China And Russia Quit The American Dollar

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Photo: Ria Novosti

Via The China Daily:

St. Petersburg, Russia – China and Russia have decided to renounce the US dollar and resort to using their own currencies for bilateral trade, Premier Wen Jiabao and his Russian counterpart Vladimir Putin announced late on Tuesday.

Chinese experts said the move reflected closer relations between Beijing and Moscow and is not aimed at challenging the dollar, but to protect their domestic economies.

“About trade settlement, we have decided to use our own currencies,” Putin said at a joint news conference with Wen in St. Petersburg.

The two countries were accustomed to using other currencies, especially the dollar, for bilateral trade. Since the financial crisis, however, high-ranking officials on both sides began to explore other possibilities.

[Continues at The China Daily]

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  • emperorreagan

    Why would any other country want to persist in using the currency of a fading power for their exchange?

    The move away from the dollar will continue, albeit slowly due to the considerable interests that other countries have tied up in the US.

  • emperorreagan

    Why would any other country want to persist in using the currency of a fading power for their exchange?

    The move away from the dollar will continue, albeit slowly due to the considerable interests that other countries have tied up in the US.

  • Worldspaceorganization

    I would like to see China and Russian cooperate in space exploration. Such a preposterous act would fuel development in their high-tech economies and open the door to a planet. The way is clear. NASA is a bureaucratic abomination and the Yanks can wallow in debt and guns while the intelligent nation’s aim higher.

  • Worldspaceorganization

    I would like to see China and Russian cooperate in space exploration. Such a preposterous act would fuel development in their high-tech economies and open the door to a planet. The way is clear. NASA is a bureaucratic abomination and the Yanks can wallow in debt and guns while the intelligent nation’s aim higher.

    • Ironaddict06

      Me too.

      • Hadrian999

        i would also love this, not only would this shame nasa into actually doing something but all the right wing chatter about them building a commie death star to destroy christianity would be priceless

        • Johnronson69

          But neither China or Russia are Communist.

          • Hadrian999

            reality really has no actual bearing on what right wingers chatter about

    • AAAARRRGGHHHH

      If you knew what life was worth, you would look for yours on earth – Bob Marley

  • Hadrian999

    who can blame them

  • Hadrian999

    who can blame them

  • Ironaddict06

    Me too.

  • Hadrian999

    i would also love this, not only would this shame nasa into actually doing something but all the right wing chatter about them building a commie death star to destroy christianity would be priceless

  • Anonymous

    So what does this exactly mean for the United States of Apathy?

  • StillAtMyMoms

    So what does this exactly mean for the United States of Apathy?

    • Hypnos1

      This is a really big deal. The US economy is based in large part on controlling the financial channels of the world (and exporting weaponry). For example, the fact that oil is sold with US dollars around the world not only keeps the demand for dollars high, but also helps to ensure that the oil-rich nations of the world will keep relatively close relations with the US. After all, they have dollars to spend.

      Russia and China are obviously both enormous economies themselves. Now these two important world players are now setting up an agreement where they can trade without involving Washington. Its a tremendous loss of power for the US.

      • Andrew

        I guess we’ll have to ramp up the arms trade. Better get the CIA to work starting some coups and rebellions.

  • Hypnos1

    This is a really big deal. The US economy is based in large part on controlling the financial channels of the world (and exporting weaponry). For example, the fact that oil is sold with US dollars around the world not only keeps the demand for dollars high, but also helps to ensure that the oil-rich nations of the world will keep relatively close relations with the US. After all, they have dollars to spend.

    Russia and China are obviously both enormous economies themselves. Now these two important world players are now setting up an agreement where they can trade without involving Washington. Its a tremendous loss of power for the US.

  • Andrew

    I guess we’ll have to ramp up the arms trade. Better get the CIA to work starting some coups and rebellions.

  • Andrew

    I guess we’ll have to ramp up the arms trade. Better get the CIA to work starting some coups and rebellions.

  • Johnronson69

    But neither China or Russia are Communist.

  • AAAARRRGGHHHH

    If you knew what life was worth, you would look for yours on earth – Bob Marley

  • GoodDoktorBad

    Rubles and Yuan, Yuan and Rubles,
    We’ll all be eating oodles of noodles….

  • Anonymous

    Rubles and Yuan, Yuan and Rubles,
    We’ll all be eating oodles of noodles….

  • Hadrian999

    reality really has no actual bearing on what right wingers chatter about

  • etnad333

    This is an exelent new! let’s hope that some of the rising countries take the same initiative. But in my actual case i need these dollars, they’re cheap as hell in my country :).

  • Anonymous

    This is an exelent new! let’s hope that some of the rising countries take the same initiative. But in my actual case i need these dollars, they’re cheap as hell in my country :).

  • http://voxmagi-necessarywords.blogspot.com/ VoxMagi

    Now if only we could follow their fine example and do the same.

  • http://voxmagi-necessarywords.blogspot.com/ VoxMagi

    Now is only we could follow their fine example and do the same.

  • http://pulse.yahoo.com/_MRU4LGRBFL3NVE4PF6JSSVHJKM Jed Lin
  • http://pulse.yahoo.com/_MRU4LGRBFL3NVE4PF6JSSVHJKM Jed Lin
  • Abraxas Unus

    America has everything it needs to be self sufficient. It should stop trading and remove itself from the rest of the world and stop helping everyone. If another country is starving or gets attacked the hell with them let them die. Entitlement programs in America should ALL stop as well . If you can’t work for your own food your weak and deserve to die.

    • http://voxmagi-necessarywords.blogspot.com/ VoxMagi

      You mean…everything except the minerals and rare earths necessary to make cell phones, lap tops, iPhones and such keep working, thereby making our future one where this conversation couldn’t happen.

      Great in theory…not so awesome in reality/

  • Abraxas Unus

    America has everything it needs to be self sufficient. It should stop trading and remove itself from the rest of the world and stop helping everyone. If another country is starving or gets attacked the hell with them let them die. Entitlement programs in America should ALL stop as well . If you can’t work for your own food your weak and deserve to die.

  • http://voxmagi-necessarywords.blogspot.com/ VoxMagi

    You mean…everything except the minerals and rare earths necessary to make cell phones, lap tops, iPhones and such keep working, thereby making our future one where this conversation couldn’t happen.

    Great in theory…not so awesome in reality/

  • IQwit

    This will end in RUan just like the EUr.Owe
    Lets all say it together now… One World Economy…. Everyone… OWEs

    Face it.. if you ever needed to look at the price of anything, you not one of the people that matter.
    Your just a mouth to feed, thing to be contained until your ready to be f leased, sacrificed or slaughtered.
    Enjoy the IRIS all seeing Eye “Internet Recreational Isolation System”.
    Stupid humans are just meat anyway.

  • IQwit

    This will end in RUan just like the EUr.Owe
    Lets all say it together now… One World Economy…. Everyone… OWEs

    Face it.. if you ever needed to look at the price of anything, you not one of the people that matter.
    Your just a mouth to feed, thing to be contained until your ready to be f leased, sacrificed or slaughtered.
    Enjoy the IRIS all seeing Eye “Internet Recreational Isolation System”.
    Stupid humans are just meat anyway.

  • josh

    hello

  • SuperSerial

    hello