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The Ruble (Trading) is Dead, Meet The New Ruble
As liquidity evaporated from Ruble, after three retail FX platforms abandoned trading of the USDRUB pair, Reuters reports, the more liquid Norwegian Krone began acting as a proxy for the Russian unit of exchange. When the selling in the Ruble was at its peak, the Krone bore the brunt and smashed to its lowest level in over a decade, dropping below parity against its Swedish counterpart for the first time in almost 15 years.
Three retail currency trading platforms halted trading in roubles on Tuesday, citing growing signs of stress among the banks that underpin trade in the battered Russian currency.
FXCM, one of the biggest platforms catering to online and retail traders of currencies, said the move stemmed from the expectations of banks that Moscow would impose outright capital controls within the next few days.
Angus Campbell, an analyst at another platform, FxPro, said a number of the top tier-one banks that provide its liquidity had ceased quoting prices on one of its systems, prompting it to halt trading there.
A third platform, Alpari, also halted trade.
Which led anxious traders to shift to the Krone...
Traders and analysts said liquidity in the Russian rouble was evaporating fast and, to some extent, the more liquid Norwegian Krone was acting as a proxy for the Russian unit.
The Krone fell to its lowest in more than a decade against the dollar and dropped below parity against its Swedish counterpart for the first time in almost 15 years.
JPMorgan said in a note that a relentless slide in oil prices was pushing up yields on U.S. lower-rated bonds, boosting volatility in currency markets and hurting overall liquidity in the $5.5 trillion market.
"Although FX volumes this month are actually above average for a typical December, bid-offer spreads have been widening for several weeks, and the pace has quickened alongside recent moves in oil and credit," JPMorgan said.
"It is unlikely that this surge reflects year-end seasonals, as bid-offer spreads exhibit much less variation by calendar month than trading volumes do."
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Funny, just a few months ago, the Norwegan Kroner was viewed as the new Swiss Frank for its fiscal sanity and powerful currency........
Until "they" linked it to the Rubble
Someone has to die....
Man these "commodities" backed currencies are a real risk for those nations stuck with them...they should switch to one like ours, a Hollywood backed currency like the dollar. May as well place Brad Pitt's face on it, symbol of "trust" in the system.
One day the world is not going to run to the US Dollar as the default asset to hold in a crisis, and on that day the US government will have absolutely no idea what to do. The federal government as grown to a level that just assumes funding will always be available no matter what.
Norwegian Krone?
I thought all those Eurotrash socialist countries were now using the progressive's wet-dream currency; the Euro.
Well, I guess they will be using the Euro,... after this drubbing...
that's not funny and too much wrong about it. we don't force anybody to adopt the EUR. it's a voluntaryst association of sovereign currencies
what is progressive about the EUR, btw? One FT commentator calls it ultra-libertarian. I'm not kidding you
Eurotrash...what are you a nigger...jew...some fucking white trash mutt that has no clue who or where his father is from.lol
Sorry, Pool Shark.
Surprisingly, outside of DEU, those who kept their own currencies have actually prospered a bit. It may be safe to say that the Euro Trade Zone benefited many, the EuroDollar Zone benefited DEU the most.
NORway's Quality of Life and Economy has been rated highly for some time.
I'm old as the hills, but I've never seen this in a real currency. Only the banana republic crap.
So how do they kick start this? If 17% didn't do it, I think they have to overshoot on a devaluation, or face the same thing over and over until oil finds a bottom.
Any thoughts?
kaiserhoff - I think Putin's test of their SWIFT replacement is telegraphing that they will move off the $ very soon. Then the USD / RUB price won't matter anymore.
Of course Congress just started a hot war with Russia http://www.globalresearch.ca/america-on-a-war-footing-three-members-of-congress-just-reignited-the-cold-war-while-no-one-was-looking/5420146 so it won't really matter much anyway.
commercial banks in russia were borrowing rubles from russian centrl bank at 17.4% and buying USD with that, then borrowing more rubles (backed buy USD they just bought) and going on and on and on
Brilliant. Thanks.
That explains the tsunami of selling.
Boys will be boyz;)
OT, but important news:
Nobel Peace Prize winner meeting canceled in South Africa because the country refuses to grant the Dalai Lama a visa. Meeting had to be moved to Rome.
Then... Pope refuses to meet Dalai Lama so as not to PO China.
Is the picture clearing up at all?
They really gotta think about renaming that award
The Dalai Lama needs to change his deoderant??
Watch out for Krone's disease.
