China, Russia quit dollar

[HydraBob]

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.

chinadaily.com.cn/china/2010-11/24/content_11599087.htm

 

[PAboy57]

thanks for the update.

i’m afraid we haven’t seen anything yet. keep praying.

 

[po18guy]

I am thankful that I will die before America does. I hope.

 

[TedDC]

And it looks like China will have plenty of things to trade:
reuters.com/article/idUSTRE6B12ZB20101202?pageNumber=1
So much for those “jobs of the future”. They’ll be there, all right - just not in the US.

 

[ProVobis]

Didn’t Saddam Hussein try something like this back around 2001?

 

[Scott_Lafrance]

Didn’t Saddam Hussein try something like this back around 2001?

OPEC has been considering establishing a independent currency for trading oil for over a decade. If they implement, expect Weimar-Republic type hyperinflation as every nation around the world dumps its then worthless reserves of $$.