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The Nomad Economist
Premiered Jan 17, 2022
Looks like Russia has declared the petro-dollar to be the nyeto-dollar.
Russia’s largest oil company Rosneft has set the euro as the default currency for all new exports of crude oil and refined products, as the state-controlled giant looks to switch as many sales as possible from U.S. dollars to euros in order to avoid further U.S. sanctions against it.
Rosneft is the biggest oil exporter from Russia, selling around 2.4 million barrels per day of oil, according to Reuters estimates . That’s around $4 billion a month that will no longer be transacted in dollars.
Roughly 3% of daily oil trade. Not a huge matter, but it is just one company. Good for the Russians! Besides, why do you need to trade in dollars, when most of your energy export trade goes to Europe anyway?
It’s best and far more logical to be dealing in Euros, (or something that has more tangible value like gold), instead.
I have insider information that Gazprom is about to do the same and ditch the dollar .
Russia is just the beginning. This will only increase with the One Belt One Road project . Russia knows the US Dollar global financial system is a fraudulent criminal enterprise run by parasitic murderers.
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I expect to see more of these moves in the future.
Imagine Saudi gets taken offline with Iran, Syria, Iraq, Venezuela and Russia selling off the petrodollar. Weaponize the dollar and people start using other currencies to get around it.
Being the reserve currency is a privilege, a***e it and the world will ever so slowly year by year move away from it via digital currencies and other currencies.
Threats of using SWIFT as a weapon will also result in countries finding other ways of settling accounts.
When you weaponize a currency, countries will run from it like A**S. It can k**l your economy.
America has abused it’s privilege. All fiat currencies expire. History is littered with failed currencies. The problem for the fed and the debt ridden US economy is that it cannot stand any loss of dollar funding or debt expansion.
https://www.youtube.com/watch?v=_i4UIinurP8
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