Oil traded in Yuan???

[bambino]

Originally Posted by Unique_Carpenter

Bam,

The Saudi's have been accepting payments in other than USD for years.

Btw, today the Riyal = 1.69 Yuan

The “Petro Dollar” has dominated oil purchases since 1971. Countries had to convert their currencies to Petro Dollars. In last couple years, Venezuela and other oil pricing countries started accepting other currencies. If the dollar is toppled as the fiat currency of the world, it’s bad news for the US.


https://www.investopedia.com/article...-us-dollar.asp

[bambino]

Originally Posted by WTF

You can't tell a Rothschilds conspiracy theorist anything factual about finance!

You didn’t know the difference between the Yen and the Yuan before I told you Professor Poofter.

[bambino]

Originally Posted by 1blackman1

Actually if you read Bambi’s posts you’ll easily see that he lives a fact free life.

You wouldn’t know a fact if it ran you over NiorMan.

[bambino]

History of the Petrodollar System
The origins of the petrodollar system go back to the Bretton Woods Agreement, which replaced the gold standard with the U.S. dollar as the reserve currency. Under the agreement, the U.S. dollar was pegged to gold, while other global currencies were pegged to the U.S. dollar. But because of massive stagflation, President Nixon announced in 1971 that the greenback would no longer be exchanged for gold to boost economic growth for the U.S.

That led to the creation of the petrodollar system, where the U.S. and Saudi Arabia agreed to set oil prices in U.S. dollars. That meant any other country that purchased oil from the Saudi government would have to exchange its currency into U.S. dollars before completing the sale. That led the remaining OPEC countries to follow suit and price their oil in U.S. currency.

[Tiny]

Originally Posted by WTF

This is wtf happens when people that should know better think tax cuts always mean increased tax revenue

Huh? That doesn't make much sense.

It's actually wtf happens, for better or worse, when other countries think the USA may place sanctions on them. We might have gotten too aggressive with Venezuela, Iran and Russia. Now every tin pot autocrat is going to want to keep his country's reserves in gold and Renminbi instead of dollars.

[bambino]

Originally Posted by Tiny

Huh? That doesn't make much sense.

It's actually wtf happens, for better or worse, when other countries think the USA may place sanctions on them. We might have gotten too aggressive with Venezuela, Iran and Russia. Now every tin pot autocrat is going to want to keep his country's reserves in gold and Renminbi instead of dollars.

India and China. may join in. They’re not exactly tin pot countries.

[WTF]

Originally Posted by Tiny

Huh? That doesn't make much sense.

It's actually wtf happens, for better or worse, when other countries think the USA may place sanctions on them. We might have gotten too aggressive with Venezuela, Iran and Russia. Now every tin pot autocrat is going to want to keep his country's reserves in gold and Renminbi instead of dollars.

It was a shot abou Reaganites and your tax cut nonsense!

Shit....I may have to get out of energy. If we no longer can suppress output with our silly sanctions, the price is bound to drop.

Unattended results for all oil exporters!

They better watch what they wish for!

[bambino]

Originally Posted by WTF

It was a shot abou Reaganites and your tax cut nonsense!

Shit....I may have to get out of energy. If we no longer can suppress output with our silly sanctions, the price is bound to drop.

Unattended results for all oil exporters!

They better watch what they wish for!

If you say so Professor Poofter!


https://www.nytimes.com/2022/03/16/b...emand.amp.html

[The_Waco_Kid]

Originally Posted by WTF

It was a shot abou Reaganites and your tax cut nonsense!

Shit....I may have to get out of energy. If we no longer can suppress output with our silly sanctions, the price is bound to drop.

Unattended results for all oil exporters!

They better watch what they wish for!

you sure Ronnie didn't fornicate with a close familial relation of yours?


BBAAAHHAAAAAAAA

[dilbert firestorm]

Originally Posted by the_real_Barleycorn

Well, if the international currency becomes the CHINESE yuan, then the dollar will become more unstable. Like a person whom the world finds out is overextended financially.

i think saudis are thinking of following Dubai's practice of having multiple currencies in a basket of petro-currencies.


problem with china's Yuan is that saudis seem to have an issue with the Yuan.

[Tiny]

Originally Posted by bambino

India and China. may join in. They’re not exactly tin pot countries.

Yes. There's an article in the Financial Times this morning about talks between India and Russia to set up rouble/rupee trade arrangements that would allow the countries to bypass the dollar. India did something similar with Iran.

[Tiny]

Originally Posted by WTF

It was a shot abou Reaganites and your tax cut nonsense!

More Stockholm Syndrome

[WTF]

Originally Posted by Tiny

More Stockholm Syndrome

I'm not the one crying about high gas prices

[Why_Yes_I_Do]

US dollar is ‘a huge black hole,’ expert says

The greenback threatens to swallow the wealth of both countries and individuals, according to Wang Zaibang

The United States has violated the major principles of the capitalist market economy and is poised to break the global political and economic order, Wang Zaibang, a senior researcher at China’s Taihe Institute, told Russia’s RIA news agency on Thursday.

According to the expert, Saudi Arabia and the US’ other Middle Eastern allies have grown dissatisfied with the actions of Washington in recent years.

“Today’s America is unreliable and untrustworthy,” he said, noting it as the reason why Riyadh and Beijing had accelerated discussions on the issue of crude settlements in Chinese yuan. If the talks are successful, they will have a profound impact on China-Saudi oil cooperation, international monetary relations, and the entire financial order, he added.

“The dollar has turned into a huge black hole, which, at any time, could destroy the wealth of countries and individuals,” he said.

Wang explained that, even though the US is the world’s largest economy, there is no solid reason for its currency to continue to maintain a dominant position.

“In recent years, the United States has recklessly used dollar hegemony to unleash boundless liquidity, which has led to a glut of dollars around the world and a sharp increase in financial risk in many developing countries,” the researcher said. “In particular, by creating geopolitical risks, the United States has provoked a surge in commodity prices, at the same time increasing the risk of higher interest rates.”

In the way of a brief refresher course for the terminally stupid: Name the only US President that the Saudis invited to their Sacred Orb ritual.

Trump 1.0


Coming soon to a theater near you - TRUMP 2.0:

[WTF]

Originally Posted by bambino

You didn’t know the difference between the Yen and the Yuan before I told you Professor Poofter.

What in the hell are you talking about?