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Finance

De-dollarisation: India, Japan Activate $75 Billion Currency Swap Agreement

Last year, several countries including India began taking measures to reduce their dependency on US currency to make foreign trade payments in the wake of the economic sanctions and trade conflicts triggered by Washington. The Indo-Japan move is part of this trend.

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Bank of Russia Cashes in as Price of Its Recently Stockpiled Gold Skyrockets

Earlier, Bank figures showed that Russia added nearly to 275 tonnes of gold to its coffers in 2018, with total reserves climbing to over 2,100 tonnes of the precious metal.

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Half of US Business Economists Say Recession Coming by 2020

A decade after the Great Recession in the US, approximately half of the economists at the National Association for Business Economists say that the next economic contraction will begin by the time US voters go back to the polls to decide whether they’ll keep US President Donald Trump in office.

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Global sovereign debt to peak at $50,000,000,000,000 this year

Ratings agency S&P Global said governments are continuing to run up huge debt levels and will borrow an equivalent of $7.78 trillion this year, which would be up 3.2 percent on 2018. That will come as another jump in borrowing to take the global mountain of sovereign debt to $50 trillion in 2019.

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Erdogan says Turkey does not want a dime from the IMF

Turkey does not want to be on the hook with the International Monetary Fund (IMF), the country’s leader Recep Tayyip Erdogan said, as he blasted the Washington-based organization.

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History made: US national debt tops $22 trillion

The US national debt has climbed above $22 trillion. It is projected to continue rising by a trillion each year over the next decade, due to the cost of pensions and medical care for the retiring Baby Boomers. On Tuesday, the US Treasury Department published the daily statement showing outstanding public debt standing at $22.01 […]

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Ruble flexes its muscle after Moody’s lifts Russia’s rating to investment grade

The Russian ruble has been gaining ground on the US dollar and the euro after global credit rating agency Moody’s upgraded Russia’s sovereign rating to investment grade with a stable outlook.

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Moody’s Upgrades Russia’s Debt Rating to Baa3, Changes Outlook to Stable

NEW YORK (Sputnik) – Moody’s Investors Service said in a statement that it upgraded Russia’s issuer and unsecured senior debt ratings from Ba1 to Baa3 and changed its outlook from positive to stable.

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Are Russia, China & Turkey bringing back the gold standard? RT’s Keiser Report finds out

Global central banks bought more bullion last year than at any time since 1971, when the US ended the gold standard. Governments added 651.5 tons of gold to their coffers in 2018, according to the World Gold Council. It said that Russia, China and Turkey are leading the gold-buying spree.

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Refusal to hand over Venezuelan gold means end of Britain as a financial center – Prof. Wolff

The freezing of Venezuelan gold by the Bank of England is a signal to all countries out of step with US interests to withdraw their money, according to economist and co-founder of Democracy at Work, Professor Richard Wolff.

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US risks losing triple-A sovereign credit rating over shutdown, Fitch warns

The ongoing government shutdown in the United States could soon start to negatively impact the country’s debt ceiling, ratings agency Fitch said. The US runs a record deficit and pushes overall borrowing past $22 trillion. A shutdown of about a quarter of the US government entered its 19th day on Wednesday, with lawmakers and the […]

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Fueled by Western sanctions Russia outshines China to become world’s 5th biggest holder of gold

The Central Bank of Russia reported purchasing 8.5 million troy ounces of gold in January-November 2018. With its 67.6 million ounces of gold Russia is now the world’s fifth largest holder behind the US, Germany, France and Italy.

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Which countries are dumping the dollar and why?

The European Union is considering switching payments from the US dollar to the euro after Washington threatened to target European firms working in Iran. But the EU is not the first to ditch the greenback, as the experts tell RT.

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Bye-bye dollar: India & UAE agree to trade in local currencies

New Delhi and Abu Dhabi have inked a currency swap agreement to boost trade and investment without involvement of a third currency like the US dollar. The swap is for an amount of two billion UAE dirham or 35 billion Indian rupees (US$495 million), according to the Indian Embassy in Abu Dhabi.

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Russia Holds Quarter of International Yuan Reserves Amid US Sanctions Spree

While it has long been clear that countries under US sanctions are more than motivated to turn their backs to the iconic greenbacks, the central bank’s interim review has shed some light on which economic zone Russia is intent to place its stake instead.

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