The days of US Dollar dominance and position as the world’s reserve currency are rapidly coming to an end. Threats of sanctions and belligerent pronouncements against Russia are only quickening the inevitable collapse of the US Dollar.
A group of Lower House MPs are urging Russian oil and gas producers and traders to stop using the US dollar. They say this means sharing profits with the USA, and making Russia vulnerable to western sanctions.
Degtyaryov also said that Russia already had a bilateral agreement with China allowing payment in national currencies and this proved that such step was possible.
While Eurobonds have survived everything from the Cold War to the worst financial crisis since the Great Depression the 82-year-old retired trader said he is “very, very bearish about what is going to happen in the very near future,” to the world economy. In part because of the printing of money by world central banks to stimulate their economies, he said.
“Within a year you will see gold at twice the price it is now,” Ross said.
Wow, even the Donald understands whats gonna happen.
It is this massive debt that worries Trump the most.
“We are going up to $16 trillion [in debt] very soon, and it’s going to be a lot higher than that before he gets finished,” Trump says, referring to President Barack Obama. “When you have [debt] in the $21-$22 trillion [range], you are talking about a [credit] downgrade no matter how you cut it.”
In a recent appearance, Trump went to so far as to say the dollar is “going to hell.”