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I think Russia is going to separate itself from a lot of the wests monetary systems. VISA, Mastercard and Swift. They'll have the Mir card which from what I hear can be done completely outside of the current US banking system. China is taking steps to do the same thing. Both are dumping the US dollar and with both working together they will not be vulnerable to western/US blackmail.
The greatest supermarket of resources in the world and the greatest economy in the world doesn't have to deal with the US.
People have been talking about an alternative to the Dollar since years before the Dollar was launched.
Dollar is more likely to fall victim to internal US developments by US corporations than anything else.
Visa Mastercard etc, are yesterday's warriors. Alternatives to them will be a day late and dollar short.
Google the phrases: Fintech unbundling of the Banking System and
Amazon unbundling of the Banking system.
That doesn't even take account of the effect of cryptocurrencies.
Whoops, no wonder only 10% of Russians are vaccinated after 6 months since its introduction to their market. Word has it they have entered their 3rd wave but the official tally shows Russian cases are stagnant. Its an unusually smooth line which gives the appearance the data on infections may be faked. What is also odd is their death rate hasn't fallen by nearly the same amount as their official infection rate data, the only country where this happened in the world.
People have been talking about an alternative to the Dollar since years before the Dollar was launched.
Dollar is more likely to fall victim to internal US developments by US corporations than anything else.
Visa Mastercard etc, are yesterday's warriors. Alternatives to them will be a day late and dollar short.
Google the phrases: Fintech unbundling of the Banking System and
Amazon unbundling of the Banking system.
That doesn't even take account of the effect of cryptocurrencies.
I've already said this: when countries will switch back to the gold standard or something like that, when currencies will backed by physical assets rather than air,as they are now, to the dollar come pizdets. And the owners of the dollars will try to delay this time as much as possible. Although it is possible the all currencies will be replaced by a single somehow cryptocurrency.
Wow DKM..I'm surprised...finally we agree on something....
That was the problem...USSR final productivity was so low that they did need to import...an astonishingly rich country like the old USSR with only 250 mil of people or less should not have needed to import anything if managed properly...
I believe US import of Russia crude are actually up lately.....however, properly managed, Russia does not need income stream from outside.
EV alone are not a threat to fossil fuel, renewable are but there are still enormous issues to resolve.
It needs the money if it wants to buy imports (well it's a bit more complicated than that but I'm keeping it simple). Russia can trade with a lot of other countries, is not isolated, actually trade with quite few Western countries is up.
Putin real issue is still listening to a bunch of monetarist fools with Bank of Russia chief Elvira Nabiullina being one of them....lower interest rates and open the spigot of public spending (as long as debt is issued in Rubles) and carefully manage imports until domestic industry catch up.
However, Russia low unemployment rate point, in theory, to a tight labor market so a resource constraint that could trigger inflation...but I believe that there is more to the story, productivity need to be cranked up.
At the end of the day, the success of a country is determined in how much people believe in themselves, Russia is blessed with all the right ingredients in place....willpower is needed.
In 2021 Russian GDP is about 5-10% greater than it was in 1990. By comparison US GDP has increased by about 350%.
Nominal GDP is useless...by PPP Russia is the 5th economy in the world (upgraded from 6th) in the world...period.
Nice try with the 1990 entry point...conveniently forgetting the disastrous 1990s (they were much worse than the Great Depression by comparison) when Russia followed the west recipe....between 1991 and 1998 the Russian economy contracted by well over 40%.
Last edited by saturno_v; 04-28-2021 at 08:50 PM..
People have been talking about an alternative to the Dollar since years before the Dollar was launched.
Dollar is more likely to fall victim to internal US developments by US corporations than anything else.
Visa Mastercard etc, are yesterday's warriors. Alternatives to them will be a day late and dollar short.
Google the phrases: Fintech unbundling of the Banking System and
Amazon unbundling of the Banking system.
That doesn't even take account of the effect of cryptocurrencies.
Alternative currencies have no future without state support. Digital state currencies are still state sponsored currencies
The plumbing architecture (the realm of fintech) has nothing to do with the unit of account...not to mention that if you try to get a little too "independent" from regulators and state control, you get smacked...ask Jack Ma.
IL-96 400M has been canceled. Nobody wants it. It was supposed to be a key part of Russia "separating itself" from western plane makers. Oh well they can switch to Chinese planes as they switched to Chinese cars.
What a surprise...I have news for you....4 engine commercial jets are being canceled everywhere.
Whoops, no wonder only 10% of Russians are vaccinated after 6 months since its introduction to their market. Word has it they have entered their 3rd wave but the official tally shows Russian cases are stagnant. Its an unusually smooth line which gives the appearance the data on infections may be faked. What is also odd is their death rate hasn't fallen by nearly the same amount as their official infection rate data, the only country where this happened in the world.
Quote:
1
Washington: Tainted batches of Russia's Sputnik V Covid vaccine sent to Brazil carried a live version of a common cold-causing virus, the South American country's health regulator reported in a presentation explaining its decision to ban the drug's import.
"Rasmussen, a research scientist at Canada's Vaccine and Infectious Disease Organization, described the error as a quality control issue, rather than a problem inherent to the technology."
Meaning, there is nothing wrong with the vaccine as such. I assume that, if the report is true at all, the Russians might simply have screwed up somewhere in the manufacturing process, I think they are not used to making big amounts of vaccines, let alone under pressure when they have so many doses to ship.
They should sell licenses to others that have greater capacity and can make the stuff themselves.
What a surprise...I have news for you....4 engine commercial jets are being canceled everywhere.
Yes, the Russian plane is fine, the Russians even developed their own flight electronics and are thus not dependent on Honeywell. They also have their own engines, so they are virtually independent from the West now. As far as I know, the biggest challenge was replacing certain fiber-reinforced parts of the plane which they planned to import, but no longer could because of the sanctions.
But the aerospace industry is highly politicized, Europeans probably won't buy Russian planes because of Airbus, the same goes for the US because of Boeing. Russia itself is a small market. China, India and the Global South in general might be Russia's future clients. A lot will depend on the price per plane.
China and Russia are developing a bigger plane together, that will compete with the biggest Boeing and Airbus planes.
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And the owners of the dollars will try to delay this time as much as possible. Although it is possible the all currencies will be replaced by a single somehow cryptocurrency.