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re: This seems significant. China, Saudi Arabia sign currency swap agreement.
Posted on 11/22/23 at 10:52 am to cadillacattack
Posted on 11/22/23 at 10:52 am to cadillacattack
quote:
BRIC countries have been purchasing Oil directly, without converting to USD , by using Gold directly through the Shanghai Exchange …. without (a) paying a commission to the US, and (b) avoiding the punitive Sanctions employed by the US’s SWIFT payment system.
Link?
1
Posted on 11/22/23 at 11:14 am to cadillacattack
quote:
cadillacattack
What lame site did you get your half assed talking points from?
This post was edited on 11/22/23 at 12:38 pm
Posted on 11/22/23 at 12:20 pm to cadillacattack
I think OPEC was started by Venezuela not the Middle East.
Posted on 11/22/23 at 12:58 pm to cwill
quote:
Argentina’s new prez is going to peg their peso to the dollar!
They should just do what Panama does and use actual dollars.
Posted on 11/22/23 at 1:45 pm to GumboPot
quote:
Less demand for the dollar = not good.
Does that mean we can print less, now?
Posted on 11/22/23 at 7:12 pm to cwill
Here you go cwill ….. the Oil trade is straightforward. The gold backed Chinese renminbi (yuan) is used as the alternative for the petrodollar. BRIC nations wishing to purchase Oil from other BRIC members provide gold payment on the Shanghai Gold Exchange , which is very easily converted to renminbi, which is accepted as payment for Oil, regardless of where the Oil is produced (except for the US. )
This arrangement has been in place since 2021, established by the Shanghai Gold Exchange ….. the renminbi has been gold backed since early 2021. That doesn’t mean that the renminbi/yuan can become the world’s Reserve Currency, only that settlements can occur without the need for USD.
Russian/Brazilian oil has been purchased using this settlement method for awhile now, but is still scaling.
Ironically, this is nearly identical to the method used by the US to purchase Oil from the Saudis in the 70’s. In fact, the US had a special airliner used for the settlement. US would fly a cargo plane of gold bullion to Riyadh in exchange for tankers of Oil.
https://www.reuters.com/business/energy/chinas-xi-tells-gulf-nations-use-shanghai-exchange-yuan-energy-deals-2022-12-09/
https://oilprice.com/Energy/Crude-Oil/Gold-And-A-New-Crude-Benchmark-A-New-Dawn-For-The-Petroyuan.html
https://asia.nikkei.com/Economy/China-sees-new-world-order-with-oil-benchmark-backed-by-gold
This arrangement has been in place since 2021, established by the Shanghai Gold Exchange ….. the renminbi has been gold backed since early 2021. That doesn’t mean that the renminbi/yuan can become the world’s Reserve Currency, only that settlements can occur without the need for USD.
Russian/Brazilian oil has been purchased using this settlement method for awhile now, but is still scaling.
Ironically, this is nearly identical to the method used by the US to purchase Oil from the Saudis in the 70’s. In fact, the US had a special airliner used for the settlement. US would fly a cargo plane of gold bullion to Riyadh in exchange for tankers of Oil.
quote:
Regarding trade currencies, Nieuwenhuijs noted that the Chinese have set up the Shanghai International Gold Exchange (SGEI) in the Shanghai Free Trade Zone that facilitates ‘offshore’ gold trading in renminbi. “The SGEI empowers foreigners to use renminbi as a trade currency that can be converted into gold to store any surpluses without affecting China’s balance of payments,” he noted.
https://www.reuters.com/business/energy/chinas-xi-tells-gulf-nations-use-shanghai-exchange-yuan-energy-deals-2022-12-09/
https://oilprice.com/Energy/Crude-Oil/Gold-And-A-New-Crude-Benchmark-A-New-Dawn-For-The-Petroyuan.html
https://asia.nikkei.com/Economy/China-sees-new-world-order-with-oil-benchmark-backed-by-gold
This post was edited on 11/22/23 at 7:17 pm
Posted on 11/22/23 at 8:07 pm to cwill
quote:
Is your deal that you’re just upset with the concept of fiat regardless of easing or tightening? Bc, again, we are contracting the money supply.
My “deal” — such as it is — is that our nation’s debt-financed monetary system is simply unsustainable in the long term. No amount of QE & QT changes the reality that every empire, kingdom or sovereign entity that has attempted to print or coin it’s way into prosperity has been relegated to the dustbin of history.
Posted on 11/22/23 at 8:25 pm to cadillacattack
quote:
Ironically, this is nearly identical to the method used by the US to purchase Oil from the Saudis in the 70’s.
The Petrodollar Pact with the incestuous House of Saud — while a brilliant piece of statecraft in it’s day — has proven to be a disaster for the stability of the USD and indeed our nation’s security.