+1 Lol
Glad you had the guts to say that.
I would call it "intestinal fortitude".
Well....now that the Black Tide is going out....we're seeing first hand who has a shit bag ecomomy.
Yeah....'Murika's economy is so fucking strong isnt it? I'm sure the shale patch will escape this Black Tide completely unscathed.
Speaking of shit bags Jumbo....how's the MSM Kool Aid tasting?
They should have stuck with sheep herding and salmon fishing.
How is that NATO thing working out for you Norway? Same tribe member bosses letting muslims flood into Norway like uSSA.
Putin could recapitalize real fast taking over all the rich Norwegian land
Uh-huh...
It has been tried.
The result was a lot like Hitler or Napolean's attacks on Russia.
Turns out Marshall Winter isn't a nationalist.
Tell me, Freddie, what has NATO done actively for the Zionistic Cause, lately?
Your "NATO <-> Zionist" when you are actually about Russia is anyway a bit... tenuos. Oh, and you are getting repetitive with that "tribe" thing
Hmm. Sensitive about the mention of Zionism.Now say something about antisemitism.
Correct me if I'm wrong but don't anti semites hate Arabs too?
So Semites hate themselves as well as each other?
There, I said something about antisemitism.
Here you go:
http://www.liveleak.com/view?i=943_1418701448
Joint press conference with NATO Secretary General Stoltenberg and Ukraine PM Yatsenyuk NATO is joke. Your boy Yats is a real piece of shit. Check out the comments showing Yats giving a Hitler salute to the Banderist nazis.thanks. now we are talking. I'll have a look into it. +1
now I had a look into it, and no, I'm not impressed
Cool
We get a glimpse into the dollar's future
The real reason, of course, is that Citi, JPM, and Goldman do NOT pay year end bonuses based on 'unrealized paper gains'. Since the bosses are writing real checks for real money, the traders have to ring the register soon in order to show real profits to the boss.
Oldie but goodie.
Hint: Physics 101
Just in time for the global economic collapse:
NASA Rover Finds Active and Ancient Organic Chemistry on Mars. Live Stream NOW http://investmentwatchblog.com/nasa-rover-finds-active-and-ancient-organic-chemistry-on-mars-live-stream-now/ Its time to move to the new planet!Funny, I was just watching and thinking the same thing.
"...NASA’s Mars Curiosity rover has measured a tenfold spike in methane, an organic chemical, in the atmosphere around it..."
ROVER! FFS... Was that YOU?? BAD dog...
IIRC, every single test for life on Mars going back to Viking has yielded a positive result.
And every single time NASA says that the results are inconclusive and due to exotic chemistry on Mars.
Meanwhile, 20 years ago fossilized bacteria was found inside a Antartic meteorite that came from Mars.
There's life on Mars, there's been life on Mars for billions of years. There's liquid water, there's methane, there's life. For some inexplicable reason it's really important to someone to ignore this and keep "searching."
Space exploration FTW, yes. Voyager 1&2 fascinated me beyond the stars. But I do not fathom the consequence of finding life anywhere outside Earth.
Clearly we need a one world currency to stop all this madness. How else can a multi-nationl plan?
"We are on the verge of a global transformation. All we need is the right major crisis and the nations will accept the New World Order."
- David Rockefeller
Yep, exactly what all this is all about, 1 world plantation.
Well, since the sheep have willed it, in the New World Plantation, I want to be the Mandingo!
How about Atomic Number 79?
The Aurum.
Issued by the Central Bank of God (or the Milky Way if you prefer).
Stamped Artwork optional.
Accepted anywhere.
Verifiable anywhere using simple, cheap, electronic devices that are already available.
Counter-Party risk non-existent when making a cash payment.
Gun-varmint sponsorship unnecessary.
"We are on the verge of a global transformation. All we need is the right major crisis and the nations will accept the New World Order."
- David Rockefeller
This P.O.S. turns 100 next year; someone must be planning a whopper of a birthday present.
Everyone has a plan till they get hit in the mouf.
Does China sit back and watch knowing they are next?
Will they have a choice? Their eCONomy is on the verge of collapse too. Maybe it's a 1984 scenario where we were always at war with Eurasia.
There's always a choice. And consequences. Either way.
