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

Nathan Weinstein nat at socialistviewpoint.org
Fri Sep 21 11:52:47 MDT 2012

According to my reading of the Examiner report, China will be paying Russia with yuan not dollars. Perhaps they are counting on Venezuela and others enjoying profitable trade relations with China and Russia following suit?!
On Sep 20, 2012, at 8:50 PM, Shane Mage wrote:

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> Rule #1: YOU MUST clip all extraneous text when replying to a message.
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> 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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