In Unprecedented Move, China Plans To Pay For Oil Imports With Yuan Instead Of Dollars

In Unprecedented Move, China Plans To Pay For Oil Imports With Yuan Instead Of Dollars:

A change in the default crude oil transactional currency – which for decades has been the “Petrodollar”, blessing the US with global reserve currency status – would have monumental consequences for capital allocations and trade flows.

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Dollar Plunges Most In 10 Months – Worst Start To A Year Since 1987

Dollar Plunges Most In 10 Months – Worst Start To A Year Since 1987:

This morning’s collapse in the dollar – the biggest daily drop since March 2017 – has extended the 2018 demise to 3.2%, the worst start to a year since 1987.

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Pakistan Ditches Dollar In Trade With China In Retaliation For Trump Twitter Meltdown

Pakistan Ditches Dollar In Trade With China In Retaliation For Trump Twitter Meltdown:

Less than a day after President Trump slammed Pakistan on Twitter for failure to combat terrorism, stating, “It’s not only Pakistan that we pay billions of dollars to for nothing, but also many other countries, and others,” and after it was revealed that the US will withhold $255 million in aid, Pakistan’s central bank announced it will be replacing the dollar with the yuan for bilateral trade and investment with China.

“SBP has already put in place the required regulatory framework which facilitates use of CNY in trade and investment transactions,” the State Bank of Pakistan (SBP) said in a press release late Tuesday, ensuring that imports, exports and financing transactions can be denominated in the Chinese currency.

“The SBP, in the capacity of the policy maker of financial and currency markets, has taken comprehensive policy related measures to ensure that imports, exports and financing transactions can be denominated in yuan,” Dawn news, Pakistan’s most widely read English-language daily, announced while quoting the SBP press release.

Read morePakistan Ditches Dollar In Trade With China In Retaliation For Trump Twitter Meltdown

Gold, Yuan, Or Crypto? Ron Paul Asks ‘What Will Replace Dollar Hegemony?’

Gold, Yuan, Or Crypto? Ron Paul Asks ‘What Will Replace Dollar Hegemony?’:

All Empires have collaborators and accomplices.

Creditors, vassals, and partners will play ball with the Empire if they see it in their interest to do so.

But once the Empire over-stretches militarily or financially (or both) the search for the exit door begins.

Ron Paul discusses the race to get away from the dollar on today’s Liberty Report…

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Pakistan considers dumping dollar for yuan in trade with China

Pakistan considers dumping dollar for yuan in trade with China:

The government of Pakistan is considering a proposal to start using the Chinese yuan in trade with China, according to the Interior Minister Ahsan Iqbal, as quoted by Pakistan’s English-language daily Dawn.

“We are examining the use of yuan instead of the US dollar for trade between the two countries,” the minister told the media after the official launch of the Long Term Plan (LTP) for the China-Pakistan Economic Corridor (CPEC).

Bilateral trade between Pakistan and China was worth $13.8 billion in 2015 to 2016, a decade after the countries signed a free trade agreement. Pakistan will continue to use the rupee domestically, according to Iqbal.

Read morePakistan considers dumping dollar for yuan in trade with China

Russia-China Real Gold Standard Means End Of US Dollar Dominance

Russia-China real gold standard means end of US dollar dominance:

The BRICS counties are considering starting an internal gold trading platform, according to Russian officials. When this happens, the global economy will be significantly reshaped, and the West will lose its dominance, predicts a precious metals expert.

In 2016, 24,338 tons of physical gold were traded, which was 43 percent more than in 2015, according to Claudio Grass, of Precious Metal Advisory Switzerland.

Gold moving from the West to the East

“We have to put the BRICS initiative into a broader context. It is just part of a geopolitical tectonic shift which started decades ago. We have seen a constant outflow of physical gold from the West to the East. At the same time, the West has lost the economic war, and as a consequence, the focus now turns to the financial system. China dominates the world economy and has displaced the US as the world’s most formidable economic powerhouse, he told RT.

