World

Russia and China Ditch U.S. Dollar for Bilateral Trade

China and Russia have said they are renouncing the U.S. dollar and will instead use domestic currency in bilateral trade, the International Business Times reports. The move comes in an attempt to “protect” their economies.

The IBT reports:

“We agreed to expand the possibilities for application of national currencies during trade and economic contacts,” said Russian Prime Minister Vladimir Putin after holding talks with the Chinese premier Wen Jiabao.

However, the move is not aimed at challenging the dollar but to protect their economies, as the countries started exploring other options in the wake of the global financial crisis.

With Russian ruble already trading on the Chinese exchange, yuan trade in Moscow is expected to begin in early December.

The bilateral trade between the two countries is estimated to reach above $50 billion by the end of 2010, according to the Russian government. A major chunk of the trade is transacted in US dollars currently.

UPDATE:

Damon Vickers from Nine Points Capital Partners appeared on Glenn Beck’s radio show this morning to talk about the story, and believes the decision by China and Russia shows just how dire the fiscal situation is in the U.S. He even talks about how printing money, as the U.S. has done recently with QE2, is usually the last step before a financial collapse:

Comments (149)

1 2 3 4
  • 1911a1
    Posted on November 24, 2010 at 10:54am

    all i can say is; self sufficiency is a good thang ;) and those commies can kiss my (!)

    Report Post » 1911a1  
  • Grumpy Bear
    Posted on November 24, 2010 at 10:49am

    Look at where we have come in two short years! Read the Revelation – hopefully with a good concordance and commentary. It should make the hair on the back of your neck stand up. We can’t know the day, but we can know the season. Sure looks like it to me…

    Report Post » Grumpy Bear  
  • sjohn70037
    Posted on November 24, 2010 at 10:48am

    Soros is laughing his a** off. Everything according to plan. Meanwhile, I don’t see any of my Senators or Congressmen doing anything about this. John, Kay, I’m watching you… do something.

    Report Post » sjohn70037  
  • common everyday citizen
    Posted on November 24, 2010 at 10:41am

    Whoa…Seriously. Please check this out below, Please. Very Significant pivot point.

    Look up this “Baptist Preacher Lindsey Williams”, spelling off – not sure exactly on it.

    This man L.W. claims to have ties with those in the know – the Elite as he puts it, and has predicted this as a warning sign or signal of the Elite and of their schedule.

    The L.W. message includes this among other accurately called signals that have come to pass.

    Another one was the difficulty in traveling although he didn’t mention the TSA specifically, but now we can see this clearly. Perhaps more travel difficulty to come also, I should think.

    L.W. says essentially heads up to get prepared and of course accept Jesus as your personal Lord and savior.

    Please, look up this preacher as I have just now put the TSA implosion together along with this very significant news of Russia and China in this story above – this is the news story to watch!

    Report Post »  
  • GhostOfJefferson
    Posted on November 24, 2010 at 10:40am

    You know, maybe we should ditch the dollar for trade amongst ourselves?

    All of their power comes back to their ability to tax the living daylights out of us and “control” our economic choices through manipulation of our non-commodity based funny money.

    But what if, hypothetically, we all started quietly minting coins in silver and gold and just started to use those as our currencies? No taxes, no control, no Fed jacking us out of our savings. Let their ‘system’ collapse under its own weight, which it is going to do anyway. At least we won’t be caught in their death throes.

    Something to consider.

    Report Post » GhostOfJefferson  
    • roseofsharon
      Posted on November 24, 2010 at 11:55am

      Yes. Something to seriously consider..

      Report Post »  
    • In_Maine
      Posted on November 24, 2010 at 3:28pm

      Why even bother with minting currency? A simple barter system would suffice. Trade in goods and services in a manner that is mutually beneficial to all parties involved.

      Report Post »  
  • Atokaite
    Posted on November 24, 2010 at 10:39am

    “If China and Russia both quit using it; all the countries that used the Dollar when dealing with them no longer can. This can get real bad real fast. Expect others to follow suit.”

    Being one of the older geezers on here, I recall this same set of Nationalism action circa 1941, 1950, and again in 1970….
    In all cases, the Dollar, suffered. It was only when the Nationalism trading failed due to individual country nefarious actions IE War, that the Dollar was recognized as a sound insturment of trade.

