Russia will aim at selling energy in roubles, that’s what Vladimir Putin declared last week; while this is thought as a huge sanction to the US economy, we really doubt that Moscow will be able to create a real “Dollar problem”
(original publishing date: 08/20/14)
Suppose now, for a moment, that Putin really decided to start selling energy abroad in roubles.
Apart from the most basic problem of “Where should other countries find enough roubles to pay energy ?” (we doubt that the current monetary base for the Russian currency is sufficient to cover all the trades), this would not really create a huge damnage to the “Dollar Standard system” we still live in.
It’s not our opinion, it’s just about numbers:
The Dollar is an empire, that’s why we yawn when we read articles about an alleged “war to the Dollar” by Putin.