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NiuBiDaRen

NiuBiDaRen

Brigadier
Registered Member
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US bans Russian energy imports​

US President Joe Biden has announced a ban on Russian oil and gas imports in response to the ongoing conflict in Ukraine on Tuesday, a move that threatens to send global gas and oil prices even higher than the record-setting costs the commodities are already fetching.

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G

gelgoog

Lieutenant General
Registered Member
BlackWindMnt said:
Isn't gold pretty much just a paper claim, something like person x owns like 3 bars in a vault in singapore, london etc.
Unless russia is so stupid to use US vaults and clearing houses for gold transfers
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Russia's gold reserves should be mostly (all?) stored in Russia. Russia is one of the world's largest gold mining nations.
Basically when the Russians had lots of foreign reserves they had no use for they just bought their own gold with them.
 
N

nemo

Junior Member
AndrewS said:
The US is only a small net oil exporter, so high prices will not result in large additional export revenues.

But the higher prices for oil and gas will be a large net negative on the US economy overall.
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The issue is not a matter of export-- it's a matter of of composition. US uses a lot of fracking to get oil, and that is expensive -- something like around $50 a barrel to break even. If oil price drop below $50 dollar a barrel, those producers are losing money. Hence those will support anything that will increase the price of oil -- including lobbying for more chaos in the world to boost the prices. The problem with special interests are they tend not to care about issues that are out side of their interest. US economy can go to hell if they are earning money.
 
AssassinsMace

AssassinsMace

Lieutenant General
Maybe today is different and certainly other countries are probably thinking about it but not too long ago countries regularly kept a lot of their gold in the US including China. How many countries can trust the US today when they see how the US can just steal other countries' assets anytime they wish. That's why the days of believing that the West holds the "rule of law" sacred is about to run its course. Another case where the US suffers the consequences of their short-sightedness in the end.
 
NiuBiDaRen

NiuBiDaRen

Brigadier
Registered Member
AssassinsMace said:
Maybe today is different and certainly other countries are probably thinking about it but not too long ago countries regularly kept a lot of their gold in the US including China. How many countries can trust the US today when they see how the US can just steal other countries' assets anytime they wish. That's why the days of believing that the West holds the "rule of law" sacred is about to run its course. Another case where the US suffers the consequences of their short-sightedness in the end.
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Well USA is now gonna invade other countries to raid their gold reserves
 
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