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Will Gold Officially Replace the US $ on June 28th?
Ms Sans Serif
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[quote:Anonymous Coward 15036450:MV8xODQ2NzYyXzMwODM2NTk4XzIzRUQ5M0FG] We American are THE MOST lied to on this blue earth by the MSM...who knows what already Washington and Beijing already cooked up ....i am sure no one in DC is loosing sleep over it. [/quote]
Beijing is planning to avoid U.S. financial sanctions on Iran by paying for oil with gold.
China’s imports of the metal are already large, and you can guess what additional purchases are going to do to prices. On the last day of 2011, President Obama signed the National Defense Authorization Act for Fiscal Year 2012. The NDAA, as it is called, attempts to reduce Iran’s revenue from the sale of petroleum by imposing sanctions on foreign financial institutions conducting transactions with Iranian financial institutions in connection with those sales.
This provision, which essentially cuts off sanctioned institutions from the U.S. financial system, takes effect on June 28.
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