    Today. we have elected a Globalist. A neophyte economist. An incompetent set of Czars, enamored with thier theories of economics.

    Suffice to say, I am clicking on the Gold Ad Pronto.
    end
    Semper FI

    Report Post » Atokaite  
    • C. Schwehr
      Posted on November 24, 2010 at 6:27pm

      Once again, I suggest silver coins since they are easily available and less expensive (and not to mention, easier to use for small purchases…a noted author suggests buying silver dimes for such small purchases…and yes silver dimes are also easily available…a dealer at last saturday’s gun show was selling them by the BAGGIE).

      Report Post »  
  • joseph Fawcett
    Posted on November 24, 2010 at 10:35am

    The decline begins. The Obama administration is being suscessful, their plan is working! We are no longer the world’s superpower the one that everyone looks too for leadership, stabability, and power. This is one of the major signs of the end of this age and the preperation for the events of the book of Rev. to unfold. I have been watching for this event for over 25 years. Now, we are out of the way of the worlds progress to the end, we must however not be sucked into the one world Goverment and system. With those will come the mark of the beast and compliance to the anti-christ. I know this sounds a bit out there but it is so true. We must now fight for the freedom of the United States, and we can and will do this if we keep out minds clear, focused, and loving peace amoung ourselves.

    http://www.josephfawcettart.com western artist

    Report Post » joseph Fawcett  
    • roseofsharon
      Posted on November 24, 2010 at 12:13pm

      I am Christian and it could be that. It could also be the world’s first view of what it will be like without us in the lead. No more charities, no more help. We may be too busy taking care of our own.

      This could be their enlightenment.

      Report Post »  
  • Silversmith
    Posted on November 24, 2010 at 10:35am

    So this is where all the academic theoretical economic policy has gotten us. It’s time for some common sense money management. It won’t be flashy or easy, but it will work.

    Silversmith

    Report Post » Silversmith  
  • GhostOfJefferson
    Posted on November 24, 2010 at 10:35am

    It is important, vitally important, to keep in mind one thing.

    America is not her government. America is her people, her culture, her heritage. If “our” economy collapses and the government follows suit, Americans can and will survive. We will rise from the destruction and re-establish this as a nation of liberty. Never fear governments or controllers of economies, they come and go. We endure.

    Report Post » GhostOfJefferson  
    • MrButcher
      Posted on November 24, 2010 at 11:47am

      you’re one of the best posters on this site.

      You echo my sentiments and, I’m sure, most everyone here perfectly.

      When all is said and done, our government is meaningless to the survival of our ideals and, for that matter, us. We are the ones we’ve been waiting for (to tounge-in-cheekly borrow a line from some celebrated orator.)

      Fiat justitia ruat caelum

      Report Post » MrButcher  
    • GhostOfJefferson
      Posted on November 24, 2010 at 11:57am

      Thank you Mr Butcher, sincerely. I’m used to being jeered at in real life and on other forums, rather than praised. I appreciate the tip of the hat, and return it to you sir.

      Report Post » GhostOfJefferson  
    • roseofsharon
      Posted on November 24, 2010 at 12:17pm

      Well said.

      Report Post »  
    • Richardthefirst
      Posted on November 24, 2010 at 3:21pm

      Well said to the both of you.

      Report Post » Richardthefirst  
    • psst
      Posted on November 24, 2010 at 5:06pm

      America is her people?
      Hmm.
      I would say America is 1/2 her people at this time.
      In 25 yrs, America will be a 1/4 of her people. That is, if there is still an America.
      The balkanization continues unabated.
      Right this minute, the 1/2 is being outbreeded 15-1 .

      Report Post »  
    • HighLonesome
      Posted on November 25, 2010 at 1:46am

      Huzzah!

      You are correct – WE ARE THE PEOPLE!

      Report Post » HiLonesome  
  • LtdGovt
    Posted on November 24, 2010 at 10:35am

    The news just made me sick and more determined than ever to do whatever I can with other patriots to overhaul these Progressives/ Socialists and Marxists damage and take our country back. Let’s restore America with firm reliance on divine Providence! It is a long, hard road we are facing; a huge challenge, but we can make Liberty’s light shine bright once again!

