! ! ! Shocking news! ! !

China has declared with great force! It is determined to carry out the de-dollarization to the end! And officially announced a new mechanism - that is, oil exporting countries that accept RMB as oil settlement!

This new mechanism of China will completely bypass the US dollar and the US financial system... Therefore, for many oil producers, the attraction of the petro-yuan system will far exceed the petro-dollar system! I would like to call this system China's "gold substitute" for the petro-dollar. No matter how you call this system, it will allow large-scale oil transactions with gold as the settlement, rather than settlement in US dollars!

Coupled with Saudi Arabia's decisive cancellation of the US dollar agreement, this will undoubtedly bring a huge impact of devastating level to the US dollar!

Giambruno said bluntly: I firmly believe that it is time for gold to play a more critical role in the global monetary system!

But the problem is that giving up the petro-dollar will inevitably have a very negative impact on the US economy. Imagine if Italy plans to buy oil from Kuwait... or Argentina hopes to buy oil from Brazil... then they must first buy US dollars in the foreign exchange market!

This process creates an incredibly large artificial market for the dollar. This means that the United States can simply print dollars and then exchange them for physical goods such as French wine, Italian cars, Korean electronics, or Chinese-made goods. Unlimited printing of dollars creates a deeper and more liquid market for US Treasuries, which in turn drives up prices... drives up yields... and allows the US federal government to run huge 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 US dollars. However, now, 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!

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