine Le Pen ordered to submit to psychiatric evaluation over Islamic State execution tweets
"The investigation relates to three graphic images of Islamic State executions Le Pen posted on Twitter in 2015, including the beheading of American journalist James Foley."
I guess, if legacy media mentions it in passing or downplays it, then it is not a problem? So the nerve of La Pen to remind people. The nerve of those 100 French Generals to reminds us also!
The Beltway and Kremlin getting together would be a bad idea. Losing a war to China would be worse.
Overall excellent analysis. Losing axwsr to Russia would also be bad. Losing a war you don't need would be even worse. Winning a war where you expend enormous amounts of blood and treasure but gain nothing of value isn't a particularly good idea either.
ReplyDeleteBreaking bread or getting together may be a bad idea. I certainly wouldn't suggest anything as grandiose as an alliance. Bad idea or not it won't happen as long as our (US) leadership class continues with needless provocations of the Russians.
I suspect in a world war Russia would fo what most nations would do which is side with China, not actively assist the US, or work against the US behind the scenes.
"They just stole an election." While I tend to agree, it's hard to prove beyond a reasonable doubt. There does seem to be evidence of this bubbling beneath the surface. The elites may not be able to suppress it indefinitely. I believes this explains the sudden 180 degree turn on COVID-19 origins. The leadership needs a distraction and they wish to insulate Biden from criticism. He's being made into a wartime president and the thinking is the American people will coalesce around him. If we consult Rasmussen daily approval ratings, it seems to be working. When we want to cut through the propaganda noise we consult Rasmussen.
Russia winning a war against the US is as likely as you winning a slap fight against yourself. You should get you own Youtube channel and try being an influencer.
ReplyDeleteWith a very powerful nuclear arsenal, cyber warfare capabilities that are at or near the best in the world, and a vast network of allies or nations that will at least look the other way in the face of Russian actions it would be inadvisable to take them lightly. Russia seems very capable of winning a war against the US. Being heavily dependent on Russian oil I wouldn't expect much help from western Europe. Taking an adversary or potential adcersary lightly is never a good idea and needlessly creating conflict is even worse.
ReplyDeleteMe engaging in a slap fight against myself would make no sense. Perhaps it is you who should get a YouTube channel where non serious commentary is encouraged.
BTW, the US dollar as world reserve currency has been a huge blessing for us. It's allowed our leadership class to punch above It's weight and by extension America's weight. If arguably the two most powerful nations in the world are phasing out the dollar as the article suggests, this would appear to suggest that the US dollar on It's current position is ending sooner rather than later.
Agreed!! Our leaders are idiots!! The combination of extreme stupidity and extreme hubris as embodied by our leaders is extremely dangerous.
ReplyDeleteAmerican leaders have a lot in common with you 11:54.
ReplyDeleteHow so? I'm not the one who needlessly provokes other nations. I didn't sell out our nation's interests for 50K or so a month, nor did I bumble into Iraq, Syria, Libya, and Ukraine without even the most basic understanding of things as our leadership class did and continues to do. I could go on. This barely scratches the surface.
ReplyDeleteIf there is an issue with my analysis, please cite the example. It can be discussed. I might even learn something!! Cheap insults aren't helpful and don't add value to the discussion.