China, Russia foresee future fall of the dollar

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January 16, 2018 – FRN – 

Rusvesna – translated by Inessa Sinchougova 

It is forecast that Russia and China will be able to shift the US from the dominant position in the world economy with the help of gold, in a number of years. 

Chinese Internet portal Sohu, writes that Moscow and Beijing have already abandoned the dollar in the oil trade, and an increase in gold production and its purchase in reserves will insure against the fall of the value of the dollar.

Other countries are also looking for an alternative to the dollar as a reserve currency.

Today 3,670 tons of gold in reserves (1842.6 and 1828.6 tons, respectively) account for Russia and China alone.

Nevertheless, the United States is today in the first place with 8133.5 tons, while China and Russia occupy only the sixth and seventh places.

Meanwhile, in the coming years these countries will continue to accumulate gold, and aggregate reserves will overtake those of the United States. Given the growing ties between Russia and China, this directly threatens the dollar and hence the US position in the world economy.

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Mr. Costelol
Mr. Costelol
3 years ago

A small excerpt from Dmitry Orlov, I found fitting:
I hope that the US doesnÔÇÖt plan to attack anyone either, because, given its recent history, this wonÔÇÖt work. Threatening the whole planet and forcing it to use the US dollar in international trade (and destroying countries, such as Iraq and Libya, when they refuse); running huge trade deficits with virtually the entire world and forcing reserve banks around the world to buy up US government debt; leveraging that debt to run up colossal budget deficits (now around a trillion dollars a year); and robbing the entire planet by printing money and spending it on various corrupt schemesÔÇöthat, my friends, has been AmericaÔÇÖs business plan since around the 1970s. And it is unraveling before our eyes.

Daisy Adler
Daisy Adler
3 years ago

“Today 3,670 tons of gold in reserves (1842.6 and 1828.6 tons, respectively) account for Russia and China alone.”
Not to mention that Russia’s reserves of gold still underground are estimated at 8,000 tons and it produces 450 tons of gold every year, while China’s gold production was of 463 tons, and the total gold reserves are estimated at 14,000 tons.

Dr Strangerlove
Dr Strangerlove
3 years ago

3,670 tons of gold in reserves? Now who is full of dog dodo? Try 10-15x that. China alone has over 30,000 tons of gold. Russia over 20,000 tons. China alone has been accumulating 500-1500 tons each year since 2009. And the US gold has been sold or “leased” out by the Federal Reserve.

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