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Dollar no longer primary oil currency as China begins to sell oil using Yuan
Examiner.com ^ | September 12, 2012 | Kenneth Schortgen Jr

Posted on 09/17/2012 9:08:09 AM PDT by TLI

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.


(Excerpt) Read more at examiner.com ...


TOPICS: Business/Economy; Foreign Affairs; Government; News/Current Events
KEYWORDS: china; commodities; dollar; gasprices; globaleconomy; houseofsaud; nimrodshardesthit; ntsa; oil; opec; primary; redchina; yuan
Links are active at the article...
1 posted on 09/17/2012 9:08:14 AM PDT by TLI
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To: TLI

This could be a deathblow for the economy. If Romney/Ryan don’t make domestic drilling and refining into a national security issue, then they deserve to lose. And if we re-elect that marxist/muslim bastard who has hamstrung our energy policy, then we all deserve the pain to come.

This sh!t just got serious and we’re debating windmills and electric cars.


2 posted on 09/17/2012 9:21:10 AM PDT by Bryanw92 (Sic semper tyrannis)
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To: TLI

Very smart to release this news on Sept. 11, when the nation was fixated on the Muslim attacks on our country, even as we were remembering the Twin Towers destruction. China may start calling in its chits if their economy continues to worsen, and the U.S. will be in deep doo-doo.


3 posted on 09/17/2012 9:21:10 AM PDT by txrefugee
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To: TLI

Lindsey Williams wrote a book called “The Non-Energy Crisis” about how oil is manipulated by the oil companies and the government. It is an easy read, not very well-written and very hard to find.

Even if a third of the book is accurate, still very frightening.

http://www.reformation.org/energy-non-crisis.html


4 posted on 09/17/2012 9:22:14 AM PDT by NoKoolAidforMe (I'm clinging to my God and my guns. You can keep the change.)
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To: TLI

Because Chine is such a huge exporter of oil, this will be devastating!

/s


5 posted on 09/17/2012 9:22:47 AM PDT by Uncle Miltie (You didn't build that. The private sector is doing fine. We tried our plan and it worked.)
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To: TLI
Hmmm...$150/barrel oil by when?

I think it will be determined sometime around November 7th!

6 posted on 09/17/2012 9:28:00 AM PDT by harpu ( "...it's better to be hated for who you are than loved for someone you're not!")
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To: TLI

The dollar is dead.


7 posted on 09/17/2012 9:28:00 AM PDT by bmwcyle (Corollary - Electing the same person over and over and expecting a different outcome is insanity)
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To: TLI
Hmmm...$150/barrel oil by when?

I think it will be determined sometime around November 7th!

8 posted on 09/17/2012 9:28:07 AM PDT by harpu ( "...it's better to be hated for who you are than loved for someone you're not!")
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To: TLI

weak article and questionable source.

This issue is always comming up.

oil to be priced in yen.
oil to be priced in euro
oil to be priced in rubles

on and on.

meanwhile china is having its own ecconomic issues.


9 posted on 09/17/2012 9:34:54 AM PDT by longtermmemmory (VOTE! http://www.senate.gov and http://www.house.gov)
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To: TLI

BRIC (Brazil, Russia, India, China and like-minded smaller countries) have been working hard to eliminate the use of the US $ in their international trade. They are well along and Bernanke is insentivizing them to work harder and faster to complete the process. Once the dollar is no longer a universal reserve currency the spell will be broken, the emperor will be seen to have no clothes and the rout will commence. It’s hard to say how close we are to that point but we are close.


10 posted on 09/17/2012 9:38:05 AM PDT by Paine in the Neck (Socialism consumes everything)
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To: Paine in the Neck

insentivizing —> incentivizing


11 posted on 09/17/2012 9:43:34 AM PDT by Paine in the Neck (Socialism consumes everything)
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To: txrefugee

Who says we have to pay ‘em back?

What are the Chicoms gonna do? Turn us over to a collection agency?

Let ‘em sink and starve. That would make me happy.