    Report Post » LtdGovt  
  • Silat
    Posted on November 24, 2010 at 10:33am

    You can take a Hong Kong dollar and spend it in China. You can not take the Chinese dollar and spend it in Hong Kong! The Russian and Chinese dollars are useless in world trade!
    This is NOT NEWS!

    Report Post »  
  • taltmire
    Posted on November 24, 2010 at 10:30am

    Congratulations Barry! You, George and your radical friends and czars are accomplishing your goal. The financial destruction of America.
    If he stays in office until 2012 we are doomed. If he stays in office beyond that………………………
    Our only hope is the Supreme Court eligibility hearings going on right now, see http://www.wnd.com . Lets hope our lawmakers do their job this time.

    Report Post » taltmire  
  • banderashovel
    Posted on November 24, 2010 at 10:30am

    this is simply the beginning of a BAD—BAD..storm..the next two years will decide if America can withstand the worst storm in the history of the once great United Sates..
    He will do everything he can to bring us to our knees.
    while we sit and watch…

    Report Post » banderashovel  
  • KEA
    Posted on November 24, 2010 at 10:29am

    We just need to STOP sending money to other countries and proping them up. That in itself would send a message that we are not going to be taken advantage of anymore. Take care of our own, FIRST!

    Report Post »  
    • untameable-kate
      Posted on November 24, 2010 at 11:49am

      I could never understand why we do that. I know it is about compassion, but right now America needs to stop being the wellspring for OTHERS to succeed and concentrate our efforts at home.

      Report Post » Untameable-kate  
    • roseofsharon
      Posted on November 24, 2010 at 12:08pm

      And so here we are. I don’t feel so bad anymore.

      Report Post »  
    • C. Schwehr
      Posted on November 24, 2010 at 6:19pm

      First you have to establish a government that is interested in taking care of the problems the citizens want taken care of….WE DON’T HAVE THAT! And we may not have it in 2012 either….As for the foreign aid, it was all wasted….the money that went to “feed the hungry” went into the pockets of those who caused the hunger in the first place…the regiemes we tried to keep friendly to us took that money and bought weapons from our enemies in order to control their own people (keep them in tyranny). NONE of that money was used for anything but POLITICAL GAIN as countries don’t give a DAMN about the welfare of their own people over and above the interest they have in keeping their own power base and growing it…I believe that Beck has the right idea, although it will be painfull and bloody…HIT THE RESET BUTTON!

      Report Post »  
  • HKS
    Posted on November 24, 2010 at 10:28am

    Maybe I’m missing something here, but in this world trade thing we loose more than a billion dollars per day and have been for years. I can‘t grasp how that’s a good thing. I personally don‘t play games that I can’t win (except the game of life and that always ends the same for everyone). With that said, is a national economy a bad thing. At least the money stays here. With the exception of a couple of companies that are to big anyway everyone else would be better off.

    Report Post » HKS  
    • roseofsharon
      Posted on November 24, 2010 at 11:20am

      I had that same epiphany and also wondered what am I missing? I’m scared to death, don’t get me wrong, but why can’t we get through this?

      Someone with more knowledge please enlighten.

      Report Post »  
    • 2gether
      Posted on November 24, 2010 at 11:22am

      I agree with you. Troops should guard our own borders. USA should trade within it’s own borders , we don’t need global economy. The world and the socialist/communists seem to think that there system works…althought that would only be after the big bad capitalists have worked there butts off to start companies that employee people so the government can steal everything they worked so hard to make for themselves. And that would also be after the big bad capitalists made the global economy richer. NOW THEY WANT TO STEAL IT ALL IN THE NAME OF WHAT? Socialism/Communism. Sorry I just don’t get it!

      Report Post »  
    • HKS
      Posted on November 24, 2010 at 11:39am

      There is an old saying that those who can “do” and those who can’t “teach” . We have to many people who can’t. What they are teaching is what is killing us.

      Report Post » HKS  
  • boomboom
    Posted on November 24, 2010 at 10:21am

    Will we, as a nation, say ‘Thanks’ to our Father tomorrow or is it just another football game?
    Will we ask for His protection IN FAITH?
    I will and I am.

