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  1. #1
    Sinner's Swing! Jesus H Christ's Avatar
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    12.16.17 @ 06:39 AM
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    Default U.S dollar no longer used in oil trading???

    ARAB STATES LAUNCH SECRET MOVES WITH CHINA, RUSSIA, FRANCE TO STOP USING DOLLAR FOR OIL TRADING... DEVELOPING...

    Per Drudge



    If this is true, the dollar is going to crash soon.
    "The less I needed, the better I felt." ~ Charles Bukowski.

  2. #2
    Sinner's Swing! Jesus H Christ's Avatar
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    12.16.17 @ 06:39 AM
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    http://www.independent.co.uk/opinion...r-1798200.html

    In the most profound financial change in recent Middle East history, Gulf Arabs are planning along with China, Russia, Japan and France to end dollar dealings for oil, moving instead to a basket of currencies including the Japanese yen and Chinese yuan, the euro, gold and a new, unified currency planned for nations in the Gulf Co-operation Council, including Saudi Arabia, Abu Dhabi, Kuwait and Qatar.

    Secret meetings have already been held by finance ministers and central bank governors in Russia, China, Japan and Brazil to work on the scheme, which will mean that oil will no longer be priced in dollars.

    The plans, confirmed to The Independent by both Gulf Arab and Chinese banking sources in Hong Kong, may help to explain the sudden rise in gold prices, but it also augurs an extraordinary transition from dollar markets within nine years.

    The Americans, who are aware the meetings have taken place although they have not discovered the details are sure to fight this international cabal which will include hitherto loyal allies Japan and the Gulf Arabs. Against the background to these currency meetings, Sun Bigan, China's former special envoy to the Middle East, has warned there is a risk of deepening divisions between China and the US over influence and oil in the Middle East. "Bilateral quarrels and clashes are unavoidable," he told the Asia and Africa Review. "We cannot lower vigilance against hostility in the Middle East over energy interests and security."

    This sounds like a dangerous prediction of a future economic war between the US and China over Middle East oil yet again turning the region's conflicts into a battle for great power supremacy. China uses more oil incrementally than the US because its growth is less energy efficient. The transitional currency in the move away from dollars, according to Chinese banking sources, may well be gold. An indication of the huge amounts involved can be gained from the wealth of Abu Dhabi, Saudi Arabia, Kuwait and Qatar who together hold an estimated $2.1 trillion in dollar reserves.

    The decline of American economic power linked to the current global recession was implicitly acknowledged by the World Bank president Robert Zoellick. "One of the legacies of this crisis may be a recognition of changed economic power relations," he said in Istanbul ahead of meetings this week of the IMF and World Bank. But it is China's extraordinary new financial power along with past anger among oil-producing and oil-consuming nations at America's power to interfere in the international financial system which has prompted the latest discussions involving the Gulf states.

    Brazil has shown interest in collaborating in non-dollar oil payments, along with India. Indeed, China appears to be the most enthusiastic of all the financial powers involved, not least because of its enormous trade with the Middle East.

    China imports 60 per cent of its oil, much of it from the Middle East and Russia. The Chinese have oil production concessions in Iraq blocked by the US until this year and since 2008 have held an $8bn agreement with Iran to develop refining capacity and gas resources. China has oil deals in Sudan (where it has substituted for US interests) and has been negotiating for oil concessions with Libya, where all such contracts are joint ventures.

    Furthermore, Chinese exports to the region now account for no fewer than 10 per cent of the imports of every country in the Middle East, including a huge range of products from cars to weapon systems, food, clothes, even dolls. In a clear sign of China's growing financial muscle, the president of the European Central Bank, Jean-Claude Trichet, yesterday pleaded with Beijing to let the yuan appreciate against a sliding dollar and, by extension, loosen China's reliance on US monetary policy, to help rebalance the world economy and ease upward pressure on the euro.

    Ever since the Bretton Woods agreements the accords after the Second World War which bequeathed the architecture for the modern international financial system America's trading partners have been left to cope with the impact of Washington's control and, in more recent years, the hegemony of the dollar as the dominant global reserve currency.

    The Chinese believe, for example, that the Americans persuaded Britain to stay out of the euro in order to prevent an earlier move away from the dollar. But Chinese banking sources say their discussions have gone too far to be blocked now. "The Russians will eventually bring in the rouble to the basket of currencies," a prominent Hong Kong broker told The Independent. "The Brits are stuck in the middle and will come into the euro. They have no choice because they won't be able to use the US dollar."

    Chinese financial sources believe President Barack Obama is too busy fixing the US economy to concentrate on the extraordinary implications of the transition from the dollar in nine years' time. The current deadline for the currency transition is 2018.

