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Dollar no longer primary oil currency as China begins to sell oil using Yuan

 
Anonymous Coward
User ID: 22354461
United States
09/14/2012 02:20 AM
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Dollar no longer primary oil currency as China begins to sell oil using Yuan
"The most significant day in the history of the American dollar, since its inception, happened on Thursday, Sept. 6. On that day, something took place that is going to affect your life, your family, your dinner table more than you can possibly imagine."

"On Thursday, Sept. 6... just a few days ago, China made the official announcement. China said on that day, our banking system is ready, all of our communication systems are ready, all of the transfer systems are ready, and as of that day, Thursday, Sept. 6, any nation in the world that wishes from this point on, to buy, sell, or trade crude oil, can do using the Chinese currency, not the American dollar."

This announcement by China is one of the most significant sea changes in the global economic and monetary systems, but was barely reported on due to its announcement taking place during the Democratic convention last week. The ramifications of this new action are vast, and could very well be the catalyst that brings down the dollar as the global reserve currency, and change the entire landscape of how the world purchases energy.

[link to www.examiner.com]
Anonymous Coward
User ID: 23638716
Hong Kong
09/14/2012 02:26 AM
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Re: Dollar no longer primary oil currency as China begins to sell oil using Yuan
China doesnt "SELL" oil
Anonymous Coward
User ID: 1130777
Japan
09/14/2012 02:34 AM
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Re: Dollar no longer primary oil currency as China begins to sell oil using Yuan
China doesnt "SELL" oil
 Quoting: Anonymous Coward 23638716


This.
Anonymous Coward
User ID: 19873584
Korea, Republic of
09/14/2012 02:37 AM
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Re: Dollar no longer primary oil currency as China begins to sell oil using Yuan
China doesnt "SELL" oil
 Quoting: Anonymous Coward 23638716


This.
 Quoting: Anonymous Coward 1130777


cruise
electrical engineer

User ID: 23634821
United States
09/14/2012 02:44 AM
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Re: Dollar no longer primary oil currency as China begins to sell oil using Yuan
Muslim nations will side with the Chinese and allow it to dictate how the oil in their countries be used and what kind of currency should be used to purchase that oil.

Iran is also pro China.
1984 - George Orwelle
Anonymous Coward
User ID: 14380192
United States
09/14/2012 02:46 AM
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Re: Dollar no longer primary oil currency as China begins to sell oil using Yuan
China buys more oil than they sell.
stormer

User ID: 23273210
South Africa
09/14/2012 02:46 AM

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Re: Dollar no longer primary oil currency as China begins to sell oil using Yuan
All the BRICS will side with China too,life changing events indeed.
Emancipate yourselves from mental slavery - Bob Marley
Anonymous Coward
User ID: 23514584
Philippines
09/14/2012 03:04 AM
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Re: Dollar no longer primary oil currency as China begins to sell oil using Yuan
Interesting.

But you know, both are two dogs but one master.
red rover
User ID: 15620022
United States
09/14/2012 03:14 AM
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Re: Dollar no longer primary oil currency as China begins to sell oil using Yuan
OP is referring to the end of the "petrodollar"

Watch this video to understand:



Anyone think it's possible to salvage the situation if the U.S. invests in clean energy research and development? I know TPTB will fight this, but people are thirsting for another answer to oil. Videos are popping up all over the internet about vehicles running on water. I remember learning about this clean fuel alternative back when I was in elementary school--2 decades ago! It was in some children's science magazine. The article predicted a future where our cars would run on water. We really need to stop beating a dead horse here and invest in a different future.rant
GFX guy

User ID: 9776422
United States
09/14/2012 03:23 AM
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Re: Dollar no longer primary oil currency as China begins to sell oil using Yuan
Further quoting:
"Ironically, since Sept. 6, the U.S. dollar has fallen from 81.467 on the index to today's price of 79.73. While analysts will focus on actions taking place in the Eurozone, and expected easing signals from the Federal Reserve on Thursday regarding the fall of the dollar, it is not coincidence that the dollar began to lose strength on the very day of China's announcement."

