#Gold
!!! Big news!!!
!!! Big news!!!
China made a high profile announcement! It will continue to de-dollarize! It announced a new mechanism,
- oil exporters that accept RMB as oil settlement
China's new mechanism will completely bypass the US dollar and the US financial system...so for many oil producers, the petro-RMB system will be more attractive than the petro-dollar system. I call this system China's "gold substitute" for the petro-dollar. Whatever you call this system, it will allow large-scale oil transactions settled in gold instead of dollars
Coupled with Saudi Arabia's cancellation of the dollar agreement, this will be a huge impact on the US dollar!
Gianbruno: I think it's time for gold to play a more important role in the global monetary system
The problem is that abandoning the petro-dollar will have a negative impact on the US economy. Imagine if Italy wanted to buy oil from Kuwait...or Argentina wanted to buy oil from Brazil...they first had to buy dollars in the foreign exchange market
This process creates a huge artificial market for the dollar. This means that the United States can simply print dollars and exchange them for physical goods such as French wine, Italian cars, Korean electronics, or Chinese-made goods. Unlimited printing of dollars also creates a deeper and more liquid market for U.S. Treasuries, which drives up prices... and drives up yields... and allows the U.S. federal government to run large and permanent fiscal deficits
Russia is one of the world's largest energy producers and China is the world's largest energy importer. Historically, they have only traded in dollars. The Shanghai International Energy Exchange futures contract will simplify and consolidate the intermediate process of selling oil to China in exchange for RMB or gold
If you want to dig deep in the currency circle, but can't find a clue, you can read my homepage introduction if you want to get started quickly and communicate with each other
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