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Dr. Roberts:  “The people who are saying that the Ukraine crisis will cause a flight to safety and a rise in the dollar’s value are overlooking the main impact of the crisis in the Ukraine which comes from Washington’s threat of sanctions against Russia.  And the Russian government replied to this threat by announcing that they were simply leaving the dollar-based payment system....

Continue reading the Dr. Paul Craig Roberts interview below...


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“If they (Russia) are not in that system, sanctions cannot apply to them.  So they have announced that they have entered into a barter trade with Iran to take 500,000 barrels of oil, and they are going to sell this oil for rubles, gold, or for the currencies of their BRIC trading partners -- China, India, Brazil and South Africa.

So here is the actual first event of the dollar being abandoned as the currency of international settlement.  Considering that the Russian energy business is vast, it implies a substantial dent to the use of petrodollars.  So the demand for the U.S. dollars in foreign exchange markets in order to pay energy bills is going to take a huge hit -- it’s going to decline. 

And this will put downward pressure on the exchange value of the dollar.  It could also start a stampede.  You could see other energy producers saying, ‘We are also going to accept payments in different currencies, or in gold.  This would really hit the dollar’s exchange value in the foreign exchange market so hard that I don’t think the various stabilization programs would be able to support it.  It would also unleash a (much) stronger demand for gold.  This would also break the Federal Reserve’s ability to keep rigging the gold price.

So I would say that the year 2014 could be shaping up as a year of reckoning for the United States government, particularly with regard to the dollar.  The (U.S.) administration, when it attempted to bully Russia by threatening sanctions, I really think it has undone the dollar.”

IMPORTANT - Part II of Dr. Roberts’ incredible written interview will be released within hours.  Also, the piece above is just a small portion of Dr. Roberts’ remarkable audio interview.  This is truly one of PCR’s most important interviews.  It is available now and you can listen to it by CLICKING HERE.

UPDATE - KWN has many more interviews being released today.

© 2014 by King World News®. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.  However, linking directly to the blog page is permitted and encouraged.

The audio interviews with Dr. Paul Craig Roberts, Bill Fleckenstein, Gerald Celente, Dr. Marc Faber, Egon von Greyerz, Rick Rule, Ben Davies, Rob Arnott,  Andrew Maguire, Art Cashin, Eric Sprott and John Mauldin are available now. Other recent KWN interviews include Jim Grant and Felix Zulauf -- to listen CLICK HERE.

Eric King

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