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Global Firms Dump Dollars when Exporting Print E-mail
by Tom McGregor    Tue, Jul 8, 2014, 09:33 PM

A rising number of multinational corporations are abandoning the dollar when engaging in foreign trade.

According to the Voice of Russia, "Peter Koenig, financial pundit, former World Bank staff and a Voice of Russia regular, told about the hottest trend of global finance: de-dollarization. He also commented on the financial blowback and unintended consequences of the US sanctions and hostile actions against countries in Europe and South America."

Koenig is quoted as saying that, "The move towards trading in other currencies than US dollars is not stupid at all. It’s an excellent idea. The fact that Gazprom and other Russian and Chinese companies are initiating this de-dollarization action is even better. Why? Because it will lay a solid ground and trust for international trading in non-dollar currencies. There are many BRICS and other countries just waiting for somebody to make the first move."

As reported by the Voice of Russia, "Peter Koenig also added that these countries are all afraid of ‘sanctions’ and don’t dare stepping out of Washington’s line of command, unless they have another strong leader to make the first move – a strong leader like Russia or China, and if combined, it's even better. Let’s not forget, he added, that China’s economy has just surpassed that of the United States and is now the largest and strongest in the world."

The US economy continues to dwindle as a superpower.

To read the entire article from the Voice of Russia, link here:

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