To whom it may concern:
I am thoroughly horror-tained, can we change the script please?
mark of the beast
666 chip imbedded in hand
"When the selling in the Ruble was at its peak, the Krone bore the brunt and smashed to its lowest level in over a decade"
Ze FX Marketz want to play. Like Killerwhales with their prey. If the Ruble hides, something has to take it's place
it's currency war. the small and the medium curencies are at risk, and should think about finding some shelter, some anchor*
the FX markets are huge, fuelled by mountains of USD credits. trade, in comparison, is... a rounding error. it does not have to make sense, it must only appear to make sense
if I and my buddy have one quadrillion bets on your trade... and your trade is measured in millions... you see the thing? the tail weighs and is more muscular then the dog
(*) (yes a role previously taken by gold. in the case of european currencies, some are hiding under the skirts of the EUR)
These new market suck.
The tails are all more important than their dogs.
just got a message: G! Wrong. It's not tails. It is after all the best and the brightest, or at least the best paid. You know, the world's financial... brains
hahaha. well... what is the correct proportion between brains and brawns?
"finance" used to be measured as somewhere around 2% of the economy. in certain countries... you don't want to know. you don't
Gotta love the Modern World:
consumption is the measure of GDP, and currency trading is the source of wealth.
I just got a Kroner watching this FX action.
That's perfect. Can we add "got a Kroner" to the ZH vernacular?
We Kronered some folks .
I see a whole hell a lot of volatility everywhere.
Should have been the Swedish Krona.
Would serve them right for not finding that submarine.
Norway may be an oil-dominated economy, but it does not live paycheck to paycheck
on the proceeds, actually it runs a substantial sovereign wealth fund.
Norway's military will be rather cheaper, too, and probably doesn't contain officers that need to be kept onside.
On the other hand, if Russian oil/gas isn't exported, dollars don't flow back to Russia, and about fifteen
minutes later Russia implodes.
A low oil price is just a weaker version of no oil exports at all - so fifteen minutes is too short, but I bet the locals are already showing complete confidence in their political masters by turning every last RUR note into
something that they hope will hold purchasing power (or possibly buying an essential item that they would prefer to buy at todays price, or maybe fear won't be available at any price in a few weeks).
Watson
The sovereign wealth fund is already empty due to pensioners and influx of immigrants. Add a weak prime minister and you have a nice setup for shorting the Krone down the drains.
Can't reconcile that. At last count the fund was upwards of $800B and pensioners don't even cost the interest. Many immigrants yes but the country needs many of them as it is short of labour.
Suddenly Norwegian salmon and white fish has become pretty competitive on world markets. Much of its industry will be loving this. Just like Russia's.
Russia has a lot more gold, oil, nat gas and endless other things than Norway has. Russia has a lot more gold than Norway's sovereign fund paper.
Brevik was a psycho but he laid bare how Norway is being destroyed by open borders courtesy of the ZWO. Oslo is a shithole now.
'Having more' isn't a good measure. A better measure is 'Having more (per head of population)'
And even more important is not p*ssing away what you produce, as fast as it is produced, in order
to try to resurrect the grossly inefficient politico-military structure that bankrupted the old USSR.
In comparison, Norway seems pretty sensible to me.
Watson
So...
If Russia has the gold to lead the launch of a gold-backed new monetary order.
Then why aren't they trotting it out?
Why would they waste their gold on dollars ? They have done the opposite trade all year long...
WTF are you talking about?
A currency is a check drawn on a Central Bank's checking account.
There's a lot of doubt about what is actually in CB's checking accounts.
If you have the gold, you show it.
Then to manipulate your currency downward, they have to manipulate Gold downward...which will require them to sell gold contracts which may be irredeamable.
On the other hand...
... If Russia can't trot out the Gold for audit when needed... LIKE NOW... then WHY WOULD ANYONE THAT SOME FUTURE 'GOLD-BACKED' RUBLE IS REALLY GOLD-BACKED????????
Russia has to pony-up or quit the 'New Gold Standard' game.
Go audit the FED's gold first. Then come back to me and explain your theory...
Apple just stopped sales in Russia.
Wow, that's gonna hurt the Ruskies badly... They'll cry uncle any moment, now. By the way, Samsung says hello and wishes you a Merry Christmas ! /s
the US (The tribe) is trying to bring Russia to its knees
the past few weeks have been non stop moves,targeting Russia (cheap oil,rubble losing its value .......) , Putin has yet to react to the west
like I said the real "Game of Thrones "/"war currency" has started for good
Who the fuck needs the US Dollar and who the fuck still wants to trade in it?
Norwegians have the richest nation on the planet and their currency tanks against a paper that's been printed trillions of times over and has virtually no backing.
Truly it's time to call for the cards on the table. Show me what you got. I think I know what you got but for all our entertainment, please show us how truly ugly your hand is.
