Tuesday, September 23, 2014

Russian Oil Sold in Rubles

....i.e. not dollars! Jim Willie has been saying this for some while now, and here we go - Russian industry insiders let it be known that Russia can now do business in rubles. It remains uncertain how long the dollar can continue as the world's reserve currency with many economies now dealing in the yuan, ruble and other currencies. I don't think the leaders of Russia and China want a global crash, so they will hopefully manage a smooth transition, but with the size of the derivitive market, is that going to be possible?


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