Understanding China, One Blog at a Time

An American in China

In a Move Defying Logic Russia and China Move to …

Posted by w_thames_the_d on November 24, 2010

The geniuses at Chinese and Russian think tanks have decided that logic need not play a role in their planning processes any longer. What they are doing is ‘renouncing the US dollar’-see below, and trading in local currencies only. wtf…
To me this is a shocker as it defies logic. i was taught that the point of international exchange is to trade a good of value for another good of equal value…
Well maybe their move is not that illogical, after all, china will be shipping batteries that last a day, glasses filled with lead and cadmium for a currency that is currently worth…..

“St. Petersburg, Russia – China and Russia have decided to renounce the US dollar and resort to using their own currencies for bilateral trade, Premier Wen Jiabao and his Russian counterpart Vladimir Putin announced late on Tuesday. “

One Response to “In a Move Defying Logic Russia and China Move to …”

  1. Daniel Bos said

    Not that surprising, since the US has been bankrupt for decades, and is basically only kept afloat by the money China and a few other countries keep throwing at them. The way the US keeps creating extra money, it won’t be long before the dollar is worth less than the paper it’s printed on…

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