Socio-Economics History Blog

Socio-Economics & History Commentary

Petrodollar End Looming as China & Allies Dump It in Oil Trading – Jim Rogers

https://www.rt.com/business/403465-dollar-end-china-crude-rogers/

Click on image for article.

September 16, 2017 Posted by | Economics, GeoPolitics | , , , , , , , , , , | Leave a comment

The Petrodollar Doomsday Clock Just Ticked Closer To Midnight

  • X22Report Published on Sep 14, 2017
    Corporate media put out a report that Trump agreed to help the dreamers, the problem is that he denies the report. US agrees with Russia on a peace keeping force in Ukraine. US sanctions on NK will not work because there is really no goal to the sanctions. Venezuela has just taken the next step and they will now sell their oil bypassing the dollar. The petrodollar doomsday clock just moved closer to midnight. Iraq parliament turns down the Kurd referendum and remove the Pro-Kurd governor. Russia deploys the Mig 29 in Syria. The IS says they will fight until the death, there will be no evacuation.

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September 16, 2017 Posted by | Economics, GeoPolitics | , , , , , , , , , , , , | Leave a comment

Game Changer! China to Buy Oil with Gold-Backed Yuan, Russia’s Backdoor Deals

  • DAHBOO777 Published on Sep 13, 2017
    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. 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. Learn More:

    https://www.rt.com/usa/403118-usa-chi…
    http://russia-insider.com/en/politics…
https://asia.nikkei.com/Markets/Commodities/China-sees-new-world-order-with-oil-benchmark-backed-by-gold

Click on image for article.

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September 14, 2017 Posted by | Economics, GeoPolitics | , , , , , , , , , | Leave a comment

Rob Kirby: Dark Dollars Propping Up Failing System. Silver The Most Underpriced Asset on the Planet

  • Rob Kirby: Dark Dollars Propping Up Failing System. Silver The Most Underpriced Asset on the Planet
    by Greg Hunter’s USAWatchdog.com 
    Forensic macroeconomic analyst Rob Kirby says few people have any idea how many “dark dollars” are out there. Kirby explains, “When you start talking about how many dollars there are in the world, nobody really knows.  I would suggest to you the real quantity of dollars in the world is much greater than anyone imagines.  A lot of these dollars are ‘dark,’ and they are held in the bowels of institutions like the Exchange Stabilization Fund (ESF).  So, the world may be cruising along thinking the total number of dollars in the world is ‘X,’ but the true amount in the world, if you count the dark ones, might be three or four times ‘X’.  This really means the money supply is much bigger than anyone understands or believes.”  Kirby contends that the so-called “dark dollars” are being used to prop up the Treasury bond market.  The ESF simply buys the debt and essentially hides it.


    Then there is the price rigging in the gold and silver markets. Kirby says, “To sell a Bitcoin, you must possess a Bitcoin.  If you have one Bitcoin, you cannot sell 500 of them.  That’s plain and simple.  This goes for JP Morgan or Citi Bank or Goldman Sachs, they can only sell Bitcoin that they own.  In the gold market, they can sell all the gold they want.  They can sell gold that doesn’t exist and will never be mined.”  Kirby points out this is how the big banks suppress the price of gold and silver.

    Kirby contends the U.S. dollar is a “rigged” game. Is it about to be knocked out by blockchain technology?  Kirby says, “Absolutely.  What the cryptos offer that the dollar doesn’t is decentralization.  It’s the centralized U.S. fiat dollar and the dollar standard that requires everybody in the world, who wants to buy commodities in international markets, must first purchase U.S. dollars.  Crypto currencies bypass the dollar and allow for transmission of ownership in a very rapid, cost effective manner.  They bypass the dollar completely.  What this really means is with the uptake and accelerated use of cryptos, countries will require less and less dollars in their reserve accounts to purchase the goods they want and need in the international marketplace.  What happens when people don’t need dollars anymore?  The dollars return home.  They come back to America . . . which ultimately means inflation will come to America.”

    read more.

