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India offered rupees no takers

SoldiSoldi Posts: 2,013 ✭✭✭✭✭

All year long in place of dollars for an oil deal NO TAKERS

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  • SoldiSoldi Posts: 2,013 ✭✭✭✭✭

    India's push for rupee as payment currency for crude oil imports finds no takers: Oil ministry
    2 min read
    26 Dec 2023, 11:52 AM IST
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    India's push for rupee transactions for crude oil import has not found any takers as suppliers have expressed concern about the repatriation of funds and high transactional cost

  • cohodkcohodk Posts: 18,493 ✭✭✭✭✭

    Imagine that. Who da thought? Lol

    Excuses are tools of the ignorant

    Knowledge is the enemy of fear

  • India and China have leverage when buying oil from Russia, they are forcing Russia to deal with Rupee and Yuan. Maybe India's head got a little too big and they assume they have more bargaining power than they do.

    The substantial truth doctrine is an important defense in defamation law that allows individuals to avoid liability if the gist of their statement was true.

  • GoldFinger1969GoldFinger1969 Posts: 1,144 ✭✭✭✭

    @RiveraFamilyCollect said:
    India and China have leverage when buying oil from Russia, they are forcing Russia to deal with Rupee and Yuan. > >Maybe India's head got a little too big and they assume they have more bargaining power than they do.

    Well, yeah, India demonetized their economy a few years ago so who can trust them ?

    And Russia is dealing with a $60 U.S. limit on international oil sales so yeah, a 20% premium in other currencies you immediately dump makes sense.

    Long Live King Dollar ! :D

  • jmski52jmski52 Posts: 22,263 ✭✭✭✭✭

    India will figure it out, and that's what the BRICS are doing - figuring it out. Jim Rickards has noted recently at a conference in Dubai that the BRICS won't have to do anything with a BRICS currency other than to link it to the price of gold. They don't have to create a reserve currency or a gold standard. Their transactions will be linked to the dollar via the price of gold.

    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • HigashiyamaHigashiyama Posts: 2,132 ✭✭✭✭✭

    Various quotes attributed to @jmski52, followed by a question or comment.

    "India will figure it out"

    What exactly will they figure out? How to run a modern economy? How to manage their trade and currency so that the currency is widely accepted outside of India as a means of exchange? They certainly may figure it out, but not within the next few years.

    "that's what the BRICS are doing - figuring it out."

    Same question, especially in the context of what Rickards said.

    "the BRICS won't have to do anything with a BRICS currency other than to link it to the price of gold."

    So, what exactly is a BRICS currency? It is not a gold standard, but it is linked to gold? Is it a currency or a payment system?
    Is it the intent that the value of the BRICS currency moves lock-step with the value of gold? Call the BRICS currency the BC. If India buys from the US, they trade Rupees for BCs and use the BCs to buy dollars? So the Real, Ruble, Rupee, Yuan, and Rand will all float independent of the BC. It sounds like a lot of talk without much substance.
    .

    Higashiyama
  • jmski52jmski52 Posts: 22,263 ✭✭✭✭✭

    @Higashiyama - what will they figure out? It seems to me that in joining the BRICS they are figuring out how to get away from dependence on the SWIFTS system and the Western financial system.

    Your allusion that India doesn’t know how to run a modern economy is somewhat unfortunate because that type of thinking is what got dozens of countries thinking about joining BRICS to get away from the dollar.

    What is the BRICS currency? Nobody knows yet. Some kind of announcement was anticipated in December, but the only announcements were by UAE that they would no longer take dollars for oil, and a little earlier by the Saudi prince that they would accept other currencies besides the dollar.

    Rickards, if I understand him accurately, thinks that as you suggest - the local currencies will float against the price of gold, which is priced in dollars.

    Apparently they are modeling their payment system after SWIFTS and their banking system after the IMF. Talk without much substance? I doubt that. All of this wouldn’t be happening if the Western banking system hadn’t screwed the pooch by issuing debt up the wazzoo in an unsustainable spending orgy.

