Kremlin Advisor Threatens to Dethrone the American Dollar

From Market Watch: A senior Kremlin advisor has said Russia could respond to threatened U.S. economic sanctions by abandoning the U.S. dollar as a reserve currency and not repaying loans to U.S. banks, Russian media outlets reported Tuesday. “We have wonderful economic and trade relations with our southern and eastern partners,” said presidential aide Sergei Glazyev, who is an advisor rather than a policy maker, according to Voice of Russia . “We will find a way not just to eliminate our dependence Read more […]

What Happens When China Moves Against The U.S. Dollar?

From Michael Snyder’s Economic Collapse blog: In order for our current level of debt-fueled prosperity to continue, the rest of the world must continue to use our dollars to trade with one another and must continue to buy our debt at ridiculously low interest rates.  Of course the number one foreign nation that we depend on to participate in our system is China.  China accounts for more global trade than anyone else on the planet (including the United States), and most of that trade is conducted Read more […]