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Is Saudi Arabia and China looking to ditch the dollar in a new oil deal?

#41
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WhiteExpert said:
Saudi Arabia, well, probably not. Their currency is pegged to the US dollar and they definitely do not see any interest in that. Quite the opposite: they would prefer to sell the oil in the US dollar.
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Houtis just proved that Patriot are pure bs. Saudis better get RMB fast to buy S400 from uncle Vlad…
 
#42
Golden Fleece said:
The odds of any Western nation allowing itself to be forced to use Rubles to pay for Russian energy is zero.

In fact, just today French President Macron said that France would take control of some firms in France's energy sector to bolster the nation's energy independence. Russia will not dictate the terms.

Russia continues to shoot itself in the foot. Putin misunderstands the resolve of the West just like the West misunderstands the resolve of China.
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Nationalizing is the step right before widespread shortages appear. Socialist regimes do this frequently when squeezes show up.
(Instead of liberalizing).
 
#44
I would say happy hunting to Europe. US doing good with new LNG deal they struck with EU. But reality is a bummer to deal with once you read beyond headlines ;).


---- quote start

US Aid Will Help Europe Replace Russian LNG but Not Pipeline Gas​


The announcement Friday that the United States will help Europe find alternative sources for the 15 billion cubic meters of liquefied natural gas (LNG) that it imports from Russia every year sparked hopes that the region can reduce its reliance on Russia for energy — but it does nothing to reduce the vastly larger amount of pipeline gas that Europe buys from Moscow.

---- quote end

EuroKiss said:
Houtis just proved that Patriot are pure bs. Saudis better get RMB fast to buy S400 from uncle Vlad…
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Below is interesting article from 2019 on Patriot system...lol.

Why U.S. Patriot missiles failed to stop drones and cruise missiles attacking Saudi oil sites​


https://www.nbcnews.com/think/opini...ia-shows-short-range-air-defenses-ncna1057461

I am still waiting for the China official visit after Ramadan. What they could announce could be very interesting for RMB perhaps.
 
#46
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#47
EuroKiss said:
But sanctions are not “blackmail”… doh948""
Europedos are chocking themselves with their own hypocrisy…time to move the rest of my family towards more civilized lands…
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No hypocrisy involved. Consult a legal dictionary. Blackmail stems from evil intent. Imposing sanctions to prevent murder, mayhem, and destruction is not blackmail. Imposing retribution to continue your murder, mayhem, and destruction is blackmail. Similar to the concept of self-defense versus murder.

It seems that you do not know the true meaning of civilized.
 
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#51
"The USD is crashing you guys! Everybody is ditching the dollar! US Dollar days are numbered"

I've heard this at least 50 times in the last decade by many "smart" "intelligent" "independent thinkers" and "rich hedge fund managers".

Meanwhile this is how the DOLLAR INDEX looks since 1986:
1660469798887.webp
 
#53
GeneralGogol said:
Meanwhile this is how the DOLLAR INDEX looks since 1986:
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If there is to be some change in the global order then USD could even strengthen vs all currencies and commodities for a short while, just before the change. (e.g. dollar milkshake)

Even after things turn bad for the West, DXY might continue to rise. It is not out of the question for EUR and GBP to crash even faster than USD due to lack of natural resources.
 
#54
The simple fact is that there is no other alternative to the USD as the world reserve currency except for gold (at least in some ratio to paper currency) and SDRs (of which the USD would be one currency in the basket of currencies). Any expert who knows anything knows this fact. Why do you think that Russia and China are stockpiling gold?
 
#56
khinkali said:
Perhaps because they're planning to ditch USD.

Not necessarily soon. But possibly, suddenly.
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No, it is because they wish to participate in the next global reserve currency, whatever that might be. Gold shipments between countries can work as a form of paying for goods, which was the way that it was done hundreds of years ago, but these days that is only a stopgap measure at best.
 
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#57
Golden Fleece said:
Gold shipments between countries can work as a form of paying for goods, which was the way that it was done hundreds of years ago, but these days that is only a stopgap measure at best.
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It can work to pay for oil form places like VE and IR. But I agree, trade is so intricate, so layered, it's not going to be efficient to shave a few tenths of an ounce from a gold bar to pay each worker in 50 countries to get a smartphone made.

I'm not about to say "Bitcoin Bitcoin Bitcoin!!!". Yes, I think that asset backed blockchain could be the answer, in a few decades. But after USD and before commodity backed blockchain money, we'd be insane not to bet on CNY as the defacto world currency, once the PRC opens it up properly.
 
#58
khinkali said:
But after USD and before commodity backed blockchain money, we'd be insane not to bet on CNY as the defacto world currency, once the PRC opens it up properly.
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Personally, I believe that it would be insane to bet on CNY. China is a paper dragon. It has huge economic structural problems. At best, it will have a seat at the table when a new global reserve currency is created, e.g., the inclusion of CNY in the use of SDRs. Read post #20 in this thread:

https://www.offshorecorptalk.com/th...oney-from-crisis-hit-banks.38220/#post-225813
 
#59
khinkali said:
It can work to pay for oil form places like VE and IR. But I agree, trade is so intricate, so layered, it's not going to be efficient to shave a few tenths of an ounce from a gold bar to pay each worker in 50 countries to get a smartphone made.

I'm not about to say "Bitcoin Bitcoin Bitcoin!!!". Yes, I think that asset backed blockchain could be the answer, in a few decades. But after USD and before commodity backed blockchain money, we'd be insane not to bet on CNY as the defacto world currency, once the PRC opens it up properly.
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asset backed blockchain money simply will not work because you cannot verify the assets any better than today. I say I own xyz tons of gold and derive whatever shitcoin from it, but there is still a huge question of how to prove this fact and even worse such a proof being accepted.

Gold is also pretty useless in a digital age. Just to be thinking someone would ship 10kgs of gold on a ship to buy cars in Japan seems going back in time.
Unless the whole world devolves back into the middle ages.
 
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#60
JackAlabama said:
Gold is also pretty useless in a digital age. Just to be thinking someone would ship 10kgs of gold on a ship to buy cars in Japan seems going back in time.
Unless the whole world devolves back into the middle ages.
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It is not gold that would be the next global reserve currency, but a gold-backed currency (or SDRs). The amount of gold that a nation holds is what determines the public's faith in its currency.

That is why Russia and China are stockpiling gold. They want a seat at the table in the new regime.
 
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