UPDATE - China to start paying yuan for oil
No sooner had I penned my editorial on how "The Petroyuan Was Born This Week" then the next piece of the puzzle arrived: China is set to start buying oil directly with yuan this year. You may not know it, but this could be one of the most important stories of the decade.
SHOW NOTES: https://www.corbettreport.com/?p=26605
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Goodbye petrodollar. Goodbye stable US economy
I feel like we have been riding the razors edge pretty closely either way. The fact we just print money and issue debt as a policy is pretty mind blowing in itself.
Thank you for an informative set of posts on this issue which is a direct challenge to the hegemony of the U.S. empire over the global economy.
China has started a process that will take many years to come to fruition and will mean that the yuan is a much more liquid and globally used currency.
The global economy stands upon the brink of another devastating economic crash. The volatility in global stock and bond markets has been triggered by the rising cost of short term debt for banks and corporations. The 3 month Libor rate has been spiking this year. See the chart below from the Fed:
If it continues to rise then it will blow the Fed's plans for more interest rate rises out of the water. Keep an eye on the bond market and follow where the big institutional money goes. The global economy is so fragile and interconnected it cannot withstand any real increases in either public (via central banks) or private increases in interest rates. Rising interest rates will blow apart the current economic 'recovery' and plunge the world economy into a devastating crisis. Prepare yourselves now for what is to come
There are also many oil reserves in the South China Sea. In China, “green mountains are the Jinshan Yinshan Mountain” and electric vehicles are slowly replacing the fuel vehicles.
But it is so weird as Angola is in bed with everyone! they've been paying fines and meeting for new deals in America and yet the are heavy on deals with China. this makes me wonder wether these "super power countries are competing with each other or if they are just working together to keep the less developed countries at bay.
goodbye 500 billion defense budget
Thanks James, I think the game Might be ending now.
https://steemit.com/money/@erinscottsolar/alert-possible-major-inflection-point-silver-to-break-out-in-24-48-hours
Well, the PetroDollar monopoly system needs to be broken and that is a great step towards this movement
What will bring this process back to China's economy?
Great post! I'm happy to see more attention paid to the petroyuan. For something this significant, one would think there would be more press on the subject, but we live in occulted times.
Anyway, these posts on the petroyuan go well with an earlier post on the @c-change blog:
https://steemit.com/gold/@c-change/the-petroyuan-currency-reset-and-the-great-awakening
This is actually a really big deal...the US is screwed.