Thursday, May 22, 2014

Russia and China Make Dollar-Free Deal most important and far reaching story out there today is naturally the one you're not hearing about. And it has the potential to affect you personally a great deal more than 90% of what's in the headlines.

Russian President Vladimir Putin has scored a major win.He has finally succeeded in making a large deal with China to supply the Chinese with natural gas and oil - in a non-dollar contract.

As part of the agreement, the Bank of China (BOC) just signed a non-dollar agreement with VTB, one of Russia’s largest commercial bank to allow VTB and BOC to pay each in their domestic currency, removing the need for energy trading to be conducted in US dollars and a big step towards undermining the dollar's status as the world's reserve currency, something that's been true since the post WWII Bretton-Woods Agreement.


  1. Thanks for the link, El Cid!

    1. Thank you for the great blog: