Gold backed yuan oil trading

29  2017-09-16 by electromagneticpulse

China is saying they're going to allow payment for oil in yuan or gold or yuan converted to gold. They're not the first country to try, but the US won't be invading China and I don't think an outbreak of radical Muslims is going to happen in China.

I'm just wondering how huge is this news in reality. China is talking of dumping all gas vehicles, they just finished the largest charging station network, they're booking in the solar industry, etc. so is this really going to have a huge effect. China is the largest purchaser of oil, but by the sound of it they're going to be rapidly diminishing their need for it.

This news makes the massive increase in oil production out of Saudi Arabia (iirc) really look like they saw peak oil sales coming and pumped out as much as possible because their reserves are going to become worthless.

Is this to trigger another recession? It would really put pressure on Western governments. The last couple really concentrated wealth to the top, but people can only be squeezed so much. Another huge recession from a petrodollar crash could bring down governments.

What would really trigger an economic crash is the amount of Chinese money in Western property markets. If that got pulled out with a petrodollar crash it will be really hard times.

What does everyone else make of it? I'm sure I'm not seeing things because this is potentially massive

7 comments

1  Mannix58 2017-09-16

China has been working on this for about 15 years or more. They did their homework, and are in the final stages of getting rid of the american petro dollar. Backing the Juan with gold shows how to get more interest in oil sellers. Although countries have tried to use gold instead of the petro dollar didnt turn out well for Saddam, or Gaddafi, this wont be the outcome in China, they're not that easily intimidated, with their military, and backed by Russia.. the times are changing, and the US is not going to financially like it.

1  RealZenfar 2017-09-16

And it makes Juan happy too...

1  Mannix58 2017-09-16

Lol. Auto correct gets me in trouble all the thyme

1  Middleman79 2017-09-16

The USA knows it's monopoly on oil trading currency is doomed, hence why it's on a mission now to steal, cheat, occupy and generally fuck up anywhere they can get away with as quickly as possible, to drag out it out as long as possible. The end is nigh for their cultureless wasteland. They will be forgotten like the failed little empire they were.

1  meow_gifs_please 2017-09-16

Dam so much hate. This place has a lot of culture you just need to look. Secondly yes there is an agenda by the higher ups but for those who grew up in this country there's only so much you can do. Voting is scam as the person in control is literally a pawn for the rich and corporations to play with. Even though we are armed civilians we can over throw a government without great support from all the income classes.

1  pordante 2017-09-16

Soooooo I guess I need to start investing in gold and silver?

1  bearwave 2017-09-16

Perfect time.