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September 14, 2017 Posted by | Economics | , , , , , , , , , , , , | Leave a comment

The Econonic System Is Moving From West To East, This Is The End Game: Bill Holter

September 14, 2017 Posted by | Economics, GeoPolitics | , , , , , , , , , , , , , , , , , , , | Leave a comment

De-Dollarization Spikes: Venezuela Stops Accepting Dollars For Oil Payments

  • De-Dollarization Spikes – Venezuela Stops Accepting Dollars For Oil Payments
    by Tyler Durden, http://www.zerohedge.com/
    Did the doomsday clock on the petrodollar (and implicitly US hegemony) just tick one more minute closer to midnight?

    Apparently confirming what President Maduro had warned following the recent US sanctions, The Wall Street Journal reports that Venezuela has officially stopped accepting US Dollars as payment for its crude oil exports.

    As we previously noted, Venezuelan President Nicolas Maduro said last Thursday that Venezuela will be looking to “free” itself from the U.S. dollar next week. According to Reuters,

    “Venezuela is going to implement a new system of international payments and will create a basket of currencies to free us from the dollar,”
     Maduro said in a multi-hour address to a new legislative “superbody.” He reportedly did not provide details of this new proposal.


    Maduro hinted further that the South American country would look to using the yuan instead, among other currencies.

    read more.
http://www.washingtonexaminer.com/russia-us-setting-stage-for-venezuela-invasion/article/2632759

Click on image for article.

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September 14, 2017 Posted by | Economics, GeoPolitics | , , , , , | Leave a comment

Jim Willie: Death of the Dollar

  • INTERVIEW WITH KATHY RUBIO
    Sept 8th:  topics covered include the various ways in the which the USDollar shows strong signs of losing its global reserve currency status, as well as several of the Biblical Seven Bowls of ruinous contamination poured upon our planet Earth….. (hint: skip the first 4 minutes as opener)

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September 13, 2017 Posted by | Economics, GeoPolitics | , , , , , , , , , , , , , , , , , , , | Leave a comment

Dollar Decline, the Rise of China’s Gold Yuan + 5 Levels of Preparedness | Jerry Robinson

  • CRITICAL PREPARATIONS for Rise of Gold-Backed Chinese Yuan and Fall of US Dollar
    by http://www.silverdoctors.com/
    Jerry Robinson shares critical areas of preparedness that all Americans should engage in right now as the world ditches the US dollar. Sure, there may be plenty of toilet paper available, but from the most basic preps to financial readiness, Jerry has it covered…

    Jerry Robinson interviewed on Reluctant Preppers
    The subject of much resistance, even in the alternative media, the upcoming global embracing of the Chinese yuan-traded oil contract, convertible to gold on the Chinese gold exchanges, will have serious implications for people holding and using the US dollar.

    As Western and Eastern United States find out, some the hard way, that the only real time to prepare is before disaster strikes, the coming dollar collapse will have deep and lasting effects on everybody. It will be a financial disaster like no other.

    In this robust interview, Jerry and Dunagun discuss what actions every person should take right now to prepare for the inevitable. It may seem like there is still time, until all of the sudden there isn’t.

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September 13, 2017 Posted by | Economics, GeoPolitics, Social Trends | , , , , , , , , , , , , , | Leave a comment

US Threatens to ‘Cut China Off’ from Dollar If It Does Not Uphold Sanctions Against N. Korea

  • US Threatens to ‘Cut China Off’ from Dollar If It Does Not Uphold Sanctions Against N. Korea
    by https://www.rt.com/
    The US could impose economic sanctions on China if it does not implement the new sanctions regime against North Korea, the US Treasury Secretary has warned. Steven Mnuchin said the restrictions could involve cutting off Beijing’s access to the US financial system.

    “North Korea economic warfare works,”
     Mnuchin said Tuesday at the Delivering Alpha Conference in New York City. “We sent a message that anybody who wanted to trade with North Korea – we would consider them not trading with us.”

    The Treasury Secretary echoed the words of the US envoy to the UN, Nikki Haley, by calling the fresh round of sanctions against Pyongyang “historic.”Mnuchin added “if China doesn’t follow these sanctions, we will put additional sanctions on them and prevent them from accessing the US and international dollar system.”

