BRUSSELS — After years of reducing its reliance on Russian gas, the European Union is moving to turn off the taps completely within the next two years.
The European Commission (EC) on May 6 presented a detailed roadmap to fully sever the European Union’s energy dependence on Russia by 2027.
Energy Commissioner Dan Jorgensen struck a defiant tone when announcing the plan: "No more shall Euros go into (Russia’s) war chest. Your gas will be banned. Your shadow fleet will be stopped."
The plan ha
There is a theory that the USD as global currency is at risk of being replaced due to BRICS. Often the RMB is posited as the successor to the dollar, but I don’t think it is possible to use a currency that is not openly traded, nor for which we have insight into how its value is set (not derived by the market, but set by the country itself) as a vehicle for secure, stable exchange of value.
Of course, the current administration is doing a good job of running the USD down, but even with that I don’t see how any other currency can replace it for the foreseeable future…
Full disclosure, I am not an economist