Petrodollar end looming as China & allies dump it in oil trading - Jim Rogers

a reply to: Black_Fox

It is accurate to say the US dollar is the best of a group of sh!tty currency options.

They all stink, but the US dollar is the least stinky, making it the best.

originally posted by: the2ofusr1
a reply to: Black_Fox

I wonder if the move by the Rockefeller's a year or so back when they dumped all of their fossil fuel holding, was really about this and had nothing to do with CO2 climate change like they said....

The USD is in a very precarious situation . Actually the whole western world seems to be stuck between a hard place and another hard place .

Solar power is improving in efficiency, although slowly. Both wind and solar are slowly gaining market share of power generation. Households are moving off-grid and installing their own solar panels. Demand for coal is declining as the older power stations are decommissioned. Fracking is reducing the international demand for oil. The Rockefellers would have to be brain-dead not to see any trend.

a reply to: stormcell

Solar and wind are a ways away from making any kind of dent in energy usage. If you go solar, your home will be darker, colder and you will have cold coffee.

Coal is declining due to regulations, and natural gas is taking over. I look forward to the time when I can plug my home into a solar array. The time is not here but we may see it before I die.

originally posted by: TinfoilTP
China's Achilles heal is showing in this story alone...."the largest buyer of crude".

War stops the flow no matter what dollar they try to buy it with.

The us is also number one oil producer in the world. These doom and gloom petri dollars threads forget it's not 1970 anymore. The middle east will always prefer us dollars. If the set it so all us exports need to be paid by US dollars nothing would change no matter what countries did.

In a way reducing the demand for US currency would help the US economy. It would help lower debt. If China decided not to use US dollars they will find quickly there only oil suppliers will be Iran and Russia. But as of now even Russia is reluctant to accept the yuan.

originally posted by: Black_Fox
I use to think the North Korea stuff could lead to a war.

This, would almost make war a certainty.

Yes ... yes ... the Chinese are begging for freedom.

And the North Koreans are giving the US every excuse to deliver.

Ahhhhhhhahahahahaha!! I can hardly wait for it. I feel like a kid the day before Christmas!!

originally posted by: abe froman


Anyone thinking they're going to topple the petrodollar is going to find themselves walking.

...or dying.

We don't need the petrodollar
I'm told Capitalism is what made us great so it will save us in the end.

We could never end up like Venezuela since they are socialist

That is how pointless sanctions backfire - the destruction of the dollar. It will be a rough economic ride in a few years here in the US.

Not total doom so much as an economic depression. And no, China is not going to be nuked over this.

originally posted by: seasonal
a reply to: Black_Fox

It is accurate to say the US dollar is the best of a group of sh!tty currency options.

They all stink, but the US dollar is the least stinky, making it the best.

Exactly right. Yuan?? Nope. Eurozone? Not bloody likely. No alternative to the USD.

However, China IS desperate enough to try and that IS worrying.

How did it turnout for these two?

A war in North Korea could cause both China and Russia to get involved in NK against the US, which would allow America to start a war with them without attacking them.

Problem is, its not a strategic place to fight a war against near peer nations, too small and nowhere to hide with only the sea for access.

Besides, you cannot win a war against them.

Name one major country , if not other lesser countries , that have not proclaimed this very same deal...
From Britain to Saudi Arabia and beyond...
China cant. They owe too much of their economy to the US. And the US owes them too much for buying the junk bonds and bundles of underwater mortgages .
This too shall pass...

a reply to: Black_Fox
China spends more annually on oil than they have in total gold reserves, they will be out of gold within a year. Won't ever happen.

originally posted by: abe froman
a reply to: SR1TX

From what I'm reading, though the Chinese currency will ostensibly be "backed by gold" it won't be transferable for gold.

That's like writing yourself a blank check.

There isn't enough gold in the whole world to cover all the money in the world, let alone derivatives and stocks ect.

Plus China is going to be the new Petro dollar yet it just stated it wants to eliminate all diesel and gas cars?

originally posted by: pavil

originally posted by: abe froman
a reply to: SR1TX

From what I'm reading, though the Chinese currency will ostensibly be "backed by gold" it won't be transferable for gold.

