[Marxism] Dollar no longer primary oil currency as China begins to sell oil using Yuan
whdgm66 at gmail.com
Thu Sep 20 19:17:10 MDT 2012
can comrades well-versed in finance capital and/or currency
speculation please comment on this? i used to believe in the
"petrodollar" theories, but am now a big skeptic since so many
"doomsday" scenarios have not played out as predicted. still seems to
have some following amongst many leftists though. would like to see a
fuller critique, or even a full debunking, if it exists. thanks.
Dollar no longer primary oil currency as China begins to sell oil using Yuan
On Sept. 11, Pastor Lindsey Williams, former minister to the global
oil companies during the building of the Alaskan pipeline, announced
the most significant event to affect the U.S. dollar since its
inception as a currency. For the first time since the 1970's, when
Henry Kissenger forged a trade agreement with the Royal house of Saud
to sell oil using only U.S. dollars, China announced its intention to
bypass the dollar for global oil customers and began selling the
commodity using their own currency.
Lindsey Williams: "The most significant day in the history of the
American dollar, since its inception, happened on Thursday, Sept. 6.
On that day, something took place that is going to affect your life,
your family, your dinner table more than you can possibly imagine."
"On Thursday, Sept. 6... just a few days ago, China made the
official announcement. China said on that day, our banking system is
ready, all of our communication systems are ready, all of the transfer
systems are ready, and as of that day, Thursday, Sept. 6, any nation
in the world that wishes from this point on, to buy, sell, or trade
crude oil, can do using the Chinese currency, not the American dollar.
- Interview with Natty Bumpo on the Just Measures Radio network, Sept.
This announcement by China is one of the most significant sea changes
in the global economic and monetary systems, but was barely reported
on due to its announcement taking place during the Democratic
convention last week. The ramifications of this new action are vast,
and could very well be the catalyst that brings down the dollar as the
global reserve currency, and change the entire landscape of how the
world purchases energy.
Ironically, since Sept. 6, the U.S. dollar has fallen from 81.467 on
the index to today's price of 79.73. While analysts will focus on
actions taking place in the Eurozone, and expected easing signals from
the Federal Reserve on Thursday regarding the fall of the dollar, it
is not coincidence that the dollar began to lose strength on the very
day of China's announcement.
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