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No sooner had I penned my editorial on how “The Petroyuan Was Born This Week” than the next piece of the puzzle arrived: China is set to start buying oil directly with yuan this year. You may not know it, but this could be one of the most important stories of the decade.
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SHOW NOTES:
The Petroyuan Was Born This Week. Here’s What It Means.
China taking first steps to pay for oil in yuan this year – sources
From a “chess play”, marketing point of view, China is very clever about their low key approach.
First, they create a trading platform. It doesn’t matter if folks can trade with dollars, because China can always change the rules. As more and more folks migrate to the trading platform, they can tweak things. When the trading platform becomes large, with a number of big traders ‘dependent’ upon the platform, China in essence can “control” the trading, and thus the currency itself.
For me, I found this interesting.
From
http://micetimes.asia/naftalan-entered-the-fray-in-the-petrodollar-2/
EXCERPT
(about the first day of the futures contract trading)
…Participation in them took more than 400 Chinese and foreign customers. They include companies such as Unipec Asia Company Limited, Glencore Singapore Pte Ltd, North Petroleum International Company Limited and many others. In the first hours concluded more than 200 transactions.
Deliveries will be made from the ports of Oman, Qatar, Yemen, Iraq (Basra) and Eastern China. Ports of loading can be further adjusted to reflect market conditions. Supply of oil will remain in the seven storage facilities located in the coastal regions of the Chinese provinces of Zhejiang, Shandong, Guangdong, Liaoning, and also in the deep-sea port of Shanghai….
Ever work in Oil and Gas? That’s a pretty big platform to put out there so quick. Of course, I’m sure they didn’t advertise all of the behind the scenes improvements. Guess everyone’s starting to scratch out their turf. JimBob
I’ll pass this report on to some buddies, but sadly 95% of people dont even know what the Petrodollar is and would have no idea why their ability to buy overseas made goods would have diminished if it were to happen.
I was listening the Q and A after the WW1 talk Corbett gave and for some reason had missed his point last time i listened that there is no reason or law of nature that is going to ensure that the old vs new power dynamic will play out with the same winner and looser. The worry is that people can react badly to a change in what they expect the world to be like and even if bad people didnt desire war they might be compelled to do something or loose power…actual real democracy in action ‘athens style”
Thanks James. We’ll keep an eye on this story as it develops.
Mine’s working fine.
I’ve been having minor problems on youboob for a while. I think that all of this censoring may have over-loaded their platform. Though I’m not sure how a modern video site like that works anyway! JimBob ain’t saying he’s sure.
Venezuela has now launched their own Petrol currency. One petrol coin is backed by one barrel of oil.
The difference is you can’t use dollars to buy the coin. Only rupees, Russian currency and of course, the Yuan
This is to avoid the pain of US sanctions. They have already raised $735 million.
https://www.aljazeera.com/news/2018/02/venezuela-petro-cryptocurrency-180219065112440.html
This of course makes VZ the next target of US imperialism and invasion.
As bad as it looks down there I cant help but think people would rather put money into the Chinese system.
At least they did better with Saddam than they did with Castro! He might have been a bloodthirsty monster, but he sure did have a pair. JimBob
Deep dive analysis of this topic
“China appears to be taking a major step to combat the dominance of the U.S. dollar. How significant could that move be, and what political, economic, and market changes might result? Luke Gromen, founder of research firm Forest for the Trees, joins for a deeply insightful discussion. ”
https://www.realvision.com/podcast/episode-61-Crude-Awakening%3A-The-Yuan-the-Dollar-and-the-Battle-for-Global-Supremacy
Related topic and red pill material.
“William Engdahl is one of the world’s top geopolitical analysts. His books – from Century of War to Full Spectrum Dominance – are absolutely essential to understand how the self-described exceptional nation created and expanded its global hegemony tentacles.
A measure of his influence is that as much as Engdahl may be dismissed or derided across the Beltway, the usual suspects do read him – and are incapable of finding conclusive arguments to prove him wrong.
This extensive interview by financial journalist Lars Schall is largely centered on Chapter 3 – The Rape of Russia – of Engdahl’s new book Manifest Destiny: Democracy as Cognitive Dissonance.
Here you will find all you need to know about the genesis of the 1990s Russian oligarchs; the dirty deals of the Yeltsin mafia; everything from the plunder of Soviet gold to the dodgy operations of the elder Bush’s brother; the incredible Yamashita gold story; the “privatization coupon” scam; the way the Harvard mafia run the Russian economy – all the way to Putin’s uphill battle throughout the 2000s to turn Russia into a functioning economy as NATO kept marching east.”
http://thesaker.is/the-rape-of-russia-saker-blog-exclusive-interview/
Thanks. While I only skimmed it (it’s late and I couldn’t sleep), I wish I could say I am shocked. However, cynics are optimists in my book when it comes to governments. JimBob who knows that the world would be a lot safer, more prosperous, and have a heart if people would just start thinking for themselves instead of having their governments think for them.