That's like writing yourself a blank check.

There isn't enough gold in the whole world to cover all the money in the world, let alone derivatives and stocks ect.

Plus China is going to be the new Petro dollar yet it just stated it wants to eliminate all diesel and gas cars?

To be precise there is not enough wealth to cover stocks and derivatives ...

a reply to: Black_Fox

Nope. I'm sure it will at some point.

However like I said before...

I remember hearing around the time of the rancher stand offs, that the whole thing was a land grab working for Chinese interests, to seize US oilfields.

I wonder if this ties in here at all and whether such a power shift might affect such agreements and ownerships.

Could be a source of contention amid the chaos.

Just a thought.

This is the true reason for NK to start with the sabre rattling,that Kim is just a stooge for China,they can control NK,but the fact is they use them as an excuse

a reply to: jacobe001
you are correct, Capitalism will keep us alive. But a declining petro dollar makes indefinite global warfare much more expensive and will slow our expansion.

Some people are living in a dream world if they honestly believe Russia and its economy are in shambles from East to West. The sanctions bit them in 2015, but they have been growing just fine since. They are catching up to us again, and will likely pass us soon. IMF World Economic Outlook Update Sunday July 23

Also the Chinese are becoming quite more capable of projecting their force, especially considering they have already opened their first overseas military base in Djiboutias well as a UCAV drone factory in Saudi Arabia . They also seem to be secretly testing their own ABM capabilities, which interestingly enough ended up looking like some portal to another dimension opened up that the Avengers need to seal.

originally posted by: worldstarcountry

The key motive for so many military powers such as France, Japan, Saudi Arabia, USA, China and more is the location and proximity to the Bab al Mandeb straight which links the Mediterranean and Red Seas to the Indian Ocean through the Suez Canal. As well, it is a very centralized hub for multiple anti-terrorism ops and UN peacekeeping missions in Africa. The importance of this cannot be understated, especially with a direct rail line now linking Djibouti's capitol with that of Ethiopia's.

The Pentagon even believes China is looking towards a base in Pakistan, who is that country's largest supplier of arms! They have already agreed to build a drone factory in Saudi Arabia as well.
originally posted by: worldstarcountry
a reply to: paraphi

Stratfor has released some satellite images and an analysis of China's base which still has some construction but is already functioning and doing its thing.

As to their ABM capabilities, or fellow member Jim Oberg did an excellent write up on the event from earlier this summer with lots of images from leaked Chinese social media. Its a power point doc, but I embedded as many of the images as I could from it into the thread.
Assessing Chinese Hit-to-Kill Missile Warhead Test from Local Pocketcam videos

originally posted by: worldstarcountry
a reply to: JimOberg

Russia has already proven for the last two years it is now fully capable of projecting its force as well as taking breaking into markets to take on our share of the defense sales. Turkey, Egypt and Iraq are increasingly buying more of their Anti-air defense systems from Russia as well as other things like tanks and ATGM's. They send Naval patrols into multiple Oceans, have a ground presence in Syria, Libya and Egypt.

I cannot stress time and again that we have to eliminate the mind set that the USA is invincible and cannot be challenged. On the contrary, we are being openly challenged and confronted across the globe primarily by these two emerging super powers right now and have been for at least two-three years now.

a reply to: the2ofusr1

Thats my thoughts as well - the only way some stability could be put in the economic system would be for the Chinese to have reserve currency status. I remember reading a thread a few years ago on ATS saying that a "contrived" short war between China and the US would happen and then the new currency rolled out. Engineered by the money movers ie the Rothschild's

a reply to: worldstarcountry

Good post.

It seems to me tho that just because we just has to push on as a "superpower" (hegemonic evil empire) past its utility (after the cold war), that weve inspired others to want to play the game with US doesnt prove we should remain in such a primitive posture.

Its time to grow up human race. Otherwise the overwhelming odds is we will be extinct within 50 years (and nuclear war nor global warming are even what motivates me to say this / care enough to apend my rime at any of this).