This means war.
Authored by Tsvetana Paraskova via OilPrice.com,
The world’s top oil importer, China, is preparing to launch a crude oil futures contract denominated in Chinese yuan and convertible into gold, potentially creating the most important Asian oil benchmark and allowing oil exporters to bypass U.S.-dollar denominated benchmarks by trading in yuan, Nikkei Asian Review reports.
It is my sincere desire to provide readers of this site with the best unbiased information available, and a forum where it can be discussed openly, as our Founders intended. But it is not easy nor inexpensive to do so, especially when those who wish to prevent us from making the truth known, attack us without mercy on all fronts on a daily basis. So each time you visit the site, I would ask that you consider the value that you receive and have received from The Burning Platform and the community of which you are a vital part. I can't do it all alone, and I need your help and support to keep it alive. Please consider contributing an amount commensurate to the value that you receive from this site and community, or even by becoming a sustaining supporter through periodic contributions. [Burning Platform LLC - PO Box 1520 Kulpsville, PA 19443] or Paypal
-----------------------------------------------------
To donate via Stripe, click here.
-----------------------------------------------------
Use promo code ILMF2, and save up to 66% on all MyPillow purchases. (The Burning Platform benefits when you use this promo code.)
The crude oil futures will be the first commodity contract in China open to foreign investment funds, trading houses, and oil firms. The circumvention of U.S. dollar trade could allow oil exporters such as Russia and Iran, for example, to bypass U.S. sanctions by trading in yuan, according to Nikkei Asian Review.
To make the yuan-denominated contract more attractive, China plans the yuan to be fully convertible in gold on the Shanghai and Hong Kong exchanges.
Last month, the Shanghai Futures Exchange and its subsidiary Shanghai International Energy Exchange, INE, successfully completed four tests in production environment for the crude oil futures, and the exchange continues with preparatory works for the listing of crude oil futures, aiming for the launch by the end of this year.
“The rules of the global oil game may begin to change enormously,” Luke Gromen, founder of U.S.-based macroeconomic research company FFTT, told Nikkei Asia Review.
The yuan-denominated futures contract has been in the works for years, and after several delays, it looks like it may be launched this year.
Some potential foreign traders have been worried that the contract would be priced in yuan.
But according to analysts who spoke to Nikkei Asian Review, backing the yuan-priced futures with gold would be appealing to oil exporters, especially to those that would rather avoid U.S. dollars in trade.
“It is a mechanism which is likely to appeal to oil producers that prefer to avoid using dollars, and are not ready to accept that being paid in yuan for oil sales to China is a good idea either,” Alasdair Macleod, head of research at Goldmoney, told Nikkei.
And the american empire rolls back.
The United States has lots and lots and lots of petroleum, both in active production and in proven accessible reserves.
China doesn’t.
We have the advantage, and that advantage could make their gold our gold (at least if we had the sense to make our own products instead of importing most of them from China).
“This means war.” —- Admin
A literal shooting war, or economic war?
TIA
Shooting war. Without the USD dominating world trade, our power is greatly diminished. That is why Hussein and Ghadafi were taken out. It won’t be so easy with an allied China and Russia.
“It won’t be so easy with an allied China and Russia.”
– it won’t happen at all.
So, who benefits from increasingly hostile US-Russian relations? Who in Congress is driving the increasing US hostility toward Russia?
Ever wonder why these, nominally American, politicians would push policies that are clearly not in America’s best interest?
http://www.newsweek.com/china-israel-military-technology-beijing-jerusalem-saul-eisenberg-weapons-607117
http://www.jewishvirtuallibrary.org/israel-china-relations
http://www.reuters.com/article/us-china-investment-israel-idUSKBN187080
http://www.timesofisrael.com/topic/china-israel-technology/
Just coincidences, though.
As I understand it, the entire mil/industrial complex is a subset of the international banksters (Rothschild) and their U.S. lackeys (Rockefeller, Soros, etc.). I hope that answers your question.
Trump is already squeezing China in Venezuela, Mexico, with 301 investigations, with increasing closeness to China’s rival India, by placing THAD in SK. He just tweeted that he is considering ceasing all trade with any nation that trades with China. Up next, possible switch of Most Favored Nation from China to India. Bilateral trade agreement started at the ASEAN conference in November.
Trump’s most recent trade tweet was timed for maximum impact, just before China’s five year congress where Xi is going to convince them to give him more than the usual five year second term.
Want more? Start offering medium range balistic missles to nations that feel bullied by China. Anyone worried about being the next Tibet? We can set you up with just the same juice China got for the NORK’s for just the same reasons. When Tiwan and Uzbeckistan have H bomb tipped medium range missles and Buhtan is asking, China might wish it had played this hand different.
We’ll head them off at the pass, the middle east. We have bases in Iraq and Afghanistan, we are losing Syria but we’re in Egypt, SA and will soon move into Iran again.
NATO covers most of Eastern Europe, now if only the Germans don’t fuck us over in favor of Russia..
They are doing the same thing that Kadaffi was doing with his Pan African dinar, but they are too big to be “dealt with” the way he and Hussein were. (the latter was going to use the Euro, but same principle)
The wars, however they will manifest, are
based on oil, gas, and who controls the pipelines.
The USA has a very poor reputation in the world,
and the BS propaganda against Russia eg isn’t
helping.
Genie Energy is an American Co. based in New Jersey.
https://en.wikipedia.org/wiki/Genie_Energy
Note the major stockholders, and who sits on the
board. It is all about energy, for without that we
go back to pack horses. 🙂
No war. Part of the plan IMO.
I suspect this is another step in the realignment of the international monetary framework as suggested by Jc Collins. The USA signed off on the IMF 2010 code of reforms in December of 2015. The dollar is and will continue to undergo changes including loss of reserve currency status and loss of petro dollar supremacy as the world transitions to the SDR system. The world has to de-dollarize at some point and the US signed off on this in 2015.
China didn’t spend the last decade accumulating mass quantities of gold for nothing. There is more and more talk of gold being monetized again. It makes perfect sense to monetize gold to help build faith and confidence in the new system. Once sufficient confidence has been built gold will again be decoupled from the new fiat.
tRump has said he wants to rebuild our export economy and that can only be done through devaluation of ye olde dollar so now might be prudent to convert any extra cash you have to gold. YMMV.
Mnuchin said the gold is all there in Ft Knox. Of course repatriating Venezuela’s gold didn’t help Chavez or Maduro at all. Therefore, we can paraphrase the old adage to, missiles talk, bullshit walks.