On March 26, the Shanghai International Energy Exchange will allow Chinese and foreign traders to trade oil in local currencies other than the dollar. This is very significant considering that China is the world’s largest oil consumer as of last year.
On March 26, the petrodollar will begin its funeral march to oblivion as the Shanghai International Energy Exchange allows any Chinese and foreign traders to trade oil in local currencies other than the dollar. This is very significant considering that China is the world’s largest oil consumer as of last year.
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The Most Revolutionary Act 
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Stu, this is merely a re-venue of the Ponzi from west to east; Rotten-child moved his fiat currency over to China a few years ago; this is revolving insolvency; foreclosure bankruptcy done under maritime salvage rules; it is not law, by the way; everything is hypothecated, duplicated and gets a new name; and, it gets a new currency every time this happens; usually, just under every 50 years;
Instead, China should have foreclosed, closed the accounts, settled the books, contracted all debt, declared a debt jubilee and started afresh; now, they have invited the devil over their doorstep; bad move; no man can serve two masters; the banksters are making sure when it falls everyone falls; in peace
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I have always been very puzzled why China – which issues a lot of its own sovereign money – made the decision to borrow money off of Wall Street. A friend who has investigated this far more deeply than I have reckons that they have to placate Wall Street (at least at the moment) to keep the US from declaring war on them. I suspect she is right. I think countries that are moving to sovereign money (mainly the ones that are under already under US economic sanctions Venezuela, Iran and Russia) will maintain a dual system initially and gradually wean themselves off Wall Street money. I suspect they will do this in concert with China.
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Your friend is right Stu; the Chinese are too honourable for their own good; inpeace
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One day, only the gods know when, we in the West will wake up to a New World Order and wonder how we got there. Meanwhile, here in the USA, we are in self-destruct mode in our pursuit to Make America Great Again.
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Very profound statement, Rosaliene. one I wholeheartedly agree with.
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Oil is currency, right? I’m betting the DOD has dirt to blackmail all the politicians so Big OIl gets what it wants, every time.
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Sadly I suspect you are right, Lara. Our elected representatives certainly behaved as if they are being blackmailed.
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