Russia dumps U.S. dollar

From the Free Thought Project:

As the United States continues to pile on an ever-growing list of sanctions on to Russia, the country is fighting back by abandoning the US dollar. Although they have been expressing their desire to break away from the hegemony of the U.S. petrodollar and the global dollar-based payment systems for years, Russia’s deputy foreign minister, Sergei Ryabkov, said this week that they are accelerating those efforts, to “get rid of the dollar.”

“The time has come when we need to go from words to actions, and get rid of the dollar as a means of mutual settlements, and look for other alternatives,” he said in an interview with International Affairs magazine.

Over 60 percent of global reserves and 80 percent of global payments are currently denominated in U.S. dollars, according to James Rickards, author of Currency Wars. This gives the U.S. extreme control over other countries’ imports and exports and they are able to force countries into submission using sanctions.

Continue reading at the Free Thought Project…

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