    The US discussed the trend briefly at the G20 summit in Pittsburgh; the Chinese Central Bank governor and other officials have been worrying aloud about the dollar for years. Their problem is that much of their national wealth is tied up in dollar assets.

    "These plans will change the face of international financial transactions," one Chinese banker said. "America and Britain must be very worried. You will know how worried by the thunder of denials this news will generate."

    Iran announced late last month that its foreign currency reserves would henceforth be held in euros rather than dollars. Bankers remember, of course, what happened to the last Middle East oil producer to sell its oil in euros rather than dollars. A few months after Saddam Hussein trumpeted his decision, the Americans and British invaded Iraq.


    More bad news
    http://www.independent.co.uk/opinion...r-1798200.html
    "The less I needed, the better I felt." ~ Charles Bukowski.

  3. #3
    Atomic Punk Dave's Dreidel's Avatar
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    12.16.17 @ 06:36 AM
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    The problem with the world "free trade" markets is that they truly are not free markets. All governments manipulate their currency value to their own advantage.

    However, that being said, if the US does not get its debt under control, we will no longer be the world's economic power for long.
    Taylor Swift is nice to look at. Adele can sing.

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  4. #4
    Atomic Punk
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    12.11.17 @ 04:37 PM
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    fucking insane...
    "Watch what people are cynical about, and one can often discover what they lack. -- Gen. George S. Patton

  5. #5
    Forum Frontman It's Mike's Avatar
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    12.16.17 @ 10:37 AM
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    i don't buy it. if they move away from the dollar it'll be for one currency (likely the Euro) not some basket of currencies plus gold plus silver plus a copy of Fair Warning.

  6. #6
    Hang 'Em High jetguy5150's Avatar
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    12.15.17 @ 11:56 AM
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    Quote Originally Posted by It's Mike View Post
    i don't buy it. if they move away from the dollar it'll be for one currency (likely the Euro) not some basket of currencies plus gold plus silver plus a copy of Fair Warning.
    It won't be Fair Warning. It will be the limited edition Van Halen 3 in the metal tin. Ask OLO about it.
    Signature not currently available. You aren't missing much.

  7. #7
    Hot sauce on everything Red's Avatar
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    12.06.17 @ 06:36 AM
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    Quote Originally Posted by jetguy5150 View Post
    It won't be Fair Warning. It will be the limited edition Van Halen 3 in the metal tin. Ask OLO about it.
    Those Japanese Sammy remasters may come into play here as well.

    I'm going to stock up on ammo, and I will no longer eat General Tso's Chicken!

  8. #8
    Good Enough VH Wahoo's Avatar
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    08.31.15 @ 02:01 PM
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    Oil states say no talks on replacing dollar

    Oil states say no talks on replacing dollar
    By Simon Rabinotvitch and Wayne Cole

    ISTANBUL/SYDNEY (Reuters) - Big oil producing nations denied on Tuesday a newspaper report that Gulf Arab states were in secret talks with Russia, China, Japan and France to replace the U.S. dollar with a basket of currencies in trading oil.

    The U.S. dollar eased in response to the report, which was written by The Independent's Middle East correspondent Robert Fisk and cited unidentified sources in Gulf Arab states and Chinese banking sources in Hong Kong.

    It said the proposal was for trade in crude oil to move over nine years to a basket of currencies including the Japanese yen, the Chinese yuan, the euro, gold and a new, unified currency planned for nations in the Gulf Co-operation Council, which includes Saudi Arabia and Kuwait.

    But top officials of Saudia Arabia and Russia, speaking on the sidelines of International Monetary Fund meetings in Istanbul, denied there were such talks.

    Asked by reporters about the newspaper story, Saudi Arabia's central bank chief Muhammad al-Jasser said: "Absolutely incorrect." He repeated the same response when asked whether Saudi Arabia was in such talks.

    Russia's deputy finance minister Dmitry Pankin said: "We did not discuss this at all."

    Algerian Finance Minister Karim Djoudi told Reuters: "Oil producing countries need to stabilize revenues but...I don't see a need for oil trade to be denominated differently.

    "But we are at the IMF conference where all sorts of subjects are raised and discussed," he added.

    SLIP

    The U.S. dollar slipped in the wake of the newspaper story. The euro edged up as high as $1.4749 in European trade from $1.4662 before the story appeared.

    The euro fell back to $1.4701 when the Saudi Arabian and Russian officials denied the story, but it subsequently resumed strengthening because of the currency market's continued concern over the dollar's trend.

    Russia has in the past publicly raised the idea of shifting its oil trade away from the dollar because of the weakness and volatility of the currency, which has been undermined by the U.S. trade and budget deficits.

