Big Problem: China Readies Yuan-Priced Crude Oil Benchmark Backed By Gold

We all live like our fiat system is flawless, and endless.

Let's just hope we can stay asleep, and the dream keeps going for a little longer.

We all know if we wake up, and manage to sleep again, the dream is vastly different.

In any rate, be ready my brothers and sisters.

originally posted by: Metallicus

originally posted by: Abysha
a reply to: infolurker

Well we know how we like to spread "freedom" to folk who switch to gold.

It's gonna be a long decade...

How much do you hate America?

Good grief.

I assume her reference is Libya because they tried to do the same thing..... The French led the "charge" to "liberate" Libya which just happened to take care of their problem with a Gold Backed currency that would compete with theirs and while nobody was looking, "someone" took 143 Tons of gold afterwards

news.vice.com...

The most recent batch of Clinton emails reveals perhaps the most bizarre morsel of Blumenthal-baked intelligence to date. An April 2, 2011 memo titled "France's client/Q's gold" quotes "knowledgeable individuals" with insider information about French President Nicolas Sarkozy's motivation for bombing Libya. The military campaign, the anonymous sources say, was designed to quash plans by Gaddafi to use $7 billion in secret gold and silver to prop up a new African currency.

The French worried the move would undercut the currency guaranteed by the French treasury, known as CFA franc, that's widely used in West Africa and acts as a strong link between France and many of its former African colonies. After French intelligence officials got wind of this secret plan, the Blumenthal memo reports, Sarkozy freaked out: "This was one of the factors that influenced [his] decision to commit France to the attack on Libya."

www.globalresearch.ca...

NATO’s plot to overthrow Gaddafi was fueled by first their desire to quash the gold-backed African currency, and second the Libyan oil reserves.

thefreethoughtproject.com...

Declassified Emails Reveal NATO Killed Gaddafi to Stop Libyan Creation of Gold-Backed Currency


Gadhafi’s Gold-money Plan Would Have Devastated Dollar
www.thenewamerican.com...

According to more than a few observers, Gadhafi’s plan to quit selling Libyan oil in U.S. dollars — demanding payment instead in gold-backed “dinars” (a single African currency made from gold) — was the real cause. The regime, sitting on massive amounts of gold, estimated at close to 150 tons, was also pushing other African and Middle Eastern governments to follow suit.

And it literally had the potential to bring down the dollar and the world monetary system by extension, according to analysts. French President Nicolas Sarkozy reportedly went so far as to call Libya a “threat” to the financial security of the world. The “Insiders” were apparently panicking over Gadhafi’s plan.

why does this matter to us? the us dollar is 'backed' by the dFederal dReserve! LMFAO

a reply to: infolurker

They are in an extended agreement for weapons with us, I doubt they'll leave that on any table.

a reply to: infolurker

China will be out of gold in a year tops. They spend more annually on oil than they have in total gold reserves.

a reply to: dantanna

because it could start a trend where nations start backing currencies with gold once again, drawing the world back towards mercantilism, a world where war and empire building to secure limited resources becomes required to maintain economic growth and stability.

With all the rhetoric regarding NK,and the focus on him having nucleur weapons,China has been building islands in search of oil,if they drop petro dollar,the majority of the world will be stuck with the equivelant of a Confederate dollar,this is the true enemy,they move silentlyand are using a fat boy puppet to shield facts

originally posted by: Gothmog
And how many times have we heard this sort of bull from a variety of countries over the years ?
Or is this one a go China and bring down that nasty US thread ?
That has been done many times as well...
Done
Next

All the other country's that were going to do this have been invaded and destroyed, coincidence?

Can't see China being invaded however.

originally posted by: Metallicus

originally posted by: Abysha
a reply to: infolurker

Well we know how we like to spread "freedom" to folk who switch to gold.

It's gonna be a long decade...

How much do you hate America?

Good grief.

Hey strong patriot, do you support this?

