Presvias wrote:A while back the EU pade a push to 'dislodge' the dollar in the energy sector..
https://www.google.com/amp/s/www.forbes ... tions/amp/
I said in another thread somewhile back, that Russia, with China, should conduct their trade in a common currency, that is isolated from the American financial & legal system.
I think it was in a thread relating to American sanctions against Russia,possibly, over Crimea & in China's case over 'America First' under TRUMP.
The American $ has long been a 'petro-currency', which has allowed America to fund it's increasing long term debt without any hindrance, that has allowed them to keep the money tree growing, by keeping the $ printing presses pumping out $Millions every minute of the day for decades.
An example of how the real value of money has fallen in recent years, is my grandaughter's partner, a pawnbroker, he bought 42 Krugerands from a customer last week, he was happy to pay the customer £1,000 per unit,if my memory serves me correctly, the price back in the mid 1960's was about £25,it's now worth $1,500 per coin, which is 1oz pure gold & has risen 4.5 times snce 2000.
He buys,sells,as well as retains expensive Rolexes for investment purposes, making a good living from it,much of which is sold to online buyers, after proper credibility checks with the banks have been carried out.
Both he, as well as his customers are happy to trade,he never quite understands why his customers sell at the 'wrong' time, but that's to his advantage.
All together, I read from his information, that there is plenty of liquid cash being hoarded, the economy rest on the money awash in private hands, the reason that people 'hoard' their little 'investment' nest-eggs is because money has little real value & with negative returns on cash in deposit.
I baulk at the U.K's debt by comparison, but debt has a corrosive effect in the financial system, distorts economies as a result & devalues the worth of money as the universal medium of distribution & exchange.
It's a pity that Russia, with China haven't grouped together with other trading partners to agree to a form of currency in which international trade & financial transactions can take place, because Jean-Claude JUNCKER is right to suggest a change in the system,but, for which the euro has,IMHO, compromised the currency by a degree over the pumping of more money into the E.U spending budget.