    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • SoldiSoldi Posts: 2,013 ✭✭✭✭✭

    what is a landmark development for the BRICS nations, India has made its first-ever local currency payment to the United Arab Emirates (UAE) in an oil trade. Indeed, the agreement saw both countries settle the trade in rupees after agreeing to abandon the US dollar in bilateral dealings earlier this year.

  • jmski52jmski52 Posts: 22,263 ✭✭✭✭✭

    what is a landmark development for the BRICS nations, India has made its first-ever local currency payment to the United Arab Emirates (UAE) in an oil trade. Indeed, the agreement saw both countries settle the trade in rupees after agreeing to abandon the US dollar in bilateral dealings earlier this year.

    Looks like India is figuring it out.

    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • SoldiSoldi Posts: 2,013 ✭✭✭✭✭

    @jmski52 said:
    what is a landmark development for the BRICS nations, India has made its first-ever local currency payment to the United Arab Emirates (UAE) in an oil trade. Indeed, the agreement saw both countries settle the trade in rupees after agreeing to abandon the US dollar in bilateral dealings earlier this year.

    Looks like India is figuring it out.

    I recently read, I don't remember where, that India has the most stable economy of all the BRICS .

  • cohodkcohodk Posts: 18,493 ✭✭✭✭✭

    .> @jmski52 said:

    what is a landmark development for the BRICS nations, India has made its first-ever local currency payment to the United Arab Emirates (UAE) in an oil trade. Indeed, the agreement saw both countries settle the trade in rupees after agreeing to abandon the US dollar in bilateral dealings earlier this year.

    Looks like India is figuring it out.

    So America should trade oil in rupees?

    Excuses are tools of the ignorant

    Knowledge is the enemy of fear

  • jmski52jmski52 Posts: 22,263 ✭✭✭✭✭

    So America should trade oil in rupees?

    Since you are so well-versed in finance, tell me how it's going to work then.

    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • SoldiSoldi Posts: 2,013 ✭✭✭✭✭

    Geopolitical Monitor
    September 7th 2023
    Does a good job of summing it up. Article "BRICS is not a threat to US"

  • jmski52jmski52 Posts: 22,263 ✭✭✭✭✭

    In situations where the BRICS have a dominant position in various natural resources or commodities - pick one - I would expect that whenever a non-BRICS country wants to buy, the price will be higher than when it was bought in dollars.

    The trade war is already underway, and the US gambit of confiscating Russian assets apparently did not pay off.

    I don't think that anyone knows which way this thing is going.

    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • cohodkcohodk Posts: 18,493 ✭✭✭✭✭

    @jmski52 said:
    In situations where the BRICS have a dominant position in various natural resources or commodities - pick one - I would expect that whenever a non-BRICS country wants to buy, the price will be higher than when it was bought in dollars.

    The trade war is already underway, and the US gambit of confiscating Russian assets apparently did not pay off.

    I don't think that anyone knows which way this thing is going.

    Sure. Those BRICS that have have resources that others want can stifle supply thus creating inflation, discontent and chaos.

    Meanwhile, the USA, with all the resources the BRICS have will sit back and laugh, and laugh, and laugh.

    Excuses are tools of the ignorant

    Knowledge is the enemy of fear

  • GoldFinger1969GoldFinger1969 Posts: 1,144 ✭✭✭✭

    @Soldi said:
    I recently read, I don't remember where, that India has the most stable economy of all the BRICS .

    The U.S. has per-capita GDP approaching $60,000 per person. China has $12,000 per person.

    India is at $2,000 per person. :o

  • GoldFinger1969GoldFinger1969 Posts: 1,144 ✭✭✭✭

    @jmski52 said:
    In situations where the BRICS have a dominant position in various natural resources or commodities - pick one - I >would expect that whenever a non-BRICS country wants to buy, the price will be higher than when it was bought in >dollars.
    The trade war is already underway, and the US gambit of confiscating Russian assets apparently did not pay off.
    I don't think that anyone knows which way this thing is going.

