Russia Leaving Global Banking System: Dumping US Dollar for Gold

[OROBTC]

If USA government collapse dollar Russians will have serious problems. Just check oil/$ index and you will understand what i am talking about

Russia would be better off not holding dollar reserves if the US gov collapses.

It would be interesting to see what happens with billionaires and corporations stockpiling billions in us dollars if the dollar crashes.

Imagine a world where Bill Gates goes to sleep the richest man in the world one day & wakes up not very rich the next.

Do they realize the billions of dollars they're hoarding could be worthless if the gov defaults?

Do you really think the USG will default before most of the rest of the world?  Really?

History (the best tool we have, not that good, but still...) suggests that when there huge crashes ( etc.) that it is usually the PERIPHERAL countries that suffer first.

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[panju1]

If USA government collapse dollar Russians will have serious problems. Just check oil/$ index and you will understand what i am talking about

Russia would be better off not holding dollar reserves if the US gov collapses.
It would be interesting to see what happens with billionaires and corporations stockpiling billions in us dollars if the dollar crashes.
Imagine a world where Bill Gates goes to sleep the richest man in the world one day & wakes up not very rich the next.
Do they realize the billions of dollars they're hoarding could be worthless if the gov defaults?

Do you really think the USG will default before most of the rest of the world?  Really?

History (the best tool we have, not that good, but still...) suggests that when there huge crashes ( etc.) that it is usually the PERIPHERAL countries that suffer first.

Peripheral countries default every now and then. Nothing changes. It is when a major country collapses (not necessarily the US) that a global crisis is triggered. Think Greece. A lot of banks had exposure to Greece. If Greece had not been bailed out, most global banks would have been in trouble.

[MingLee]

If USA government collapse dollar Russians will have serious problems. Just check oil/$ index and you will understand what i am talking about

Russia would be better off not holding dollar reserves if the US gov collapses.
It would be interesting to see what happens with billionaires and corporations stockpiling billions in us dollars if the dollar crashes.
Imagine a world where Bill Gates goes to sleep the richest man in the world one day & wakes up not very rich the next.
Do they realize the billions of dollars they're hoarding could be worthless if the gov defaults?

Do you really think the USG will default before most of the rest of the world?  Really?

History (the best tool we have, not that good, but still...) suggests that when there huge crashes ( etc.) that it is usually the PERIPHERAL countries that suffer first.

Peripheral countries default every now and then. Nothing changes. It is when a major country collapses (not necessarily the US) that a global crisis is triggered. Think Greece. A lot of banks had exposure to Greece. If Greece had not been bailed out, most global banks would have been in trouble.

Basically any country that is involved in either some sort of large treaty or union, or is a large trade member, that gets into financial trouble can severely impact absolutely everything, and Greece is a good example of what happens when a minor country part of a union gets into trouble. Mostly German banks (along with other EU member banks) were tied with a lot of Greek assets, and if Greece collapsed then everything else will just domino as banks lose the money they may or may not have had in the first place to loan to somewhere like Greece.