Rosneft Oil Company is a Russian integrated energy company headquartered in the Russian capital of Moscow. It is specializing on exploration, extraction, production, refinement, transport, and sale of petroleum, natural gas, and petroleum products. A few days ago, Rosneft announced that it was switching its operations to euros rather than dollars, because it wanted to lessen its exposure to future US sanctions.
About five years ago, China and Russia signed a bilateral agreement that when they trade with each other, they would trade in either Rubles or Chinese RMB instead of US dollars. Shortly thereafter, other bilateral agreements surfaced between these two and countries — India and Thailand, for example — to trade in currencies other than US Dollars.
I’m an old history major, not an economist, but I do know that the US dollar is the world’s reserve currency and has been since the end of WWII . . . it’s that confidence in the Dollar and everyone using Dollars in international commerce that allows the US to do so much borrowing.
If your objective is to create chaos and discord in the world and bring down the US, removing the Dollar as the world reserve currency is going to create plenty of chaos both in the US and abroad . . . just a thought to keep in the back of your mind.
When one contemplates the situation of the Kurds, there is so much history in play here. Just remember, back in the 1950’s the Kurds trusted us (and the Dulles brothers) and we left them to twist slowly in the wind.
One final general thought: In the past, we have been so powerful and ever-present that some countries have built up resentments over the years, and now that we seem to be more chaotic and disoriented, some may feel the time has come to settle old scores. You may wish to check out three books written by the late Chalmers Johnson. One of those books, “Blowback” was written in 2004. Immediately after 911, a number of people took a second look at that book.