Big Move! Russia Returns Favor; Sees Chinese Yuan as World Reserve Currency! Russia Could Crush the Petrodollar Easily! (Video) (Video)
Big Move! Russia Returns Favor; Sees Chinese Yuan as World Reserve Currency!
March 24 2014
Following China’s unwillingness to vote against Russia at the UN and yesterday’s news that China will sue Ukraine for $3bn loan repayment, it seems Russia is returning the favor. Speaking at the Chinese Economic Development Forum, ITAR-TASS reports, the Chief Economist of Russia’s largest bank stated that “China’s Yuan may become the third reserve currency in the in the future.”
Russia threatened to dump its U.S. treasuries if America imposed sanctions regarding Putin’s action in the Crimea.
Zero Hedge argues that Russia has already done so.
But veteran investor Jim Sinclair argues that Russia has a much scarier financial attack which it can use against the U.S.
Forget Russia Dumping U.S. Treasuries … Here’s the REAL Economic Threat. Specifically, Sinclair says that if Russia accepts payment for oil and gas in any currency other than the dollar – whether it’s gold, the Euro, the Ruble, the Rupee, or anything else – then the U.S. petrodollar system will collapse.
Are you prepared?
Russia Could Crush the Petrodollar
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