What does this mean?

This.

From China Daily:

China, Russia quit dollar

10 responses to “What does this mean?

  1. both countries used to pair the value of their currency with that of the US Dollar. It seems they are breaking away from that practice now.

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  2. It means that the US government’s largest foreign creditor (and Russia too) has lost some confidence in its investments. Nothing too serious yet, just that these countries want to reduce their usage of a currency that has looked a little shaky these past few years.

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  3. Nice pic in the article. Think I’ll have to post on this..
    Is China Daily a good source? I’ve been browsing for some asian-based websites on Asian news.. When all media is saturated by Palin & body scanners..

    But in practical terms – skipping dollars – not sure about the politics, but it should weaken the dollar as world reserve currency.. and reflect some independence from Russia and China – and a loss of faith in US economy. This FED business of printing money, don’t think China as creditor likes that one… the crash of ’08 and Congress in charge of the debt.. not good either..

    Or, in Ben’s words – it means the country is going to hell in a handbasket.

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    • There’s an AfPak channel on either Teh Economist or Foreign Policy. I have to google for it every time cuz I forget where it is. It’s very very good.

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  4. Thanks guys – not to panic I guess, but still a bit unsettling – at the link, pix of Putin and China’s PM shaking hands on a currency agreement kinda made my knees go a bit wobbly – and I don’t even understand that stuff.

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  5. You also have the Shanghai military club, of course, out to crush nato and the west.

    “The Shanghai Cooperation Organisation or SCO (pronounced /ˈsco/ Sh-coo; Russian: Шанхайская организация сотрудничества ( ШОС)), is an intergovernmental military alliance which was founded in 2001 in Shanghai by the leaders of China, Kazakhstan, Kyrgyzstan, Russia, Tajikistan, and Uzbekistan.”
    http://en.wikipedia.org/wiki/Shanghai_Cooperation_Organisation

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  7. That is a scary pic, Moe. America has been in a steady decline for about 10 years, so I do not find this surprising. Would you want to use the peso for international trade? It’s coming sooner than we may think. 😛

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  8. Anyone read “Panic of ’89”. Way ahead of it’s time…we’re getting closer.

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