Posted on 03/15/2022 7:42:42 AM PDT by mikelets456
The Wall Street Journal reports active talks between Riyadh and Beijing about pricing some Saudi oil sales to China in yuan instead of dollars.
Chatter about this sort of arrangement has been ongoing for several years, but recent events have brought a new urgency to talks, according to the report, which says the Saudis are questioning longstanding U.S. security commitments to the Kingdom.
Among the issues is what the Saudis believe to be less-than-enthusiastic support for the war in Yemen, the White House's attempt at an Iran nuclear deal, and shock at the American withdrawal from Afghanistan. China is a buyer of more than 25% of Saudi Arabia's exported oil, according to the story.
The news would seemingly be of interest to the Bitcoin (BTC) and gold markets, but, for now, there's little reaction, with bitcoin continuing in the mid-$38,000 area, and gold remaining lower by 2.1% for the day at $1,918 per ounce.
(Excerpt) Read more at msn.com ...
This is Yuge, folks.
People don’t understand how Biden is destroying our position internationally.
It’s a long list. The leftists are insane.
if the Saudis were smart they’d insist on gold, silver or copper...
It actually is a big thing… and NOT GOOD. Thanks Biden… YOU DID THAT.☹️
The amount of damage Dementia Joe has done to America’s economy, America’s prestige and America’s standing in just one short year is hard to believe.
Nature and politics abhor a vacuum.
The end of the petrodollar means the end of the US Empire.
If this happens it means that the US just lost the war that mattered.
Other than desperate Russia, it is very unlikely that any oil export nation will accept yuan as final payment for their oil. They might accept Chinese goods priced in yuan in barter deals but very much doubt their bankers want to hold significant amounts of yuan as a reserve currency.
They’ll probably take yuan if China is willing to pay a premium (overpay). It may be what it will take to break the back of the US dollar as the world’s reserve currency. Frankly, it should have happened when Nixon took us off the gold standard.
The forces of decomposition abroad in the world would love to topple the dollar as the world’s reserve currency. The yuan is an alternative. Russia, OPEC, Iran, China— controlling the world energy economy as the US sinks further into green swamp.
They don’t need to hold the Yuan as reserve currency to destroy the petrodollar.
All the Saudis need to do is refuse to honor the old Nixon agreement and accept non-dollars in payment, even if they only hold the Yuan for nanoseconds before converting it into any currencies they wish.
With the petrodollar gone the US inflation will explode when it comes to any foreign goods.
The JoeLitburo is really effing things up with their anti-Saudi schtick.
As you said - Yuge.
Arabs are also divesting from the UK big time. If they can rob Russians for being Russians, why won’t they rob someone else?
I heard a new currency for Asia is planned, a sort of Euro whereas China is going to play the role of Germany and Russia the role of France. The idea is to make the currency apolitical and a safe heaven against arbitrary sanctions for all concerned, and to try to trade most of the commodities in it.
Whether Saudi make good on this deal or not, this is a really troubling development.
Can’t blame them, they might as well get ahead of the dollar crash.
The PootyGreenies in the US are preventing nickel from being extracted from US mines.
Nope, you don’t understand the dynamics. What made dollar attractive? It was apolitical. Now if you cancel the Russians from the financial system, why won’t you cancel someone else next? The Western system is no longer safe.
My guess is Xi won’t publicly call MBS a murderer in public.
This is a bad thing for the US. Most people you see on the street have no clue how bad this is.
But they can tell you all about the Kanye-Kim-Pete triangle.
There are times when I think our country deserves this.
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