    Report Post » boomboom  
    • Buydebook56
      Posted on November 24, 2010 at 10:56am

      Is there any doubt that we (the U.S.) is in Babylon? Remember “Babylon Babylon is fallen is fallen. And the whole world mourned when they saw the smoke of her destruction ascending upward because the whole world was made rich by trading with her.” I’m paraphrasing. “And the merchants and sea captains (of trading vessels) mourned as they sat from afar (unable to enter our ports) watching the smoke from our destruction. “For in ONE HOUR her decision has come upon her.” Repentance and turning toward God is our only salvation. Man is incapable of ruling himself.

      Report Post »  
    • roseofsharon
      Posted on November 24, 2010 at 11:15am

      Man is incapable of ruling others. We are to rule ourselves and our families with respect to God.

      Report Post »  
    • HighLonesome
      Posted on November 25, 2010 at 1:31am

      Me and my family will indeed thank the Father for all we are blessed with. And we will ask for protection. Perhaps that protection will make us travel down difficult roads so we had better ask for the strength to endure and keep this great nation free.

      Thanks for the reminder BoomBoom

      Report Post » HiLonesome  
  • drbage
    Posted on November 24, 2010 at 10:07am

    Maybe the Fed could start printing money in various languages since it is unfair to all the illegal immigrants to have it be available only in English.

    Report Post »  
    • john seven eighteen
      Posted on November 24, 2010 at 10:11am

      Don’t mention that in New Jersey!! Remember the story a couple of months ago where they are making their cops repeat the DUI breathalizer instructions in every imaginable language?

      Report Post » john seven eighteen  
    • grandmommie
      Posted on November 24, 2010 at 2:07pm

      Oh……..thats a good one! It would be more pc that way….and shouldn’t we print, at least a few, in arabic? After all we wouldn‘t want to leave those cuties out and there’s nearly as many muslims here as the other ilegits (spelling on purpose).

      Report Post »  
  • MrButcher
    Posted on November 24, 2010 at 10:06am

    not good.

    Report Post » MrButcher  
  • SummerB
    Posted on November 24, 2010 at 10:05am

    Like, are we surprised? We knew this was coming. I guess the Fed moniterizing our currency only made matters worse. How about a recall by the Fed for all those fictionous bonds?

    Report Post »  
  • procopper7005
    Posted on November 24, 2010 at 10:04am

    http://www.prisonplanet.org

    Report Post »  
  • shopalice.com
    Posted on November 24, 2010 at 10:03am

    Thank you very much Barry. >:(

    Report Post » shopalice.com  
  • Chickweedtea
    Posted on November 24, 2010 at 10:03am

    Buckle up. Head between knees. Pray.

    Report Post »  
  • Barb1954
    Posted on November 24, 2010 at 10:01am

    So the “Global Market” is failing…..anyone surprised? So we go back to individual economies and start CONVERTING Currencies again…………….ok………………….I remember when we actually did that in our accounting departments, OH WAIT…..We still do…….so ummm………..what I am missing here?

    Report Post »  
    • MrButcher
      Posted on November 24, 2010 at 10:11am

      well, part of the dollar’s allure and strength was that it was used (note past tense) so widely on an international scale. If China and Russia both quit using it; all the countries that used the Dollar when dealing with them no longer can. This can get real bad real fast. Expect others to follow suit.

      Can‘t say we weren’t warned.

      Report Post » MrButcher  
    • GhostOfJefferson
      Posted on November 24, 2010 at 10:22am

      I believe that this is only for trade between themselves, in other words, when China trades with Russia or vice versa. The fortunate thing is that Russia’s economy is about the size of the Netherlands, so the impact will be minimal. The problem however is that if China is willing to start down this path with one nation, others will enter into similar agreements with China in the future.

      Hey, is that a missile on the horizon?

      Report Post » GhostOfJefferson  
    • roseofsharon
      Posted on November 24, 2010 at 10:28am

      No we can’t.

      It feels like we’re chugging up to the very top of this global roller coaster, yet not able to see what lies at the bottom track.

      I feel sick.