All BRICS countries oppose Western economic sanctions, restrictions on international trade and migration of skilled personnel that would deprive them of export markets and revenues. At the Xiamen summit, they will be taking aim at protectionist policies and values being instituted by US President Donald Trump and his European counterparts. BRICS aspires to declare the dawn of a new era where the baton for upholding liberal principles has passed from a fractious West to a resurgent East which is now making rules for global governance.

Our foreign policy has been directly aimed at propping up the petrodollar for decades (for better or worse). The actual world doesn't revolve around this simplified U.S. conservatives vs. U.S. Leftyleftistlibtards dichotomy that the people that run us have boiled things down to.

The term might be BRICS but it's all about one nation - China. Brazil and South Africa are only there to make the acronym sound like something. I wonder what it's called in Chinese? I'm guessing it has nothing to do with any other country.

Hmmmm............Interesting timing. From Aug. 21"

Steven Mnuchin, Mitch McConnell to visit Fort Knox's gold stash

Treasury Secretary Steven Mnuchin and Senate Majority Leader Mitch McConnell are headed to Fort Knox to see its gold hoard first hand.

Mnuchin announced Monday, while appearing with McConnell at a Chamber of Commerce event in Louisville, Ky., that he would tour the bullion depository so that he could personally attest that the roughly $200 billion worth of gold there is part of the government's assets.

"I assume the gold is still there," Mnuchin said. "We're going to find out," McConnell joked. "It would really be quite a movie if we walked in and there was no gold," Mnuchin added.

The status of the government's gold at Fort Knox is sometimes the subject of speculation and conspiracy theories. The stores are reviewed by the U.S. Mint, and the Treasury reports that the government has 147 million ounces of gold stored there. But the vaults are not often visited by high-ranking officials.

Mnuchin said Monday that he would be only the third treasury secretary to visit. He pointed out that the last time that members of Congress visited Fort Knox was 1974.

www.washingtonexaminer.com...

a reply to: UnBreakable

They better weigh them coming and going.

originally posted by: Gothmog
And how many times have we heard this sort of bull from a variety of countries over the years ?
Or is this one a go China and bring down that nasty US thread ?
That has been done many times as well...
Done
Next

That and there isn't remotely enough gold on the planet to convert currency into.

Very interesting indeed ... in discovering more this came up en.wikipedia.org...

