Russia

Big Oil's Long Goodbye To The Dollar

In an article by Robert Fisk published in THE INDEPENDENT, the crisis of the American dollar in oil dealings is explained a little deeper than was known the last time we visited this topic. More former allies have agreed to leave the dollar, thus hastening its demise. N THE MOST PROFOUND financial shift in recent Middle East history, Gulf Arabs are planning—along with China, Russia, Japan and France—to end all dollar purchases for oil, moving instead to a basket of currencies including the Japanese yen and Chinese yuan, the euro, gold and a new, unified currency planned for nations in...

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Oil Prices, Consumption Continue Slide

An article by Neil King, Jr. of the Wall Street Journal should have conservationist Americans dancing with joy. However, only half the story is actually good news. If these prognostications are true, then the West has some measure of hope of curtailing those runaway oil prices that help cripple our economy this past year. However, the general wisdom that oil prices need to be at a certain level in order to fuel exploration of other energy resources needs to go the way of $140 a barrel oil prices. Because this week's outlook also included news that the frackas between Russia...


Rippling Global Economic Crisis

USSIANS ARE CUTTING BACK on personal spending and trading rubles for dollars as the collapse of world oil prices cripples an economy that just months ago soared on the strength of record prices for its petroleum exports. Even vodka sales are down. Economists are especially worried by the mounting flight of capital and increased dollarization of the economy—something that last happened a decade ago when the government defaulted on its foreign debts. "Some of my friends have converted all their savings into dollars, leaving just 500 rubles to pay the phone bill in their account," said an administrative assistant at...


Russia Weathering Market Crisis

OSCOW—As the stock markets in Russia tumbled again Friday and the Kremlin continued struggling to shore up the nation's banks, Maria Isayeva emerged from a subway station near Victory Park and shrugged off the crisis with a laugh. "It only affects the rich people! It doesn't affect us!" declared the 61-year-old retired bus terminal cashier, who seemed amused anyone might think she owned stocks. "We're okay. We're surviving, and we have enough to eat." Isayeva admitted feeling anxious that her children might face hardship in an economic downturn but appeared more concerned about how others in the world were faring....


Stock Crisis Helps Consumers In Short Term

HE SUDDEN COLLAPSE OF COMMODITIES that drove oil prices back below $70 a barrel Thursday is reverberating through the world economy from Alberta to Texas to Timbuktu. While falling commodities prices are helping struggling American consumers and businesses with dramatically lower energy costs, they are devastating rising stars such as Brazil, Russia, Dubai and Australia. Even China, the engine behind the commodity boom, is faltering, though it remains one of the only emerging-market juggernauts that still has growing surpluses of cash to keep plowing into U.S. financial markets. Indexes of major commodities from copper and wheat to coal and corn...