Friday, 14 September 2012

China to begin selling oil in Yuan

According to examiner.com under the heading "Dollar no longer primary oil currency as China begins to sell oil using Yuan",
"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.
The author concludes,
The world changed last week, and there was nary a word spoken by Wall Street or by politicians who reveled in their own magnificence as this event took place during the party conventions. A major blow was done on Sept. 6 to the American empire, and to the power of the U.S. dollar as the world's reserve currency. And China, along with Russia, are now aiming to become the controllers of energy, and thus, controllers of a new petro-currency. 
This is potentially, we'll see what happens going forward, another cost of the large scale money printing, massive fiscal deficits, and increasing debt levels which have taken place in the U.S. in recent years (see here for more on this).

Click the first link above for all the details.
 


 

1 comment:

  1. And not a word in the main stream media.
    Amazing how they silence the truth so that the idiot gets re-elected.

    ReplyDelete