      Report Post »  
    • MrButcher
      Posted on November 24, 2010 at 10:30am

      thanks for the clarification. I hadn’t read all the details prior to commenting.

      But this is still very bad. What China does now others will follow.

      What does the stock market look like? how are they responding?

      I’ll check.

      Report Post » MrButcher  
    • psst
      Posted on November 24, 2010 at 4:57pm

      @Ghost who said “Hey, is that a missile on the horizon?

      Um, Yes.

      Report Post »  
    • C. Schwehr
      Posted on November 24, 2010 at 5:59pm

      You’re missing the fact that we do not have a currency….we have PAPER. The last real currency was ended in 1964 when the government decided to stop making coins with a SILVER content which gave the coin their own INTRINSIC value.

      I went to a gun show saturday and while there, my friend bought 15 silver dollar coins at the going price for silver (legal tender silver coins being 90% silver content) of $24 dollars APIECE! That is how far the buying power of your paper money has slipped in the last 46 years!

      Along with your ammo, and your dehydrated and canned food, try going to the pawn shops and gun shows to buy REAL MONEY!

      Report Post »  
  • cubber
    Posted on November 24, 2010 at 10:01am

    Beginning of the downfall. BE PREPARED.

    Report Post » cubber  
    • Robinva
      Posted on November 24, 2010 at 10:48am

      What should I do? Take $out of the bank? stock pile food? I’m not ashamed to say: “I’m scared”.

      Report Post »  
    • roseofsharon
      Posted on November 24, 2010 at 11:16am

      Definately stockpile food, and I haven’t even started yet- Ugh!!

      Report Post »  
    • untameable-kate
      Posted on November 24, 2010 at 11:27am

      Food, amunition, water and gas. If you don’t own a gun, get one. Surely you know someone who can teach you to use it. I buy ammo everytime I am out shopping and keep at least one of my jeeps with a full tank at all times.

      Report Post » Untameable-kate  
    • roseofsharon
      Posted on November 24, 2010 at 11:56am

      Have the gun, gotta get the ammo. Have the water, gotta get the food… So much to do, SO MUCH TO DO!

      Report Post »  
    • untameable-kate
      Posted on November 24, 2010 at 12:37pm

      Buy tinned meats so you dont have to rely on your freezer.

      Report Post » Untameable-kate  
    • EastofEdenFarms
      Posted on November 24, 2010 at 12:37pm

      Multiple guns of multiple caliber – check
      A full year of food and staples in storage – check
      Buy ammo every payday – check
      Bible – check
      Voter Registration – check
      Large dogs – check and check

      I’m ready

      Report Post »  
    • C. Schwehr
      Posted on November 24, 2010 at 6:09pm

      Untamable Kate: Along with the silver coins (which are much more available and affordable than gold coins right now) you might consider picking up some 5 gallon fuel cans at the local hardware store and have some extra gas for that Jeep set aside….use any good gas preservative (such as Sta-bil) as directed to keep your stored gas usable for extended storage. Your idea to keep a vehicle with a full tank is a good idea…but what happens when you run out??? I plan on keeping at least 3 tankfuls (with your Jeep that would be 3 cans per fill-up) and some diesel for my tractor too….
      And along with stored foods, keep in mind that you won’t be able to go to the store for such things as toothpaste, deodorant, shampoo..etc. Stocking up for any emergency means stocking more than just food and ammo, people! Can you get by without that cup of coffee in the morning…or maybe you can trade with reliable neighbors as needed? Don’t count on ANYTHING! Keep at least a one month supply of things you can’t do without…and more if you can afford it and have room to store it!

      Report Post »  
    • silentwatcher
      Posted on November 24, 2010 at 6:50pm

      one of the HARDEST things you will get later is affordable, durable clothing/shoes, ammunition, and non-perishable foods. Gasoline, oil, generators, etc., is a temporary, short term fix and won’t last long. Another fear is that those of us that have our own homes and land; property taxes will soar to the point that we can no longer pay them, losing them to whatever government is in charge. This will not be a temporary situation,,,,,this is going to be forever. I fear it is too late.