=page on Shanghai Co-Operation Organisation

eg

Relations with the West[edit] Western media observers believe that one of the original purposes of the SCO was to serve as a counterbalance to NATO and in particular to avoid conflicts that would allow the United States to intervene in areas bordering both Russia and China.[71][72] In addition, while not a member state, the President of Iran Mahmoud Ahmadinejad used his speeches at the SCO to make verbal remarks towards the United States.[73] The United States applied for observer status in the SCO, but was promptly rejected in 2005.[74] At the Astana summit in July 2005, with the wars in Afghanistan and Iraq foreshadowing an indefinite presence of U.S. forces in Uzbekistan and Kyrgyzstan, the SCO requested the U.S. to set a clear timetable for withdrawing its troops from SCO member states. Shortly afterwards, Uzbekistan requested the U.S. to leave the K2 air base.[75] The SCO has made no direct comments against the U.S. or its military presence in the region; however, some indirect statements at the past summits have been viewed by the western media as "thinly veiled swipes at Washington".[76] Geopolitical aspects of the SCO[edit] SCO summit in Ufa, Russia in 2015 There have been many discussions and commentaries about the geopolitical nature of the Shanghai Cooperation Organisation. Matthew Brummer, in the Journal of International Affairs, tracks the implications of SCO expansion into the Persian Gulf.[77] Also, according to political scientist Thomas Ambrosio, one aim of SCO was to ensure that liberal democracy could not gain ground in these countries.[78] Iranian writer Hamid Golpira had this to say on the topic: "According to Zbigniew Brzezinski's theory, control of the Eurasian landmass is the key to global domination and control of Central Asia is the key to control of the Eurasian landmass....Russia and China have been paying attention to Brzezinski's theory, since they formed the Shanghai Cooperation Organisation in 2001, ostensibly to curb extremism in the region and enhance border security, but most probably with the real objective of counterbalancing the activities of the United States and NATO in Central Asia".[79][80] At a 2005 summit in Kazakhstan the SCO issued a Declaration of Heads of Member States of the Shanghai Cooperation Organisation which addressed their "concerns" and contained an elaboration of the organisation's principles. It included: "The heads of the member states point out that, against the backdrop of a contradictory process of globalisation, multilateral cooperation, which is based on the principles of equal right and mutual respect, non-intervention in internal affairs of sovereign states, non-confrontational way of thinking and consecutive movement towards democratisation of international relations, contributes to overall peace and security, and call upon the international community, irrespective of its differences in ideology and social structure, to form a new concept of security based on mutual trust, mutual benefit, equality and interaction."[81] In November 2005 Russian Foreign Minister Sergey Lavrov reiterated that the "Shanghai Cooperation Organisation (SCO) is working to establish a rational and just world order" and that "The Shanghai Cooperation Organisation provides us with a unique opportunity to take part in the process of forming a fundamentally new model of geopolitical integration".[82] The People's Daily expressed the matter in these terms: "The Declaration points out that the SCO member countries have the ability and responsibility to safeguard the security of the Central Asian region, and calls on Western countries to leave Central Asia. That is the most noticeable signal given by the Summit to the world".[83] A 2010 analysis in American Legion Magazine said that 'Chinese Prime Minister Wen Jiabao... has concluded that the United States is maneuvering "to preserve its status as the world's sole superpower and will not allow any country the chance to pose a challenge to it."'[84] An article in The Washington Post in early 2008 reported that President Vladimir Putin stated that Russia could aim nuclear missiles at Ukraine if Russia's neighbor and former fraternal republic in the Soviet Union joins the NATO alliance and hosts elements of a U.S. missile defence system. "It is horrible to say and even horrible to think that, in response to the deployment of such facilities in Ukrainian territory, which cannot theoretically be ruled out, Russia could target its missile systems at Ukraine", Putin said at a joint news conference with Ukrainian President Viktor Yushchenko, who was visiting the Kremlin. "Imagine this just for a second".[85][86]

And found that 'petrodollar' is taboo , but wikispooks.com... wikispooks explains it

eg

Libya decided to challenge the petrodollar system and stop selling all their oil for dollars, shortly before it was attacked. Qaddafi initiated a movement to refuse the dollar and the euro, and called on Arab and African nations to use a new currency instead, the gold dinar. Qaddafi suggested establishing a united African continent, with its 200 million people using this single currency. … The initiative was viewed negatively by the USA and the European Union, with French president Nicolas Sarkozy calling Libya a threat to the financial security of mankind; but Gaddafi continued his push for the creation of a united Africa. Gaddafi’s proposal to introduce a gold dinar for Africa revived the notion of an Islamic gold dinar floated in 2003 by Malaysian Prime Minister Mahathir Mohamad, as well as by some Islamist movements.The notion, which contravenes IMF rules and is designed to bypass them, has had trouble getting started: a number of unexplained deaths, murders, plane crashes, sanctions, guerilla warfare and NATO interventions stifled any such ambitions. But today the countries stocking more and more gold rather than dollars include not just Libya and Iran, but also China, Russia, India and Brazil (Scott 2011) [37]. [38] In May 2014, China agreed to buy $400 billion of Russian-produced natural gas over 30-years, valued in domestic currencies, in what was touted as Gazprom’s biggest contract ever. In August, Russia signed a historic deal with Iran to purchase $20 billion of oil in rubles, bypassing Western sanctions against Iran while hastening the petrodollar’s decline. President Vladimir Putin said Russia should "aim to sell its oil and gas for Roubles globally because the dollar monopoly in energy trade was damaging Russia's economy."

