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OR, you should consider the other possibility: Fanbois here pump up China and Pakistan without much substance, and deride USA, all with the covert blessings of PDF, right down to personal attacks? In such a situation, my being fair and even-handed goes against the carefully nurtured bias here and hence is unpopular. That is not my problem.
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Back to the topic, the reign of the US dollar as the world's reserve currency will carry for at least several more decades. At least.
Looks like the sour grapes arrived.
I find it hard to believe that China and Russia have been trading with the capitalist dollar since say the 1950's.
I'm guessing it is a relatively recent event. Maybe when the Ruble failed China demanded Yuan and Russia said dollars.
Thats DEJA GOO !Oh please, just do it already! How many times have we heard this?
Deja Moo: The feeling that you have heard this bullshit before.
Fair and even-handed? I'm not sure if that is unintentional sarcasm or not.
And as for much substance, just recently you were going on about how China's demographics "would take care of the problem by itself". Which apart from the horrific connotations, was shown to be wrong with the basic fact that the one-child policy has already been scrapped, which renders those previous 2030-2050 demographic predictions pointless.
Being mindlessly pro-America is the same as being mindlessly anti-America. Neither one is interested in basic facts.
my being fair and even-handed
But it has been done. China and Russia have finished their huge currency swaps, and cross-border trade now mostly happens in local currencies. The biggest break will come very soon, when Putin visits China to conclude the gas contract. If you're asking when you'll feel the impact: it should mostly be gradual. The fact that the US can't unilaterally intervene in Syria or Ukraine - these incidents are all related. Of course, the impact will not be gradual if the USA strikes back to demonstrate its displeasure at the erosion of its hegemony. Then a shooting war will start, a la Iraq or Libya, and the end game will of course be to reestablish the petrodollar as the reserve currency.
no its stupid. India tried this, infact we did this with Iran and russia before to. You don't understand the realize of the currency as it is not freely traded. In International market Re and Yuan hold no importance because they are restricted currency.If China and Russia decide to do so, I am sure there are several other nations who would like to follow them.... Once countries start trading oil with other currencies.... then US is in trouble....
no its stupid. India tried this, infact we did this with Iran and russia before to. You don't understand the realize of the currency as it is not freely traded. In International market Re and Yuan hold no importance because they are restricted currency.
In this case, Russia is bound to repurchase from China because no other currency would accept Chinese Yuan. hence the dilemma. It is a good strategy when you are sanction but not for normal trades.