      Report Post »  
  • snowleopard3200 {mix art}
    Posted on November 24, 2010 at 10:00am

    And so the next reaction from Obama-done missed the boat will be….print more money and whine and complain about how ‘unfair’ the rest of the world is. Our country is about to cave in, and while the ship burns, every other country is dumping us.

    Soon we may become nothing more than a second rate world power; Soros is most likely making a ton of money off of this.

    http://www.artinphoenix.com/gallery/grimm

    Snowleopard {gallery of cat folks}  
    • john seven eighteen
      Posted on November 24, 2010 at 10:09am

      “Soros is most likely making a ton of money off of this.”

      No question about it. I remember seeing a news program (forgot which one) about this very thing several months ago. But it is no coincidence, it is being carefully orchestrated. They didn‘t mention Soros’ name in the program but it doesn’t take too big of a leap of faith to make a connection.

      Report Post » john seven eighteen  
    • bigbud
      Posted on November 24, 2010 at 10:15am

      Cave in, cave in, STAND STRONG,,,ops , I’m sorry Cave in, Cave in, ext. ext.

      Report Post »  
    • FED-UP-AND-READY-TO-TAKE-ACTION
      Posted on November 24, 2010 at 11:06am

      It won’t be long before our money is no good. The only thing that will be worth anything will be food and bullets………..
      Time to get ready before it is to late. Get in line…………..

      FED-UP-AND-READY-TO-TAKE-ACTION  
    • Rogue
      Posted on November 24, 2010 at 11:14am

      You all might want to start checking the currency exchange rates daily. We are soon to be dealing in Yuan. Oh, and time to buy stock in wheelbarrow companies if you can afford it.

      Report Post » Rogue  
    • Supreme Galooti
      Posted on November 24, 2010 at 11:38am

      “Soros is most likely making a ton of money off of this.”

      Well so am I. Aren’t you? If not, why not? I don’t like it, but I’d rather be unhappy with some lucre in my pocket rather than just plain broke.

      “You don’t need a weatherman to know which way the wind blows.”

      Supreme Galooty  
    • chazman
      Posted on November 24, 2010 at 11:46am

      Russia … China … to hell with ‘em!

      Report Post »  
    • Strictlybusiness
      Posted on November 24, 2010 at 1:03pm

      We The People, may have to do something about all of this SOONER, rather than LATER…. We are being DESTROYED from within ! ! Just 25 years ago this would have been called TREASON….

      Report Post » Strictlybusiness  
    • thepatriotdave
      Posted on November 24, 2010 at 2:55pm

      No matter how you slice it, this is not good news.

      Even if you don’t feel it in your heart, if any liberal asks you how your Thanksgiving was, make sure to tell them it was the best ever despite what the president is putting us through. This will piss them off and make you laugh when telling your spouse about it later.

      Happy Thanksgiving

      Report Post » thepatriotdave  
    • SHTFMilitia.com
      Posted on November 24, 2010 at 5:02pm

      Well i guess ill get my wheel barrow ready

      If you are prepared you may survive,
      http://www.shtfmilitia.com

      Report Post » SHTFMRadio.com -- Emergency Preparedness Radio Show  
    • silentwatcher
      Posted on November 24, 2010 at 6:28pm

      I’ve always been one for keeping my head up and staying ahead of the game, but after finding out about China/Russia’s ditching the U.S. dollar, THAT SCARED THE CRAP OUT OF ME. Many people don’t realize what that brings. We are in for a ‘world of hurts.’

      As bad as that is,,,Obama still has two years left as the ‘nations head’, as well as the rest of some of his partners. Our demise will occur before his term is over. I pray to God that we are wrong, but I seriously don’t think so.

      I know that this sounds like a conspiracy theory, but I’m NOT one of those people, nor is what we are about to face a theory either. Many an educated economist and connected individuals know what is about to happen. I don’t know what else to do except try to prepare and wait.

      God bless America.

      Report Post »  
    • tower7femacamp
      Posted on November 26, 2010 at 3:03pm

      I wonder does Soros has big bet on Silver ?
      http://maxkeiser.com/2010/11/18/the-crash-jp-morgan-buy-silver-manifesto-or-how-to-get-hedge-funds-to-do-your-dirty-work-for-you-beta/

      Report Post » tower7femacamp  
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