[Marxism] Dollar no longer primary oil currency as China begins to sell oil using Yuan

Shane Mage shmage at pipeline.com
Thu Sep 20 21:50:29 MDT 2012

On Sep 20, 2012, at 9:17 PM, X Y wrote:
> can comrades well-versed in finance capital and/or currency
> speculation please comment on this?

Total nonsense.  China is a big *importer* of petroleum and pays for  
it in dollars. Chinese oil sales are trivial at best.

>  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.
> http://www.examiner.com/article/dollar-no-longer-primary-oil-currency-as-china-begins-to-sell-oil-using-yuan
> 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.
> 11
> 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.
> [clip]
> full: http://www.examiner.com/article/dollar-no-longer-primary-oil-currency-as-china-begins-to-sell-oil-using-yuan
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