    China, holder of the world's biggest foreign exchange reserves, has suggested that in the long term, the dollar should lose its role as the globe's top reserve currency.

    A main focus of the talks among global finance officials in Istanbul has been correcting big trade imbalances that can destabilize the world economy. Many economists think the dollar may have to weaken further to reduce the imbalances.

    However, analysts said that while individual countries would find it relatively easy to stop using the dollar in settling their oil trades, as Iran has already done, replacing the currency in which oil is priced would require a massive effort.

    The newspaper story did not make clear how the change would work, and many analysts doubted it would occur any time soon.

    "I don't think we will see much concrete action coming out of such discussions because even when the dollar is weak, it doesn't mean that commodities are undervalued," said David Moore, commodities analyst at Commonwealth Bank of Australia.

    "In fact, when the dollar weakens, commodities prices tend to increase by a higher ratio."

    And apart from the strong political links between Gulf nations and the United States, the lack of convertibility for many Gulf currencies and the yuan tops the list of practical hurdles to making such a shift.

    Saudi Arabia and some other Gulf states now peg their currencies to the dollar.

    "First, they will need to select a basket of currencies, and issues surrounding that are: which are the currencies to be included in the basket and what ratios to use," said Victor Shum, energy analyst at Purvin & Gertz Consultancy in Singapore.

    "It's already a big hurdle just to move oil from one currency to another, let alone a basket of currencies. If there was already a significant proportion of global oil trade being priced in non-U.S. dollar now, than perhaps there would be more pressure to price crude in another currency. But we're still far from that."

    Sources with refiners in Japan, China and South Korea all said they had not been approached by any oil suppliers about changing the terms of their settlement for crude oil purchases.

    SECRET MEETINGS

    "Secret meetings have already been held by finance ministers and central bank governors in Russia, China, Japan and Brazil to work on the scheme, which will mean that oil will no longer be priced in dollars," said the newspaper story, adding that France had also been involved in the talks.

    The Independent said U.S. authorities were aware that the meetings had taken place but had not discovered the details and were "sure to fight this international cabal."

  9. #9
    Hang 'Em High jetguy5150's Avatar
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    12.15.17 @ 11:56 AM
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    Of course they are going to deny it. Not saying it is true but I know that when a plan is announced prior to anyone wanting it to be announced it is usually denied.
    Signature not currently available. You aren't missing much.

  10. #10
    Sinner's Swing! graeme's Avatar
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    11.19.17 @ 09:41 AM
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    Special drawing rights, which the IMF has the power to control, based on a collection of currencies and commodities, will be the thing of the future I believe.

    People thought the Euro was fantasy, even only a short time before it became a reality, and SDRs are coming, no doubt about it.

    Whether that is good or bad for world trade is a whole other argument.

    A link to the imf site..

    http://www.imf.org/external/np/exr/facts/sdr.htm
    A man could lose himself in a country like this.

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  11. #11
    Baluchitherium
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    12.13.17 @ 02:13 AM
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    I've been hearing this since before the election from the Ron Paul guy that sits next to me at work.

    He also said he believed the Bush administration might suspend the elections to be able to stay in power.

    He has said lots of entertaining things.
    Posted from yo' mama's house.


  12. #12
    Hang 'Em High janthraxx's Avatar
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    11.18.14 @ 07:57 PM
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    Quote Originally Posted by Red View Post

    I'm going to stock up on ammo...
    This is a very smart idea. I plan to do the same, soon as I get some goddamn expendable income
    "Suck a fat one, faggot."
    -MikeL, showing off that sharp wit of his.

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  13. #13
    Eruption
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    10.05.17 @ 11:44 AM
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    Supposedly Saddam Hussein wanted to do this 10 years ago. He was pushing for it hard, and that's why W invaded Iraq, to remove Hussein from power and protect the US Dollar. I don't know how true that is, but it's what I heard somewhere.

    I still don't agree with the whole Iraq invasion and occupation thing.
    Your favorite band sucks.

  14. #14
    Atomic Punk Dave's Dreidel's Avatar
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    12.16.17 @ 06:36 AM
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    Default

    At some point we will probably have one world currency.
    Taylor Swift is nice to look at. Adele can sing.

    Emperor Brett - "I can't believe you guys are analyzing song-by-song Van Halen III? What next, analyzing the script of Stroker Ace looking for some shred of Citizen Kane?"

    David Lee Roth did the impossible. He made Van Halen better. Deal with it!

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  15. #15
    Forum Frontman It's Mike's Avatar
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    12.16.17 @ 10:37 AM
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    Quote Originally Posted by Dave's Dreidel View Post
    At some point we will probably have one world currency.
    good luck getting consensus on that.

 

 

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