So that's what caused the dollar to drop below the 80-handle. Interesting.

Look at any long term dollar chart and pay attention to the 72 support level. When that gives way... The slippery slope will slip its self.
[link to www.chartsrus.com]
tiemunch
Anonymous Coward
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Philippines
09/14/2012 03:43 AM
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Re: Dollar no longer primary oil currency as China begins to sell oil using Yuan
OP is referring to the end of the "petrodollar"

Watch this video to understand:



Anyone think it's possible to salvage the situation if the U.S. invests in clean energy research and development? I know TPTB will fight this, but people are thirsting for another answer to oil. Videos are popping up all over the internet about vehicles running on water. I remember learning about this clean fuel alternative back when I was in elementary school--2 decades ago! It was in some children's science magazine. The article predicted a future where our cars would run on water. We really need to stop beating a dead horse here and invest in a different future.rant
 Quoting: red rover 15620022


Good video. Thanks.
Anonymous Coward
User ID: 23682433
United States
09/14/2012 03:48 AM
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Re: Dollar no longer primary oil currency as China begins to sell oil using Yuan
Muslim nations will side with the Chinese and allow it to dictate how the oil in their countries be used and what kind of currency should be used to purchase that oil.

Iran is also pro China.
 Quoting: electrical engineer


LOL no son, the Chinese have more issues with the muzzies then we do. And quite frankly, the Chinese have clarity and purpose on how to deal with these muslim scum in their country.

I admire China for their purity.
Anonymous Coward
User ID: 23687009
United States
09/14/2012 04:01 AM
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Re: Dollar no longer primary oil currency as China begins to sell oil using Yuan
The Saudis (i.e. OPEC) and Japan still use the US dollar for oil transactions. Those are the two to watch.
MindShaft

User ID: 1554827
United States
09/14/2012 04:09 AM
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Re: Dollar no longer primary oil currency as China begins to sell oil using Yuan
Are you forgetting that China did an 'oil for infrastructure' deal with Iran recently?

China will build the refineries that Iran needs in exchange for future oil supplies?

Do you not understand the significance of this deal for the future of the US$Petro-dollar?
"People have been conditioned to ridicule all that they are incapable of understanding." Goethe

"None are more hopelessly enslaved than those who falsely believe that they are free." Goethe
Anonymous Coward
User ID: 11014448
United States
09/14/2012 04:45 AM
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Re: Dollar no longer primary oil currency as China begins to sell oil using Yuan
Muslim nations will side with the Chinese and allow it to dictate how the oil in their countries be used and what kind of currency should be used to purchase that oil.

Iran is also pro China.
 Quoting: electrical engineer


LOL no son, the Chinese have more issues with the muzzies then we do. And quite frankly, the Chinese have clarity and purpose on how to deal with these muslim scum in their country.

I admire China for their purity.
 Quoting: Anonymous Coward 23682433


While it's true China has issues with middle eastern countries, they know the bigger enemy is the West and it's contagious US dollars.

They're willing to side with the Muslims short term and deal with them later. Essentially the Muzzies are the the less of two evils.
Anonymous Coward
User ID: 23691752
Vietnam
09/14/2012 05:43 AM
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Re: Dollar no longer primary oil currency as China begins to sell oil using Yuan
Before everyone gets on their high horse about the yuan being the next/new reserve currency, you'd think one of their nearest neighbours, Vietnam, would be willing to use/exchange yuan, right?

Well, I've been to about 10 banks, all the major ones, and not one...not one...will exchange yuan into dong.

They will exchange USD, AUD, CND, JPY and euros, but none will accept CNY/RMB.
GKKwatch

User ID: 10606508
United States
09/14/2012 06:16 AM
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Re: Dollar no longer primary oil currency as China begins to sell oil using Yuan
Before everyone gets on their high horse about the yuan being the next/new reserve currency, you'd think one of their nearest neighbours, Vietnam, would be willing to use/exchange yuan, right?

Well, I've been to about 10 banks, all the major ones, and not one...not one...will exchange yuan into dong.