Here we are on a 'conspiracies' website , having a check out of 'co-operation organisations' . No stakes are held here in this , just observing some history , and speculating the future via other peoples' records and prognoses .

Bye bye America and it's ill gotten wealth....

You won't be able to bomb this one out of office.....

I would actually call this Karma after what has been done to Iraq and Libya to stop them from dumping the petrodollar.

originally posted by: Abysha
a reply to: infolurker

Well we know how we like to spread "freedom" to folk who switch to gold.

It's gonna be a long decade...

Yeah it looks like our Oligarchs will be spreading democracy into the east.

a reply to: Christosterone


The PM's will always have their own intrinsic value, paper can just get printed, which it has, their always comes a point, where the paper is effectively useless because their is to much of it. You could hold the wealth outside of paper in practically any useful commodity, its just that you can carry a lot of wealth around in a bagful of PM's, where Cans of beans are not as practible, but it reaches a point where anything is better than paper.
But as far as the dollar is concerned it can be converted to Gold or Silver, just the same as the Yuan, but its just going to require more of them. Its always been Gold backed, you just have to go to a Bullion exchange. But the price of the PM's have been suppressed to make the paper look good, which means at present the paper can buy the PM's at crazy low prices, which historically has never happened before. However judging by the rise in prices, and the fact that China is floating the PM's they might be heading to real value, which will definitely do something to the price of Gold and Silver.

a reply to: infolurker

I have been mentioning this in various threads all summer! Does anybody listen??? NO! Oh course, they are way ahead of schedule right now.

Russia, China, and Saudi Arabia no longer even trade in dollars anymore between each other. Is it any wonder the Pacific front of WW3 is getting ready to open bigly??

The Saudis won't switch because it would mean the end of their regime and they know it. They already sell oil to China for gold. Supposedly they paid Russia with gold using blockchain, and the gold never left the vaults from China.

Hey hey! oh yay! The NFFA is on its way!

In other news, all this war rhetoric and rising metal prices is doing wonders for my portfolio! I am at 8.76% YTD, and the year aint over! Sure, its not like epic return, but its a nice return for an amateur that started researching three years ago. Last year I ended 9.52% . I am shooting for over 10% for this year, and I think we can make it! I am so glad I am young and just entered my thirties. If I can keep up these numbers by self-directing we should have a very healthy nest egg in retirement.

Just remember, no matter how #ty the economy tanks, somebody is making profit from it! So an individual just has to decide, do you want to be the one complaining about your gutted pensions and IRA's and 401's , or do you want to be the one jumping for joy because it grows bigly from your research and due diligence as everybody else you know contemplates suicide over their lost retirements??

I have been repeating the warnings being passed down by the world's top central banks and financial CEO's since last year. In fact, I did this one in June, and it came straight from the horse's mouth, the Bank for International Settlements. The one Bank to rule them all ...
Bank for International Settlements Authorizes Central Banks to Initialize The 'Great Unwinding'

a reply to: infolurker

Now this is huge.... If successful, the fiat Petrodollar is in trouble, really really bad trouble. The whammy of using gold to back it almost ensures success this time. Success for them means big trouble for the US Dollar.

Ahhhh Finally we have a credible explanation why the US is stepping up its provocation of Russia. They have to solve their fiat / petro currency problems through war because they cannot do through other means.

To whatever extent, the claims in the article are true, the US cannot win any other way and without war it rapidly slide down into third world status fast if this happens as describes.

originally posted by: markosity1973
Bye bye America and it's ill gotten wealth....

You won't be able to bomb this one out of office.....

I would actually call this Karma after what has been done to Iraq and Libya to stop them from dumping the petrodollar.

You are right to a point, the U.S will cause all out war and decimation before it willingly relinquishes its power, its in the history books under a different name.