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MOSCOW — Russia and China are poised to take a small but symbolic step in their expanding economic relationship, a move that in the long term could make the dollar less relevant to business between the two nations.
On Wednesday, a Moscow securities exchange is scheduled to open direct trading between the Chinese currency, the renminbi, and the Russian ruble. If the market develops, it could eventually cut the dollar out of a portion of Russian and Chinese trade.
I heard they were thinking of introducing a common currency to be called the Rubibi.
Interviewed about the proposal, Secretary of State Hilary Clinton said that this was an alarming development coming so soon after the news that China now has more skyscrapers than the US. Secretary Clinton is apparently concerned that a currency gap may develop before the US has time to address the skyscraper gap.
The Yuan is kept artificially low. I'd like to see what would happen if they actually did ignore the dollar and let their currency do their thing. Jobs would soar out of China into Indonesia, Vietnam, etc.
China-Russia trade is probably less than 0.001% of total global trade and is mostly in commodities. The US dollar is not going anywhere ever. It is as if I do all my shopping with credit cards and then one day I buy a candy bar with a dollar bill and then you say that I am abandoning credit cards. NY Times needs to hire writers with more economic sense (with the exception of Paul Krugman).
Stupidity, greed and selfishness, from our government being in bed with big business, is what has screwed America. This is why the former working American is being blamed. The two aforementioned entities will never admit to the first three attributes in this paragraph. Simple.
A memorable quote from the 1989 Batman movie from Tim Burton...
Quote:
And now, folks, it's time for "Who do you trust!" Hubba, hubba, hubba! Money, money, money! Who do you trust? Me? I'm giving away free money. And where is the Batman? HE'S AT HOME WASHING HIS TIGHTS!
And he followed up by poisoning the entire crowd...
Quote:
Now comes the part where I relieve you, the little people, of the burden of your failed and useless lives. But, as my plastic surgeon always said: if you gotta go, go with a smile.
I don't know about anyone else, but I fully intend to go with a .
Last edited by shroombeanie; 12-14-2010 at 10:43 PM..
It is as if I do all my shopping with credit cards and then one day I buy a candy bar with a dollar bill and then you say that I am abandoning credit cards.
Um, no, it's not like that at all. But you keep thinking that, it will make the cold shock of reality that much more of a rush...
Good. The less relevant the USD and America are, the better it will be for the rest of the World.
Yeah, "the rest of the world" did SUCH an amazing job before America came along at maintaining general peace, stability and prosperity for most of the world.
But you're right. Maybe with the decline of the US, Europe can start paying its fair share of maintenance costs for Western Civilization. Though I'd hate to see the consequences of that on 35 hour work weeks and 60 year old retirement ages and guaranteed pension systems.
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