    Washington has, so far, been reluctant to impose economic sanctions on China over concerns of possible retaliatory measures from Beijing and the potentially catastrophic consequences for the global economy.

    Washington runs a $350 billion annual trade deficit with Beijing. China also holds $1 trillion in US debt, which amounts to 28 percent of US Treasury bills, notes and bonds held by a foreign government.

    US lawmakers, however, seemed to be more inclined to exert pressure on Beijing and other countries striking deals with Pyongyang as they demand a “supercharged” response to North Korea’s nuclear tests, including imposing sanctions on companies from China and any other country doing business in North Korea.

    “I believe the response from the United States and our allies should be supercharged,”
     said Ed Royce, chairman of the House of Representatives Foreign Affairs Committee during a hearing Tuesday.


    “We need to use every ounce of leverage… to put maximum pressure on this rogue regime,”
     he said, adding that “time is running out.” Royce also called on Washington to target major Chinese banks, including the Agricultural Bank of China and the China Merchants Bank for dealing with Pyongyang.


    read more.

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September 13, 2017 Posted by | Economics, GeoPolitics | , , , , , | Leave a comment

The Petro-Dollar Is Dead, Dollar Devaluation, Pensions Lost, World Currency — James Rickards

  • Money Master Published on Sep 10, 2017
    The Petro Dollar Is Dead, Dollar Devaluation, Pensions Lost, World Currency

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September 13, 2017 Posted by | Economics, GeoPolitics | , , , , , , , , , , , , | Leave a comment

Warning: Bitcoin to Collapse | Alasdair MacLeod

  • FinanceAndLiberty.com Published on Sep 11, 2017
    Bitcoin is not money and never will be, says London Analysts Alasdair MacLeod. MacLeod explains why cryptocurrencies are a bubble. Either the bubble will collapse by itself or governments will destroy cryptocurrencies. But the general public hasn’t yet jumped on the cryptocurrency bandwagon. “When the ordinary man in the street starts playing, you know it’s time to get out,” he says. As for governments putting a stop to cryptocurrencies, MacLeod says it’ll be years before there’s an international agreement on such a matter.

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September 13, 2017 Posted by | Economics | , , , , , , , , , , , | Leave a comment

The Petro-Dollar is Close to Its End

  • The Petro-Dollar is Close to Its End
    by Finian Cunningham, http://tapnewswire.com/, 8 July 2017
    China and Russia have already ditched the US dollar in their vast energy trade. Now China is leveraging Saudi Arabia to also abandon the greenback for oil sales. No wonder, it seems, that US policies are increasingly lashing out.

    US global power depends on its presumed economic prowess and military force. With its economy in long-term decline, precipitated by the teetering dollar, the US rulers are relying increasingly on militarism to project power. That tendency is pushing the world to war.

    The challenge is to somehow steer the American military monster into a safe berth without eliciting a world war.

    The US decline is of historic proportions – on par with the demise of other past empires – and it stems from the looming collapse of the petrodollar system, which has given the US unprecedented privileges over the past decades since the Second World War.

    It is no coincidence that a surge in global tensions over recent years comes at a time when the American economy is staring into an abyss. The key to the survival of the US economy as we know it is the status of the American dollar as the world’s top reserve currency.

    The so-called petrodollar system, in which the world’s most traded commodity oil and gas are conducted primarily through American currency, appears to be coming to an end. That decades-old system is being challenged by the rise of China, Russia, India, Iran and others. If the petrodollar and its global privileges are displaced then the United States is facing an economic apocalypse.

    It should be said that there is nothing illegitimate about challenging this American unipolar dominance. Why should countries be forced to conduct their international trade primarily with the US dollar owing simply to historical circumstances during the 1970s that gave rise to the petrodollar system? That system works, in effect, like a global tax that the US imposes on all other nations because they are compelled to purchase American-printed banknotes.