USD is MIC and Saudi bullshit paper with a kosher flavor of Zionism.
The world can do without and if I understand this correctly, the world is doing without.
Goodbye America's funny money
Norway is on the zio-shit list as they use their oil revenues for the benefit of their people.
The jews have always hated the beautiful blue eyed demons who are along with Sweden one the most advanced , civilized nations on earth...oh and the Nowegians recognized Palestine or part of it as a state and those ugly fucking jew parasites threw a shitfit lol...Norway would mop up IDF like so much pigshit on the floor.Norway will beat the pig jews at this game because they are SO much smarter.lol
...soon the day will come when you publicly (face-to-face) shit out of that piehole of yours and get what's comin' to ya.
san marcos.ca. jewboy I will shoot you to death in the street
A currency is a check drawn on a Central Bank's checking account.
There's a lot of doubt about what is actually in CB's checking accounts.
If you have the gold, you show it.
Then to manipulate your currency downward, they have to manipulate Gold downward...which will require them to sell gold contracts which may be irredeamable.
On the other hand...
... If Russia can't trot out the Gold for audit when needed... LIKE NOW... then WHY WOULD ANYONE BELIEVE THAT SOME FUTURE 'GOLD-BACKED' RUBLE IS REALLY GOLD-BACKED????????
Russia has to pony-up or quit the 'New Gold Standard' game.
Next on the list of endangered currency pairs at FXCM, the USDNOK...
HOW COME NOBODY IS BUYING BRAWNDO, THE THIRST MUTILATER???
Zoloto, suki!
People vote on currency risks with their pocket-books.
My wife is upset but phlematic about it. We're worried about how to get money to the family.
We sent money. But Natash...(sister in Law) hasn't picked it up months later.
Wife's reaction to this was, "It's probably currency traders...."
This is always people's reaction. Governments like to jump on this and make a scapegoat.
PEOPLE vote on currency risks with their pocket books.
Friends of mine have been renovating their Dacha.
They finished the renovation with a new TV.
Their son went to pick it up a few hours ago at a major retail outlet in Moscow.
The manager showed him that their entire inventory was gone.
PEOPLE vote on currency risks.
SOME of those people are undoubtedly bankers, wielding billions of currency 'votes'.
When PEOPLE vote with their pocket books, bankers and governments get the hell out of the way.
When they FAIL to get out of the way it is called a "BANK-RUN" or a "CURRENCY CRISIS".
Leave it to a banker to squander your money on bad loans and bonuses and then say that the problem is that you want your money back.
It should be called a BANKER RUN - because they are the ones running off with your deposits.
A 'CURRENCY CRISIS' should be called a 'POLITICIAN RUN'. You see, they print the money and give it to their friends - making your money less valuable. They pass laws that make their friends be the only ones who can work or trade.
They call this 'POLITICS'.and 'GOVERNMENT'. But the main difference between 'GOVERNMENT' and the MAFIA or BANKERS is in their elaborate ceremonies, titles, and slick social marketing.
You see, governments and government currencies are a con, in PRECISELY the same way that 'Fractional-Reserve-Banking' is a con.
THEY ARE CONFIDENCE GAMES.
They don't have the money they say they have...EVER.. If they did have it, they wouldn't be screwing around with you.
They don't have the POWER they say they have EVER. Because 'enough' is never 'ENOUGH'...and so they push the envelope. They push the envelope with LIES, with CONFIDENCE SCHEMES, and sooner or later the envelope tears.
So, cry for the dupes who keep getting duped by these personalities.
But don't kid yourself about your bank being 'secure' or about your government being 'US, OURS, WE'.
When the bandits scatter some hold the money, others hold the bag. If you believed in solidarity with the bank or the government you shouldn't be surprized to see your bag is full of cut-up newspaper.
This is great! I'm a Norwegian and I own my wee bit of gold and silver. Who cares if these fall? The NOK falls more :)
But alas, in the end, I fear a currency being backed by oil will beat a greenback being backed by ... hell, I dunnot know, a shit kicked Brad Pitt's pretty face, the FED' promises to take care of all (the banks), and even - if I may dare - the greatest sport ever invented, American Football. So I am here, with my NOKs, enjoying the best room service London has to offer, laughing at it all.
Go Russia, Go Oil Price Drop, Go Gold & Silver Price Drop, I need to buy some moare! Cheers!
http://www.thisdaylive.com/articles/gas-exporting-countries-meet-tuesday...