Its surprising how much you can accomplish if you don't care who gets the credit
It’s a strategic move swapping oil for gold, rather than for U.S. Treasuries, which can be printed out of thin air. – Grant Williams
A report released by the Nikkei Asian Review indicates that China is prepared to release a yuan-denominated oil futures contract that is convertible (backed by) physical gold. The contract will enable China’s largest oil suppliers to settle oil sales in yuan, rather than in dollars, and then convert the yuan into gold on exchanges in Hong Kong and Shanghai.
This is a significant step in removing the global reserve currency status of the dollar and resetting the global economic and geopolitical “landscape.” Over the past several years, China has quietly established yuan-based currency exchange facilities, which has set up the ability to implement this new non-dollar trade settlement financial instrument. According to the Brookings Institute, 34 Central Banks around the world have signed bilateral local currency swap agreements with the PBoC as of the end of September 2016, including the major oil-producing countries. With this new contract, China’s largest oil suppliers will now be able to transact directly with China, and other oil importing countries, using yuan which are directly convertible into gold to settle the trade.
As Alasdair Macleod asserts, “It is a mechanism which is likely to appeal to oil producers that prefer to avoid using dollars, and are not ready to accept that being paid in yuan for oil sales to China is a good idea either.”
Since 1973, OPEC oil has been quoted and traded using to U.S. dollars, otherwise known as “petrodollars.” The “recycling” of petrodollars into U.S. Treasuries has been the lifeblood of the U.S. economic and political system. In addition to reducing a major source of funding for the U.S. Government’s enormous deficit spending, the introduction of a gold-backed yuan oil futures contract is an important step toward removing the dollar as the world’s reserve currency. More significantly it reintroduces gold into the global monetary system.
While the new gold-backed “Petro-yuan” will allow oil producers to sell oil for gold rather than Treasuries. Furthermore, it reduces the ability of the U.S. Government to impose its will on the rest of the world. It’s a strategic step toward not only ridding the world of its dependence on dollars but also of reducing the ability of the U.S. to exert global economic and financial tyranny. I would also argue that it’s one of the primary reasons behind the inability of the western Central Banks to drive the price of gold lower recently.
The Chinese have not made any of their plans a secret, so what has our government done to prepare? Spend more? Borrow more? What happens if we have to raise our minimum interest rate? Will our own oil production be enough and in time to counter China and its numerous partners?
On another point, the main European bank has been advocating for at least several years to rely less on the American dollar in international commerce. Who will want to buy our massive, and of this morning, growing debt?
All the Retirement funds in the US who own it along with the SS system as we own most of our own debt and if we ever go under or rates go up etc. many who are retired and going to be are in for a big Shock. It's time to cut government by closing the Depts. have no Constitutional Authority and belong within State Gov. you know like Education among most of the others, but our Reps in DC don't want to give up the Power / Control over the average American Slaves no matter the Race or Sex. God Bless You All; Clair VAN Steenwyk
Trump just announced today the he favors doing away with the approval of ANY future national debt ceiling increases altogether! He favors automatic increases of the debt whenever government spends too much, which is that drug of Congress ... spending beyond our means. That insures the enslavement of the citizens and the enshrinement of interest dollars on that debt to the Cabal of Thieves those elitists at the Federal Reserve Bank. This is just what those Socialists in Congress want for America's future for with that action Trump would be the most expensive hypocrite in H I S T O R Y. America going the wrong way hand-in-hand with Pelosi, Schumer, Ryan, and McConnell.
Trump said this: ... "For many years, people have been talking about getting rid of debt ceiling altogether, and there are a lot of good reasons to do that," Trump told reporters. "It complicates things, it's really not necessary." https://www.cnbc.com/2017/09/07/reuters-america-update-2-trump-turn...
... and we voted for that ?????? Just who would control spending? N O B O D Y.
No I didn't, that's like just handing a kid who's not a responsible person an unlimited credit card, this is just one more bad sign to go along with the DACA, Firing conservatives of his staff, and there's more to come, unless of course the people send him as clear a message as possible. I’m hoping all of you will contact the White House by Calling: 202-456-1111 or the Comment Line: 201-456-1414, and let them know what you think of the this really bad Policy before he makes a Deal with Schumer & Pelosi, of course maybe this is his way of dealing with the GOP nitwits as well to get them to help him hope so, but don't lets not take that chance.
God Bless You All; Clair VAN Steenwyk
Clair I always value your input. Recent information is coming into the light of the day that Trump says so much that just doesn't appear to be so. McConnell says he's laid a trap for Democrats with the omnibus spending bill extension right before Christmas recess, yet Trump favors an 18 month bill never addressing the national debt ... once again. That isn't what he ran on, nor what we voted for. Once again I fear we have the less of two evils for Conservatism and a smaller government largess. While we can all hang our hats on his "conservative" SCOTUS, he is giving into his own "moderate" status by agreeing with Democrats and using US as the stool pigeons to feed off of. Mark Levin has it right on target ... Trump is a progressive Republican deal maker with the devils in congress giving the appearance of all is OK for our future ... when it is N O T with this federal centralized autocratic spending. https://www.forbes.com/sites/peterferrara/2013/09/08/100-years-afte...
Can we put the establishment under OUR boots ... not the other way around?
I'm hoping Pres. Trump is using this to put the Dems in a corner as far as the timing on the Budget / Debt Ceiling in Dec., however his comments about dealing with the Debt Ceiling as a Corp. type issue which would automatically raise it similar to Corporations. I'm happy the DC GOP Elites are being exposed as far to many of the Faithful in the GOP have just continued voting for Incumbents which is also one of the reasons America is in this Hole. Pres. Trump's daughter has far to much leverage on him and I don't believe he see's thru some of those politicians who give him lip service now as they weren't there during the campaign but now knowing the voters are upset seem to support him to protect themselves, I believe this because didn't see them supporting these issues before and don't believe they would now and AZ has a couple that GOP Congressman that come to mind. His conservative SCOTUS has also stated that people shouldn't question their decisions, this doesn't sound good to me, his statement if I recall properly had something to do with respecting the court, as if it deserves any. We have a 20 Trillion $ debt with no end is site and no Departments have been closed as promised and could and Constitutionally should be, however this is where DC draws it's power from in allocating funds to All the States to keep them in line and then those who go along the best get promoted to better jobs at State and even make it to DC, the system yes is corrupt but then it's the Voters who our founders left in charge and if they can be so easily fooled by anyone it just maybe that America will cease to exist as we've known it. I continue to hope & pray for our Pres. and his actions will attest for me if he listens to the God that Granted US Our Rights or the other side that intent on throwing us a bone every once in awhile as they continue the March to Socialism, as the Scriptures say you'll know a tree by the fruit it bears.
God Bless You All; Clair VAN Steenwyk / Constitutional Activist @http://vanscrossroads.com/
I wonder what the Pilgrims Society (look them up!), whose members own the Federal Reserve and who direct the more public CFR, Trilateral and Bilderberger groups, thinks of this possible move. I suspect they are positioned quite securely to profit heavily from any World Monetary concentration.
Central Bankers have been using digicurency to buy Corp. shares forever---they do not depend on the digicurrency to hlde it value to maintain their wealth!!