    Perhaps no two other countries have done more to forge a multipolar global order than China and Russia. China is the biggest oil importer and Russia is the world’s biggest fuel exporter. When they announced last year that oil trade would be henceforth conducted in their own national currencies of yuan and rouble that development marked a nail in the dollar’s coffin.

    Now, only a few weeks ago, China and Saudi Arabia – the world’s second-biggest oil producer – reportedlylaunched earnest negotiations for future energy fuel trade to be conducted in yuan. Commentators say Saudi Arabia has little choice in the matter, since China has been progressively reducing the kingdom’s market share with other oil exporters, like Russia and Iran. If the Saudis want to maintain exports to the world’s biggest economy, then they will have to do their business in Chinese currency, not the US dollar as they have customarily done.

    Randy Martin, an American political analyst, said the long-anticipated decline in the petrodollar is picking up pace.

    “The petrodollar is in decline, and consequently the entire financial system that undergirds the western economies,” Martin said. “China and Russia have laid the global economic foundation for the new ‘Silk Road’ and the emergence of a new Eurasian economy that puts the US and its petrodollar on the outside. That leaves the US dollar and its economy in tatters as long as the US insists on trying to maintain its unipolar quest for global economic dominance. To be clear, what China and Russia have successfully done is to unravel the economic foundation of US global hegemony.”

    read more.

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September 13, 2017 Posted by | Economics, GeoPolitics | , , , , , , , , , , , , , | Leave a comment

Dear President Trump: America is in for a Rude Awakening in January

  • Dear President Trump: America is in for a Rude Awakening in January
    by , https://dailyreckoning.com/
    Dear President Trump,

    Over the last couple of years I’ve been all over TV… from Fox News to CNBC, CNN and Bloomberg. I’ve been telling our fellow Americans that the financial global elite was planning to issue their own globalist currency called special drawing rights, or SDRs.

    And that those elites would use this new currency to replace the U.S. dollar as the global reserve currency. I’ve even written about this extensively in my best-selling books The Road to Ruin and The New Case for Gold.

    I’m sure some people in the mainstream media thought I was out of line — but the United Nations and the International Monetary Fund (IMF) have both confirmed this plan to replace the U.S. dollar is real. I’ve made this warning many times, but it seems to be falling on deaf ears. That’s why I’m writing directly to you.

    Here’s the proof that the U.S. dollar is under attack, right in front of our eyes:

    The UN said we need “a new global reserve system… that no longer relies on the United States dollar as the single major reserve currency.”

    And the IMF admitted they want to make “the special drawing right (SDR) the principal reserve asset in the [International Monetary System].”

    More recently, the IMF advanced their plan by helping private institutions, such as the UK’s Standard Chartered Bank, issue bonds in SDRs.

    Although our mainstream media ignored this major event, the UK media reported:

    read more.

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September 12, 2017 Posted by | Economics, GeoPolitics | , , , , , , , , | Leave a comment

Venezuela Plans to Drop US Dollar in Trades

US-Pentagram: “It’s time to invade Venezuela … urr.. I mean attack those terrorists in Venezuela to liberate the country from their dictators, for peace, democracy, freedom, apple pies … and liberty fries …”

  • PressTV News Videos Published on Sep 9, 2017
    The Venezuelan government says it will sell oil, gas and other products in currencies other than the US dollar to counter US sanctions.

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September 11, 2017 Posted by | Economics, GeoPolitics | , , , | Leave a comment

De-Dollarization Continues As More Countries Separate Themselves From The Dollar

  • X22Report Published on Sep 9, 2017
    American’s had to borrow big in July.  Wholesale inventories jumped to the highest since the November slide. Atlanta Fed is now reporting a 3.0 GDP number, completely manipulated. War on cash in India completely backfires the economy is falling apart. Venezuela pushes the agenda of bypassing the dollar and using other currencies. Iran, South Korea sign banking cooperation to bypass the dollar. More countries are moving to other currencies to protect themselves from the collapsing dollar.

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September 11, 2017 Posted by | Economics, GeoPolitics | , , , , , , , , , , , , , , , , , , , | Leave a comment