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Russia | Bank REO Real Estate
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Russia reduces its U.S. debt holdings by almost 30%

June 21, 2011 by · 1 Comment
Filed under: Global News 

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Truth be told, Russia is not a super-major debt holder for the United States.  But, in these times of uncertainty with out debt ceiling, Greek crisis and effects of Japan over the next 6-12 months, this does not bode well.  Right now a substance more precious than gold is in short supply, and that is confidence.  Having any major trading partner, reduce there exposure to your debt by that much is not a good sign for what they figure is more likely than not in our future.    An outright default is very very unlikely.  Increasing the monetary base to reduce our debt load is much more likely and they is a driving reason for Russia’s debt reduction move.

I just don’t see the political will in our current configuration to take the real needed steps to reduce not only the size of government but also the amount of spending that is projected.  It is totally unsustainable.   How do we reduce it?  We had major trouble just to cut $34 billion from our last budget of over $1.5 trillion.  If we could not even handle that, then what would tell us as a people we can do real cuts.  What is sad is that Bush spending (minus war) looks tame to what we are dealing with now.   My conclusion is that we will have to go through a major economic shock in the system where many people will be affect in ways we have not seen in 30+ years to get people motivated to come up with a plan that will work for us and doesn’t require us to continually go into debt to execute it.  This is possible.

The Street – A top Russian economic official says his country is likely to continue decreasing the share of its portfolio that consists of U.S. debt, according to a published media report. “The share of our portfolio in U.S. instruments has gone down and probably will go down further,” said Arkady Dvorkovich, chief economic aide to Russian President Dmitry Medvedev, according to a report on The Wall Street Journal’s Web site.

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Russia backs return to Gold Standard to solve financial crisis

March 31, 2009 by · Leave a Comment
Filed under: Global News 

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Personally I think all this talk about going back to the Gold Standard really points to the underlying problem that we have seen over and over throughout financial history.   Having an honest management of the currency with a policy that does debase it over time which harms the savers in your country which kill incentive to save and invest over time.   We tend to ignore the savers and focus on the people in trouble without any thought of balance when addressing these issues.  

The current crisis in the U.S. is a perfect example when the popular notion of bailing everyone out is being carried out without real discussion being put into what that means and if there is a better method of handling the crisis.  If you have followed my writing on here, you would know that I would of let all the banks go under that were reckless and used the money to back up obligations they had (the honest and correct ones) and then went on a robust programs to get funding to private businesses to jump start the job creation process focusing on our infrastructure and energy needs, you can almost never have enough of either.

News (Telegraph UK):

 

 Arkady Dvorkevich, the Kremlin’s chief economic adviser, said Russia would favour the inclusion of gold bullion in the basket-weighting of a new world currency based on Special Drawing Rights issued by the International Monetary Fund.

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Russia interested in forming gas troika alliance with Iran

November 3, 2008 by · Leave a Comment
Filed under: Commodities News 

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This is to be expecting going forward in the resource-centric era we have entered.  As important resources such as crude oil and natural gas dwindle, more we will see countries that have reserves of these resources consolidate their interests with other like minded countries.  This alliance alone, will unite 40% of the world’s proven natural gas reserves.  Next we should see actions that are consistent with maintaining an price that is elevated or near current levels.  We will just see production drop off significantly if the prices dip too low.  Countries that rely on petro-dollars have a vested interest to maintain a price level that does not collapse as we did  in the early 90’s.  The Financial Times even had a front page story last week that announced that the global annual decline rate was 9.1%.  That is no small amount of loss, we would need to double our fossil fuel production in around 10 years just to keep steady.  We need to start a massive spending program on renewables (focusing on wind & solar) right now so we can reduce our demand nationally.  We want to avoid friction between major powers at all possible during our transition periods.  

Reuters:

Russia is interested in gas swaps with Iran, Iran’s Oil Ministry news website reported on Saturday, in a fresh sign of efforts to deepen ties between two states who together account for 40 percent of world reserves.

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Globex Puts Freeze on Term Deposits

October 15, 2008 by · Leave a Comment
Filed under: Global News 

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In a sign that the liquidity crisis is becoming more acute for Russian lenders, Bank Globex, one of the industry’s medium-sized players, has blocked early withdrawals from fixed-term deposit accounts for five days.  The announcement raised immediate concerns about whether the bank’s move was even legal.

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