The Long, Slow, Goodbye..
Between Trump's newfound discovery that a weak dollar makes exports better and a stealth default on debt, and China / Russia / ME / LATAM moves to de-dollarize, are you surprised?
Whether we get inflation or deflation is not relevant. The price of things you want to buy will be out of reach in 10 years after the last 55 year old hits retirement age. Standards of living globally will converge .
Semi-related note: What if stocks were supposed to keep going up because of discounting future dollar debasement? How else to explain high debt and low rates without invoking manipulation.
Pray for technological deflation to keep prices down on necessities, as you work the McDonald's night shift, millenials - Soren K.
Putin orders end to trade in US dollars at Russian seaports
Russian President Vladimir Putin has instructed the government to approve legislation making the ruble the main currency of exchange at all Russian seaports by next year, RT reported according to the Kremlin's website.
To protect the interests of stevedoring companies with foreign currency obligations, the government was instructed to set a transition period before switching to ruble settlements.
According to the head of Russian antitrust watchdog FAS Igor Artemyev, many services in Russian seaports are still priced in US dollars, even though such ports are state-owned.
The proposal to switch port tariffs to rubles was first proposed by the president a year and a half ago. The idea was not embraced by large transport companies, which would like to keep revenues in dollars and other foreign currencies because of fluctuations in the ruble.
Artemyev said the decision will force foreigners to buy Russian currency, which is good for the ruble.
In 2016, his agency filed several lawsuits against the largest Russian port group NMTP. According to FAS, the group of companies set tariffs for transshipment in dollars and raised tariffs from January 2015 "without objective grounds."
The watchdog ruled that NMTP abused its dominant position in the market and imposed a 9.74 billion rubles fine, or about $165 million at the current exchange rate. The decision was overturned by a court in Moscow in July this year.
Read more by Soren K.Group
