China and Russia announce their own reserve currency

@Northwest Exactly with a handful of other countries possibly joining like Saudi Arabia.

@Pitchblue Other countries joining is what Putin wants, and they've put the welcome mat for Saudi Arabia, but the Saudis are really looking to put pressure on the West to look past the Khashoggi brutal murder by MBS.

MBS will have dinner with Macron Thursday at the Elysee, on the eve of the OPEC meeting. MBS will follow it with a trip to the US.

@Northwest Seems like the Saudis can really put pressure on all Western Countries.
The fall of the US dollar will certainly exacerbate inflation. Not being able to get microchips with gold and other precious metals won't help either.

@Pitchblue The US $ is not falling. The ECB's move on interest rates, helped shore up the Euro's free fall against the $.

MBS is doing everything he can to take a Saudi ruled by him, off the pariah list of states. At this point, his best bet is to threaten a move toward Russia, and he can get all the attention he wants, and that includes a dinner at the Elysee.

@Northwest Certainly the US dollar will fall if oil worldwide is not traded in US dollars. Starting with Russian oil feeding Europe.

@Pitchblue It helps that oil is traded in US $, but that's not what determines the $ value. That's directly related to the perceived strength of the US economy. Countries accept $s for oil, because it's perceived to be the safe choice.

Putin is trying to get Europe to pay in Rubles, as part of his artificial scam to keep his economy floating, but this is up in the air. Gazprombank has been the designated recipient, and Putin said that gas will flow again, but then the next day, they said it was only going to be at 20% or 25%.

@Northwest If US dollars are not the standard reserve anymore that devalues US dollars. The US is already 30 trillion in debt and their dollar isn't based on anything tangible like precious minerals.

@Pitchblue There are a lot of if's in there. No one uses gold as a basis to evaluate currency. That concept disappeared 50+ years ago.

The Ruble is no position to replace the $, not with the entire Russian economy being smaller than Italy's.

@Northwest It was smaller than ours pre-sanctions, they're probably below that of Spain too right now..