Dollar's Supremacy Continues to Wane as Russia and India Deal in Rubles.
In this report, I look at how the challenge to the dollar as a reserve currency continues to mount. I look at a recent article on zerohedge about how the Russian and Indian governments have agreed to close a big air defense system deal in Russian rubles.
I also note how I covered the subject of how the Chinese are also challenging the hegemony of the petrodollar through the creation of the petroyuan futures contract at the Shanghai International Energy Exchange. Back on March 26th of 2018, the INE launched an oil futures contract denominated in Chinese yuan.
My conclusion, nevertheless, is that the dollar will continue to be an important currency and that it will not be going away any time soon just like the British pound, the Global Reserve Currency prior to the dollar, is still around even though it's relative importance has diminished greatly.
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"What March 26th, 2018 Will Mean to the Petrodollar." :
It's very unfortunate that few people understand real money still today. I'm fully for your mission.
Thanks @sryutaro
I've been living in Russia for more than 8 years and I watch Russian news sometimes. I still remember when I traveled to Russia in 2010, I remember when $1 was about 36 rubles, now $1 is about 70 rubles. So the ruble is keep going down. Yeah, they always try to make ruble worth something, but I don't see a lot of change for now. We still have some very poor people here and the economy is not that strong. I hope of course that the economy here will be a bit better. But I still see that the dollar is leading in the world anyway. I hope steem will lead in the future. lol Thanks for the video. ☺
Hi @clixmoney, Thank you for the feedback and all the best to you.
I think Russia is in a way much better condition than USSA because of the differences in their debt ratios.
I think they are not doing enough to the world to lead. But US is everywhere and those debt don't affect them because they always have something to propose. I'm not into it, but it's hard for Russia to be the leader. Russians need to improve their relations with the world and this is the most important. I'm a foreigner living here and I see how they act with foreigners, they need just to be more open to the world to improve their economy. And, it's not about leading, it's about improving at least.
Before 1971 you mentioned that central banks would receive $35 for a certain amount of gold. Does that mean it was pegged to what ever central banks declared gold to be worth?