China could shatter petrodollar by compelling Saudi Arabia to trade oil in yuan

[nang2]

"China has already said it wants to start a crude oil futures contract priced in yuan and convertible into gold."

This is the key. Basically, the Chinese will buy Saudi oil using their yauns, with those yauns Saudis will go to Shanghai stock exchange and buy gold.

Gold standard is coming back in near future with new price indexing. Expect price of gold to rise in near future. Chinese wont be selling their horded gold for the suppressed cheap gold prices set by western financial institutions.

then it is the gold that may shatter dollar supremacy, not yuan. I do prefer gold standard though.

 

[Taimoor Khan]

then it is the gold that may shatter dollar supremacy, not yuan. I do prefer gold standard though.

Same here. US dollar with no intrinsic value and backing, printed out of thin air by Federal reserves, and worse, for America to dominate the world affairs on the basis of dollar, the non sense has to come to an end. Even if it doesnt die, its monopoly will be no more, which is good enough.

 

[gambit]

Same here. US dollar with no intrinsic value and backing, printed out of thin air by Federal reserves, and worse, for America to dominate the world affairs on the basis of dollar, the non sense has to come to an end. Even if it doesnt die, its monopoly will be no more, which is good enough.

I have been on this forum since '09. Do you have any idea on how many of these 'could' floated on this forum ? After so many yrs, it has gotten boring.

Every yr with each new 'could', the usual array of forum 'experts', most of whom can barely balance a checkbook, assuming they make enough money to have a bank account, spews their financial ignorance. Then nothing happens with that 'could'. One economic tool after another that 'could' do harm to the US -- go stale like old bread. Every yr, we are still around and even gotten stronger, then we use that stale 'could' for salad croutons.

 

[Taimoor Khan]

I have been on this forum since '09. Do you have any idea on how many of these 'could' floated on this forum ? After so many yrs, it has gotten boring.

Every yr with each new 'could', the usual array of forum 'experts', most of whom can barely balance a checkbook, assuming they make enough money to have a bank account, spews their financial ignorance. Then nothing happens with that 'could'. One economic tool after another that 'could' do harm to the US -- go stale like old bread. Every yr, we are still around and even gotten stronger, then we use that stale 'could' for salad croutons.

I am sure I have seen the exact reply by you on some other topic. Copy/past job?

Thing is, this time it is real. Big states with huge clout are moving away from dollar to introduce their own currency. Its all about power now.

 

[gambit]

I am sure I have seen the exact reply by you on some other topic. Copy/past job?

No. But if it is -- why not ? Same topic no matter who wrote the article.

Thing is, this time it is real. Big states with huge clout are moving away from dollar to introduce their own currency. Its all about power now.

Right...Every time 'it is real'.

Back then, people cried out for the Soviets to save them from the US. Today, it is supposedly China the inevitable and next power to replace the US and save you. All these yrs, one 'could' after another 'could'. And each time, the Chinese dragon slink away.

If someone is going to replace US, it will happen in your great grandchildren's lifetime.

 

[cloud4000]

@Hamartia Antidote Oh no, the dollar died - again. What will we do?

Every day we hear stories about US dollars going the way of the dodo, but it's still here. In fact, US dollar has been rising in recent months.

https://www.cnbc.com/2017/07/11/the-dollar-is-about-to-make-an-important-move--.html

Even if they did have a reason it wouldn't last long. How long do you really think it will take before China cuts its oil imports drastically by phasing in electric cars? Car companies are lining up to join the all-electric bandwagon. The writing is on the wall.

China is buying (actually bartering) Russian oil. China will diversify its oil purchase and not rely on the Middle East; and will also the currency that gives it the best price.

Gold standard is coming back in near future with new price indexing. Expect price of gold to rise in near future. Chinese wont be selling their horded gold for the suppressed cheap gold prices set by western financial institutions.

How are western financial institutions suppressing gold prices?

 

[rcrmj]

China is the largest holder of dollars in the world. US is their largest market. America still provides investment and technology for them

what technologies does U.S provide us? U.S enterprises also pay huge amount of license fees to China too nowadays```

 

[TaiShang]

China has already achieved massive diversification. Now, with its purchasing power as the largest energy consumption nation on the face of the world, it is slowly putting pressure on oil producing countries for more favorable, faster and secure exchange mediums outside the USD.

The USD won't be ditched altogether, but, it will be reduced in importance for trade. It is small ditches made on the wall that makes it fall down over time. Big moves are not necessary; it will make lots of noise.

 

[wiseone2]

"China has already said it wants to start a crude oil futures contract priced in yuan and convertible into gold."

This is the key. Basically, the Chinese will buy Saudi oil using their yauns, with those yauns Saudis will go to Shanghai stock exchange and buy gold.

Gold standard is coming back in near future with new price indexing. Expect price of gold to rise in near future. Chinese wont be selling their horded gold for the suppressed cheap gold prices set by western financial institutions.

Indian middle class has massive amount of gold collectively

 

[DoTell]

Okay gents, which of the following will become reality first?
China buys oil with its own money, China collapses, or India becomes shupa dupa power?

Cheers

 

[BABA AGHORI]

China thinks from there head and cannot shoot in her own feet like cheerleaders. China holding of USD, demolishing petrodollar will crash valuation of there own holding. China

 

[shjliu]

RMB is not a reserve currency to begin with. When KSA wants to trade with other countries, they need USD. That's the case of every other country. Remember Iran and India traded in gold when there was sanctions on Iran. They can trade using RMB with China, as long as they trust China.

RMB is a Reserve currency.
https://www.ft.com/content/2baa6fec-86d2-11e6-bcfc-debbef66f80e?mhq5j=e5

RMB can be changed to gold anytime.
http://www.thedailyeconomist.com/2017/09/china-ready-to-crush-petrodollar-and.html

 

[gambit]

what technologies does U.S provide us?

Pretty much everything, buddy.

 

[DoTell]

China thinks from there head and cannot shoot in her own feet like cheerleaders. China holding of USD, demolishing petrodollar will crash valuation of there own holding. China

Pretty much everything, buddy.

My old man gambit, so now the U.S. is "providing" us everything. I thought we stole everything. Isn't that right? I'm pretty sure the U.S. has a list of embargoed technologies longer than the Great Wall. From digital imaging to machinery, we are blocked from getting the products and of course the technologies. And yet we, the masters of all thieves in the entire universe still manage to steal all that.

So which way is it? Did the U.S. give" us everything or did we steal them? Don't tell me. I know. We simply cannot possibly do anything on our own. And, like what you've observed since 1999, we are just another Soviet Union waiting to implode.

 

[gambit]

My old man gambit, so now the U.S. is "providing" us everything. I thought we stole everything. Isn't that right?

Young pup, no matter the method your China acquired technologies, legal or illegal, the US is the best source. That was what I meant.

Explain to everyone -- That when your China was in her fullest engagement in Marxism, why is it that the microwave oven COULD NOT have come from China.