They will exchange USD, AUD, CND, JPY and euros, but none will accept CNY/RMB.
 Quoting: Anonymous Coward 23691752


LOL...sorry for being immature...but you said "exchange Yuan into Dong" evil3
Anonymous Coward
User ID: 19392583
United States
09/14/2012 06:37 AM
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Re: Dollar no longer primary oil currency as China begins to sell oil using Yuan
OP is referring to the end of the "petrodollar"

Watch this video to understand:



Anyone....
 Quoting: red rover 15620022


clappa
Mamluk

User ID: 23515002
United States
09/14/2012 06:49 AM
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Re: Dollar no longer primary oil currency as China begins to sell oil using Yuan
OP is referring to the end of the "petrodollar"

Watch this video to understand:



Anyone think it's possible to salvage the situation if the U.S. invests in clean energy research and development? I know TPTB will fight this, but people are thirsting for another answer to oil. Videos are popping up all over the internet about vehicles running on water. I remember learning about this clean fuel alternative back when I was in elementary school--2 decades ago! It was in some children's science magazine. The article predicted a future where our cars would run on water. We really need to stop beating a dead horse here and invest in a different future.rant
 Quoting: red rover 15620022


This one, too:



So ask people what they would rather deal with, War or rebuilding?

Do they really think they can handle the War?

We would have to reorganize everything regardless, so why not save lives first?

This isn't 1912 anymore, so how will we manage?

We need a humanitarian revolution but we don't need this war.

My ultimate advice is that individuals and families need to be sure that whatever solution they are a part of is an actual long term investment for them, because if it's not then they are siding with the wrong people.

One that includes, you know, the basic needs and happiness.

One way or another there is going to be a program so make sure you get with the right one or it's going to get with you, regardless of which one it is.

scorp
“If we could change ourselves, the tendencies in the world would also change. As a man changes his own nature, so does the attitude of the world change towards him. ... We need not wait to see what others do.” -Mahatma Ghandi
Fabian10

User ID: 1527128
Argentina
09/14/2012 06:59 AM

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Re: Dollar no longer primary oil currency as China begins to sell oil using Yuan
OP is referring to the end of the "petrodollar"

Watch this video to understand:



Anyone think it's possible to salvage the situation if the U.S. invests in clean energy research and development? I know TPTB will fight this, but people are thirsting for another answer to oil. Videos are popping up all over the internet about vehicles running on water. I remember learning about this clean fuel alternative back when I was in elementary school--2 decades ago! It was in some children's science magazine. The article predicted a future where our cars would run on water. We really need to stop beating a dead horse here and invest in a different future.rant
 Quoting: red rover 15620022


Nice video, thanks
Life isn't short.It's the longest thing anybody ever does
Anonymous Coward
User ID: 23760544
United States
09/14/2012 07:01 AM
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Re: Dollar no longer primary oil currency as China begins to sell oil using Yuan
China doesnt "SELL" oil
 Quoting: Anonymous Coward 23638716




They can run the banking borse for those that do sell oil. And Washington would not dare attack them for it.
Renegade (Me too)

User ID: 21622140
United States
09/14/2012 07:19 AM

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Re: Dollar no longer primary oil currency as China begins to sell oil using Yuan
Are you forgetting that China did an 'oil for infrastructure' deal with Iran recently?

China will build the refineries that Iran needs in exchange for future oil supplies?

Do you not understand the significance of this deal for the future of the US$Petro-dollar?
 Quoting: MindShaft


Let me guess ... the price of gas is going to 5 dollars?
Who is John Galt?
Wubbo Ockels

User ID: 14726463
Netherlands
09/14/2012 07:26 AM

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Re: Dollar no longer primary oil currency as China begins to sell oil using Yuan
Thread: ------->c>> CRUDE OIL OVER $100 AGAIN !!

siren2siren2siren2

Last Edited by Wubbo Ockels on 09/14/2012 07:26 AM
R.I.P. for the real Wubbo Ockels. He was a true icon of my country, and a great front-fighter for sustainable energie/technology and humanism.

