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

(RT.com)-Beijing has announced plans to start a crude oil futures contract priced in yuan and convertible into gold. The step might lead to the emergence of a new Asia-based crude oil benchmark to compete with Brent or West Texas Intermediate futures.

As China is the world’s biggest crude buyer, the new contract may allow exporters to avoid US sanctions by trading oil in yuan. Such countries as Russia, Iran, Pakistan, Vietnam, China and many other Asian countries are interested in that, according to the expert.

www.rt.com...


I use to think the North Korea stuff could lead to a war.

This, would almost make war a certainty.

The U.S wont allow this to happen, or it will happen, and they wont stand for it.

The U.S has gone to war before to protect the petrol dollar.




A war would probably be the only way the dollar doesn't collapse.

There's also this today.

Venezuela Begins Publishing Oil Basket Price In Yuan

(Zerohedge)-Two days after the WSJ confirmed Maduro's earlier threat that he would stop accepting US Dollars as payment for crude oil imports, Venezuela has done just that.

As a reminder, and as we reported previously, in an effort to circumvent U.S. sanctions, Venezuela told oil traders that it will no longer receive or send payments in dollars. As a result, oil traders who export Venezuelan crude or import oil products into the country have begun converting their invoices to euros.

www.zerohedge.com...

This may get some serious traction. Sun Tzu anyone ?

Apparently the US is ready to unleash all those weapons we have been developing and keeping secret.

Might be a real bad time to upset the petrodollar apple cart.

As history has shown us when the economy is threatened the US shores it up with WAR.

Now that we have a leader who is truly ready to let slip the dogs of war and a Secretary of Defense that's an actual military man and not a stuffed suit politician.... somebody's ass is probably about to get stomped.

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 .

a reply to: the2ofusr1

The whole planet is in a precarious situation.

If the US goes down they'll take the whole world with them.

As China is the world’s biggest crude buyer, the new contract may allow exporters to avoid US sanctions by trading oil in yuan. Such countries as Russia, Iran, Pakistan, Vietnam, China and many other Asian countries are interested in that, according to the expert.

not exactly a historic list of america's bff is it.

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 .

The USD isn't as precarious as the Yuan. With their internal loans leveraged based on a 15% growth rate per annum, they've been between a rock and a hard place for a while now.

It may, in fact, be the Chinese that are desperate enough to risk war with the U.S. and not the other way around. The U.S. 'could' open the taps on U.S. exports, demand USDs in payment AND block China from U.S. purchases.

I mean, a handful of us have been trying to update everybody about this for like a year now. Nobody seems interested enough to ever generate more than 2 pages of discussion. I bet you when its all over the MSM, then everybody will start discussing this topic for pages on end.

In any case, the US already has been expecting this for at least a decade. Because something like overthrowing the world reserve currency of the dominant global empire takes a little bit more than 3 years to plan. At this point, I have been pondering whether it was the knowledge that the dollar would be knocked from primary world reserve currency that actually prompted 9/11 and the war on terror. After all, it took down a handful of states that were attempting to do the same and consolidated most of those markets and leadership under our hegemony.

Its like we were trying desperately to grab whatever markets we could strong arm before the Russians and Chinese finally divested their interests in our money, which has been happening for like 5 years now.

There is not going to be a war.

The countries of Russia and China are 50 years behind the US in every aspect of war fare.

The Chinese cannot even get enough soldiers anymore from today's youth to pass their physical exams anymore. They are not warriors. Their army is not going anywhere nor can it be mobilized to do so.

Russia is broke and is in shambles from the West to the East. It is maybe a great country in Putins mind but that's where the greatness ends.

Seriously wtf fear porn.

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

...or dying.

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.

a reply to: TinfoilTP

Exactly. What on Earth are people thinking? That China somehow has the means to get its military beyond its borders and into different theaters of war around the world?

That's ridiculous. This is some desperate attempt by the Chinese to not have their economy collapse by creating a fake demand for their currency after the debt implodes on them entirely. Nothing more, period.

originally posted by: SR1TX
a reply to: TinfoilTP

Exactly. What on Earth are people thinking? That China somehow has the means to get its military beyond its borders and into different theaters of war around the world?

That's ridiculous. This is some desperate attempt by the Chinese to not have their economy collapse by creating a fake demand for their currency after the debt implodes on them entirely. Nothing more, period.

You talk about the Chinese and debt?

Are you aware of how much debt the U.S has?

And are you aware of how much we already owe China?

And faith is the only thing, besides war, propping up the dollar.

Once the gold was removed from backing it, it became paper.

a reply to: Black_Fox

If I had a dollar for every story I heard over the years about some other country dumping the dollar I'd be rich.

RT news..... don't believe the hype.

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.

originally posted by: grey580
a reply to: Black_Fox

If I had a dollar for every story I heard over the years about some other country dumping the dollar I'd be rich.

RT news..... don't believe the hype.

Then don't believe RT, it's being reported by many sources.

And you really believe the dollar is going to last?

originally posted by: abe froman
Saudi Arabia is the world's #1 oil producer, US is #2, Iraq is #3.

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

...or dying.

Russia is the number one oil producer, followed by Saudi Arabia, then the US, then Iraq.

China is Saudi Arabia's primary export partner. With 13% of all Saudi trade (mostly oil) going to China. The US comes in third with 9.6%

Same story for Iraq. China is Iraq's primary export partner with a massive 22.6% of all Iraqi exports going to China. The US is a distant 4th with 7.8%

I dunno seems like a cause of concern for the World's leading imperial power.

a reply to: Ohanka

Oooops, yep you're right.

Deleting my wrong info post.

Shrug. There shouldnt even exist a hegemonic 'petro currency'. And now that 'we' had to go invent one, and march humanity into a 21st Century dripping in imperialism, mainly due to citizens refusing to acknowledge thats what we are so that they wont have tobstand against it, here we go humans as primitive as 5000 years ago but today armed with tech new old and upcoming stacks of tech each its own capable of global extinction. Perhaps auto-erotic-extinction be the term that defines "modern mankind".

a reply to: Ohanka

None of that will matter once the US breaks out the recovered alien technology and conquers the world.