It is one of the primary reasons the United States has been locked in a permanent state of war in the Middle East since at least the end of the Cold War.
Nothing changes until this nation returns to sound monetary policies.
Posted on 11/22/23 at 11:06 pm to Toomer Deplorable
We should sabotage all of Saudi's U.S. and NATO aircraft. Maybe even Light up a few. Of course no more parts.
These are Trump's buddies. Xi is Trump's Idol He says it himself. "He rules that country with an iron fist" Then he says "He's President for life maybe I should try that!". Undoubtedly, if he becomes president, he will try to stay president.
This gives these people the gumption, the nerve to F*** with us. You can't blame the youth of today when so many of their parents are such giant p****ies. People think these countries don't share common interests against us, and are our buddies? WOW how naive. Our fathers, grandfathers, and great-grandfathers are rolling in their graves. Those SUKERS!
The nerve of Putin OF Kim of Xi. What do all these guys have in common? Buddy buddy with Trump. These people have no respect for Trump. He is but a wee little man to them. He was, and even more so now worth chump change compared to them. Thats what that club cares about money and power that's it. They don't care about me or mine Im vermen cuz Im not for him.
People are carrying along with abortion debates while Russia kidnaps, rapes, and kills young children well out of the line of fire. He castrates his captives. Starves them to death. Leaves little personnel mines that look like toys scattered around to later kill and maim children.
I guess people like pootin because he outlaws gays and trans. That and he sends his minorities off to die in full frontal assaults Japanese style. (you know Trump loves a full frontal) Never mind he ran his country into the most disastrous war in modern history. Could you imagine what a president of the U.S. would go through? The ruble is worth less than a penny. 40+ million have no toilet.
Xi an idiot. His country is either flooding or in drought the Egyptians figured that sh** out thousands of years ago. Empty cities that are about to bankrupt half their middle class. A market that is so corrupt their citizens won't invest because it's a sham. They want to claim a whole sea. Yet Trump is all buddy buddy. We should be strong and united in one thing that's don't f*** with us. And we can travel anywhere the hell we want to go in international waters. We are all less safe traveling internationally as well.
People ask why we can't be Allies with these monsters. Even inspire our leaders or anything about our country to be anything like, close to theirs. Its NUTS. If you are a Christian and or Pro-Life and you for any of these godless bastards you are contradicting yourself.
These are Trump's buddies. Xi is Trump's Idol He says it himself. "He rules that country with an iron fist" Then he says "He's President for life maybe I should try that!". Undoubtedly, if he becomes president, he will try to stay president.
This gives these people the gumption, the nerve to F*** with us. You can't blame the youth of today when so many of their parents are such giant p****ies. People think these countries don't share common interests against us, and are our buddies? WOW how naive. Our fathers, grandfathers, and great-grandfathers are rolling in their graves. Those SUKERS!
The nerve of Putin OF Kim of Xi. What do all these guys have in common? Buddy buddy with Trump. These people have no respect for Trump. He is but a wee little man to them. He was, and even more so now worth chump change compared to them. Thats what that club cares about money and power that's it. They don't care about me or mine Im vermen cuz Im not for him.
People are carrying along with abortion debates while Russia kidnaps, rapes, and kills young children well out of the line of fire. He castrates his captives. Starves them to death. Leaves little personnel mines that look like toys scattered around to later kill and maim children.
I guess people like pootin because he outlaws gays and trans. That and he sends his minorities off to die in full frontal assaults Japanese style. (you know Trump loves a full frontal) Never mind he ran his country into the most disastrous war in modern history. Could you imagine what a president of the U.S. would go through? The ruble is worth less than a penny. 40+ million have no toilet.
Xi an idiot. His country is either flooding or in drought the Egyptians figured that sh** out thousands of years ago. Empty cities that are about to bankrupt half their middle class. A market that is so corrupt their citizens won't invest because it's a sham. They want to claim a whole sea. Yet Trump is all buddy buddy. We should be strong and united in one thing that's don't f*** with us. And we can travel anywhere the hell we want to go in international waters. We are all less safe traveling internationally as well.
People ask why we can't be Allies with these monsters. Even inspire our leaders or anything about our country to be anything like, close to theirs. Its NUTS. If you are a Christian and or Pro-Life and you for any of these godless bastards you are contradicting yourself.
This post was edited on 11/22/23 at 11:09 pm
Posted on 11/23/23 at 6:01 am to Toomer Deplorable
quote:
No amount of QE & QT changes the reality that every empire, kingdom or sovereign entity that has attempted to print or coin it’s way into prosperity has been relegated to the dustbin of history.
Yep, this. The US has foolishly abused its position as steward of the worlds Reserve Currency by following nearly the same path as every fiat currency in history…. every one of them failed … just as the USD will fail. We are already past the “expiration date” based on the historical average life of a reserve currency.
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