    We didn't confiscate anything. The assets are frozen. As they should be.

  • cohodkcohodk Posts: 18,493 ✭✭✭✭✭

    @GoldFinger1969 said:

    @jmski52 said:
    In situations where the BRICS have a dominant position in various natural resources or commodities - pick one - I >would expect that whenever a non-BRICS country wants to buy, the price will be higher than when it was bought in >dollars.
    The trade war is already underway, and the US gambit of confiscating Russian assets apparently did not pay off.
    I don't think that anyone knows which way this thing is going.

    We didn't confiscate anything. The assets are frozen. As they should be.

    Sympathizer's have a different view.

    Excuses are tools of the ignorant

    Knowledge is the enemy of fear

  • SoldiSoldi Posts: 2,013 ✭✭✭✭✭

    @GoldFinger1969 said:

    @Soldi said:
    I recently read, I don't remember where, that India has the most stable economy of all the BRICS .

    The U.S. has per-capita GDP approaching $60,000 per person. China has $12,000 per person.

    India is at $2,000 per person. :o

    Yeah, reminds me of the good ol days 12c 16 oz cokes 2c deposit no screaming about save the planet plastic.......then of course there's 2 billion people piled on top of one an other in India

  • Peter89Peter89 Posts: 57 ✭✭

    @Soldi said:

    I recently read, I don't remember where, that India has the most stable economy of all the BRICS .

    .

    Probably this is not precisely what you meant, but somehow :)

  • GoldFinger1969GoldFinger1969 Posts: 1,144 ✭✭✭✭

    @jmski52 said:
    India will figure it out, and that's what the BRICS are doing - figuring it out. Jim Rickards has noted recently at a >conference in Dubai that the BRICS won't have to do anything with a BRICS currency other than to link it to the price >of gold. They don't have to create a reserve currency or a gold standard. Their transactions will be linked to the >dollar via the price of gold.

    Really ? They have the gold to back a BRICs currency ?

    Let's see it. Let's even see them TALK it !!! :D

    In other news....the BRICs said they will put a Man on Jupiter by the end of next decade....develop warp speed technology....and solve Climate Change ASAP so they can work on preventing a collission between the Milk Way and Andromeda Galaxies !!

  • SoldiSoldi Posts: 2,013 ✭✭✭✭✭
    edited January 11, 2024 11:01PM

    And if you go chasing rabbits And you know you're going to fall
    Tell 'em a hookah-smoking caterpillar
    Has given you the call
    Call Alice
    When she was just small.......

  • Peter89Peter89 Posts: 57 ✭✭

    @Peter89 said:

    @Soldi said:

    I recently read, I don't remember where, that India has the most stable economy of all the BRICS .

    .

    Probably this is not precisely what you meant, but somehow :)

    .
    How about this one
    .
    Infographic: Which Countries Have the Highest GDP Growth Rate? | Statista You will find more infographics at Statista

  • EstilEstil Posts: 6,842 ✭✭✭✭

    Rupees are Legend of Zelda currency too!

    WISHLIST
    Dimes: 54S, 53P, 50P+S, 49S, 45D+S, 44S, 43D, 41S, 40D+S, 39D+S, 38D+S, 37D+S, 36S, 35D+S, all 16-34's
    Quarters: 61D, 52S, 47S, 46S, 40S, 39S, 38S, 37D+S, 36D+S, 35D, 34D, 32D+S
    74 Topps: 37,38,46,47,48,138,151,193,210,214,223,241,256,264,268,277,289,316,435,552,570,577,592,602,610,654,655
    1997 Finest silver: 115, 135, 139, 145, 310
    1995 Ultra Gold Medallion Sets: Golden Prospects, HR Kings, On-Base Leaders, Power Plus, RBI Kings, Rising Stars
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