The creation of a new gold standard by BRICS is also a step to end the US dollar’s domination of the global economy

Read moreRussia-China Real Gold Standard Means End Of US Dollar Dominance

De-Dollarization Continues: China, Iran To Eliminate Greenback From Bilateral Trade

De-Dollarization Continues: China, Iran To Eliminate Greenback From Bilateral Trade:

The more Washington lashes out in anger at those who will not bow to the unipolar world order, the more the rest of the world fights back. As the launch of its Yuan/Gold-settled oil futures looms, China is escalating its de-dollarization scheme further by seeking a bilateral rial-yuan agreement with Iran.

As a reminder, nothing lasts forever…

The World Bank’s former chief economist wants to replace the US dollar with a single global super-currency, saying it will create a more stable global financial system.

“The dominance of the greenback is the root cause of global financial and economic crises,” Justin Yifu Lin told Bruegel, a Brussels-based policy-research think tank.

“The solution to this is to replace the national currency with a global currency.”

The writing is on the wall for dollar hegemony. As Russian President Vladimir Putin said almost two months ago during the BRICs summit in Xiamen,

Read moreDe-Dollarization Continues: China, Iran To Eliminate Greenback From Bilateral Trade

“It’s A Huge Story”: China Launching “Petroyuan” In Two Months

– “It’s A Huge Story”: China Launching “Petroyuan” In Two Months:

“…the yuan-based oil contract will be a ‘wake up call’ for investors …besides serving as a hedging tool for Chinese companies, the contract will aid a broader Chinese government agenda of increasing the use of the yuan in trade settlement…it’s a ‘huge story’…”

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The Bitcoin “Smile” – Cryptocurrencies Surge As Dollar Purchasing Power Plunges

The Bitcoin “Smile” – Cryptocurrencies Surge As Dollar Purchasing Power Plunges

Don’t miss:

The Drive to Cryptocurrencies, Who is Really Driving This Bus, by Lynette Zang (Video)

The Economic Reset Has Been Planned By The Central Banks & Is Happening Right Now: Lynette Zang (Video)

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Russia Dropping Dollars in Seaports

Russia Dropping Dollars in Seaports:

In another interesting development, Russia has convinced the IMF and the World Bank to allow the ruble to be the world reserve currency. Okay, I know the collusion story really got you, but on a serious note, Putin made a move against the U.S. dollar. Theories have been floating around for years about trade settlements and whether they’d be in gold trade notes, SDRs, or continuing in dollars. Well, in a move that has taken some time, Russian President Vladimir Putin instructed the government to approve legislation that makes the ruble the main currency at all Russian seaports. The information was posted on the Kremlin website and reported by RT. Many Russian seaports are still priced in U.S dollars, even though they are state-owned. For this switch, there will be a transition phase for companies to meet their foreign currency obligations. According to this report, Putin had proposed this a year and a half ago, but it didn’t gain any momentum because the large transport companies preferred to keep their currencies in dollars. The Russian government made it a mission to make these companies understand the implications of holding dollars, even though these companies hated holding the volatile ruble. If the Russians no longer hold dollars and do settlements in rubles, it will force foreigners to hold rubles. This will create demand for rubles and stabilize it. The timing of this move makes one ponder as the relationship between Russia and the U.S. deteriorates. Does Putin want to create his own petroruble? Does Putin see the slide in the dollar as an opportunity to make the switch while other countries are divesting their dollar holdings?

Read moreRussia Dropping Dollars in Seaports

Jim Rickards: “Cracks In The Dollar Are Getting Larger”

Cracks In The Dollar Are Getting Larger:

Many readers are familiar with the original petrodollar deal the U.S made with Saudi Arabia.

It was set up by Henry Kissinger and Saudi princes in 1974 to prop up the U.S. dollar. At the time, confidence in the dollar was on shaky ground because President Nixon had ended gold convertibility of dollars in 1971.

Saudi Arabia was receiving dollars for their oil shipments, but they could no longer convert the dollars to gold at a guaranteed price directly with the U.S. Treasury. The Saudis were secretly dumping dollars and buying gold on the London market. This was putting pressure on the bullion banks receiving the dollar.

Confidence in the dollar began to crack. Henry Kissinger and Treasury Secretary William Simon worked out a plan. If the Saudis would price oil in dollars, U.S. banks would hold the dollar deposits for the Saudis.

Read moreJim Rickards: “Cracks In The Dollar Are Getting Larger”