By Godfree Roberts – an early extract from his weekly Here Comes China newsletter and posted with permission
WILL RUSSIA DESTROY THE US DOLLAR?
Farewell to Inordinate Privilege
Earlier this week, Russia announced that countries on its Unfriendly Nations list must pay in roubles for its gas. Within hours, the rouble regained its pre-embargo value on international markets.
De facto, the rouble also established itself as a reserve currency in the EU, as is the petrodollar in the Middle East. Having renounced coal and nuclear power, Europe left itself with no alternative to Russian gas.
Continue reading “Sitrep: How Russia slew the US Dollar”