12 posted on 09/17/2012 10:00:12 AM PDT by Emperor Palpatine ("On the ascent of Olympus, what's a botched bar or two?" -Artur Schnabel)
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To: Bryanw92
Uh-oh.

What if there was an economic earthquake, and no one noticed?

13 posted on 09/17/2012 10:01:02 AM PDT by wbill
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To: wbill

>>What if there was an economic earthquake, and no one noticed?

Interesting analogy. 30 years ago, I was in Idaho and we had a major earthquake out in the desert. There wasn’t much damage because there wasn’t much there to damage. At the time of the earthquake, I was 8 miles from the epicenter scraping ice off my windshield and never felt it.

My wife, lying in bed 60 miles away felt it.

How did I miss it? I was freezing cold and too busy scraping ice to notice the tremors. The car was already shaking from my vigorous ice scraping so I didn’t even notice it moving.

So, yes, you can have an economic earthquake and no one notices when they are too distracted with immediate problems.


14 posted on 09/17/2012 10:07:53 AM PDT by Bryanw92 (Sic semper tyrannis)
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To: TLI

China only exports around 400,000 barrels per day.

No one is going to want to buy oil with a currency that does not float.


15 posted on 09/17/2012 10:07:53 AM PDT by Uncle Slayton
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To: TLI

Does China still peg the Yuan to the Dollar?


16 posted on 09/17/2012 10:16:54 AM PDT by Yo-Yo
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To: TLI

Not. Good.

At all.


17 posted on 09/17/2012 10:18:30 AM PDT by autumnraine (America how long will you be so deaf and dumb to the tumbril wheels carrying you to the guillotine?)
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To: Uncle Miltie

Yes, because all the oil operations that China has around the world doesn’t count, right?

They sell THEIR OIL in yuan, regardless of where the oil came out of the ground.


18 posted on 09/17/2012 10:21:48 AM PDT by autumnraine (America how long will you be so deaf and dumb to the tumbril wheels carrying you to the guillotine?)
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To: Uncle Slayton

Is that including the oil they contracted to pump in Africa?

Why is everyone only talking what comes out of the ground in China?


19 posted on 09/17/2012 10:26:29 AM PDT by autumnraine (America how long will you be so deaf and dumb to the tumbril wheels carrying you to the guillotine?)
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To: Bryanw92

drilling won’t make much of a difference if the dollar loses it’s reserve status.


20 posted on 09/17/2012 10:34:39 AM PDT by stylin19a (Obama -> Ransom "Rance" Stoddard)
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To: Bryanw92

drilling won’t make much of a difference if the dollar loses it’s reserve status.


21 posted on 09/17/2012 10:34:46 AM PDT by stylin19a (Obama -> Ransom "Rance" Stoddard)
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To: Bryanw92

drilling won’t make much of a difference if the dollar loses its reserve status.


22 posted on 09/17/2012 10:34:58 AM PDT by stylin19a (Obama -> Ransom "Rance" Stoddard)
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To: stylin19a

As an issue of national security, we’d have to nationalize the oil reserves and ban the sale of domestic oil outside the US as long as we are importing a single barrel. Its the only stick we can wield to force the world back on the dollar for oil sales.


23 posted on 09/17/2012 10:38:40 AM PDT by Bryanw92 (Sic semper tyrannis)
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To: Uncle Miltie
Right, I don't think China exports any oil. I don't think any country other than Iran would sell for Chinese currency.

Right now US dollars are still accepted worldwide and are still the world's reserve currency. If Obama is re-elected, of course, all bets are off.

24 posted on 09/17/2012 11:33:14 AM PDT by Former Proud Canadian (Obamanomics-We don't need your stinking tar sands oil, we'll just grow algae.)
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To: Emperor Palpatine

There will be war.


25 posted on 09/17/2012 11:42:01 AM PDT by swamp40
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To: swamp40

They can only hit the west coast.

We can vaporize them off the globe.

Like we should have in 1948.


26 posted on 09/17/2012 11:47:38 AM PDT by Emperor Palpatine ("On the ascent of Olympus, what's a botched bar or two?" -Artur Schnabel)
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