"Yes, we have hurdles, we have distractions, we have disasters, personally and world-wide, and we do have to work it all out ourselves. BUT, there is a most amazing experience awaiting us on the other end of the finish-line.
The idea being, once we can handle it all down here, then we can live and explore eternally, responsibly, because we know what not to do, and not be resentful about being responsible, so we don't start a polarity domino effect in the other realms of existence."

"The Fraction" of Life can be increased in value not so much by increasing your Numerator as by lessening your Denominator. Nay, unless my Algebra deceive me, Unity itself divided by Zero will give Infinity."

Thread: LADIES & GENTLEMEN: I PRESENT to YOU OUR NEW SUN !!
Anonymous Coward
User ID: 3944671
Norway
09/14/2012 05:04 PM
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Re: Dollar no longer primary oil currency as China begins to sell oil using Yuan
A large proportion of those paper dollors held by forign country's in order to buy oil are going to go back to the USA and flood their economy, on the + side the hyper inflation will reduce the governments debts but at the price of avarage joes savings..
This is seriously bad news for the US citizan.

I urge anyone with spare dollors in the bank to buy something tangable with them such as property, gold, silver, food.

Good luck all.
Anonymous Coward
User ID: 23118689
United Kingdom
09/14/2012 05:10 PM
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Re: Dollar no longer primary oil currency as China begins to sell oil using Yuan
NOW we're fucking talking!

get ready!!

abomb

5a
Anonymous Coward
User ID: 23654566
United States
09/14/2012 05:23 PM
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Re: Dollar no longer primary oil currency as China begins to sell oil using Yuan
Threaten the petrodollar will you?

Ballsy move China.

clappa
Anonymous Coward
User ID: 12304943
United States
09/14/2012 05:26 PM
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Re: Dollar no longer primary oil currency as China begins to sell oil using Yuan
Bingo.


Its on



QE 3 to infinity.

Petrodollar going extinct.

No movement on jobs and wages.


SHTF


Hope your all prepped, its all downward now
Anonymous Coward
User ID: 21903530
Canada
09/14/2012 05:30 PM
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Re: Dollar no longer primary oil currency as China begins to sell oil using Yuan
"The most significant day in the history of the American dollar, since its inception, happened on Thursday, Sept. 6.


[link to www.examiner.com]
 Quoting: Anonymous Coward 22354461


When Nixon broke the Bretton Woods Accord in 1971, that wasn't significant?

Back in those days a dollar bill said "pay to the bearer on demand". That meant the government of the USA had an oligation to pay 1/35th of an ounce of gold for a dollar.
Today a dollar says "This note is legal tender." In other words, you can use it for trade but it is backed by nothing.


Today 1/35th of an ounce = $49. By December 1/35th of an ounce will cost $57.

Every Ponzi scheme has to come to an end. You cannot blame the boy who says "Look the Emperror has no clothes!"
Blame Nixon and the costs of the Vietnam war.

The nerve of Iran and those BRIC countries! They don't want to pay the USA to threaten them,
Anonymous Coward
User ID: 23687009
United States
09/14/2012 05:38 PM
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Re: Dollar no longer primary oil currency as China begins to sell oil using Yuan
A large proportion of those paper dollors held by forign country's in order to buy oil are going to go back to the USA and flood their economy, on the + side the hyper inflation will reduce the governments debts but at the price of avarage joes savings..
This is seriously bad news for the US citizan.

I urge anyone with spare dollors in the bank to buy something tangable with them such as property, gold, silver, food.

Good luck all.
 Quoting: Anonymous Coward 3944671


The Saudis and Japan still buy and sell with dollar. Both have large amounts of US debt paper also.
Anonymous Coward
User ID: 23669064
Brazil
09/14/2012 05:38 PM
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Re: Dollar no longer primary oil currency as China begins to sell oil using Yuan
China doesnt "SELL" oil
 Quoting: Anonymous Coward 23638716


cruise
Anonymous Coward
User ID: 23669064
Brazil
09/14/2012 05:44 PM
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Re: Dollar no longer primary oil currency as China begins to sell oil using Yuan
source: Pastor Lindsei Williams

lmao

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