What About The Dollar: Russia, Iran Announce $20 Billion Oil-For-Goods Deal - By Tyler Durden (4/4/14) PDF Print E-mail
Tyler Durden   
Friday, 04 April 2014 07:50

Zero Hedge

Spot what is missing in the just blasted headline from Bloomberg:

IRAN, RUSSIA SAID TO SEAL $20B OIL-FOR-GOODS DEAL: REUTERS


If you said the complete absence of US Dollars anywhere in the funds flow you are correct. Which is precisely what we have been warning would happen the more the West and/or JPMorgan pushed Russia into a USD-free corner.

Once again, from our yesterday comment on the JPM Russian blockade: "what JPM may have just done is launch a preemptive strike which would have the equivalent culmination of a SWIFT blockade of Russia, the same way Iran was neutralized from the Petrodollar and was promptly forced to begin transacting in Rubles, Yuan and, of course, gold in exchange for goods and services either imported or exported. One wonders: is JPM truly that intent in preserving its "pristine" reputation of not transacting with "evil Russians", that it will gladly light the fuse that takes away Russia's choice whether or not to depart the petrodollar voluntarily, and makes it a compulsory outcome, which incidentally will merely accelerate the formalization of the Eurasian axis of China, Russia and India?"



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Antal Fekete's Neo-Misesian Revisionism And Why He Believes It Is Necessary - By Anthony Wile (3/4/14) PDF Print E-mail
Anthony Wile   
Thursday, 03 April 2014 07:30

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Why Gold Standard? - By Antal E. Fekete (3/4/14) PDF Print E-mail
Antal E. Fekete   
Thursday, 03 April 2014 07:29

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Obama’s Ukraine Fiasco Will Trigger US-EU Economic Ruin… - By Michael Thomas (3/4/14) PDF Print E-mail
Michael Thomas   
Thursday, 03 April 2014 07:27

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12 Largest Banks Sued By Public Retirement Funds For "Conspiring To Rig Global FX Markets" - By Tyler Durden (3/4/14) PDF Print E-mail
Tyler Durden   
Thursday, 03 April 2014 07:25

Zero Hedge

Yesterday, we read with some amusement that Goldman has moved Guy Saidenberg, reportedly one of the greater profit centers at the firm - and how could he not be when he always traded against Tom Stolper's recommendations which led to tens of thousands of pips in losses to those who listened to him over the past five years - from head of global foreign-exchange trading to a new role, as co-head of commodities.  Why did Goldman decide to scrap its once uber-profitable FX vertical and redo it from scratch? Simple - the ability to rig and manipulate FX markets, which are now under every global regulator's microscope after the "Cartel" members so foolishly let themselves be exposed to the entire world, is no longer there, as confirmed last night by news that a dozen large investors have filed a joint lawsuit against 12 banks for "allegedly conspiring to rig global foreign-exchange prices." Allegedly? Hasn't everyone read the Cartel chat-room transcripts yet?

WSJ reports:

The class-action lawsuit, filed in U.S. District Court in the Southern District of New York late Monday, was from a group of investors across the U.S. and Caribbean, including city and state pension plans.



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