China declares war on the Petrodollar

[merka]

https://asia.nikkei.com/amp/Markets...world-order-with-oil-benchmark-backed-by-gold

DENPASAR, Indonesia -- China is expected shortly to launch a crude oil futures contract priced in yuan and convertible into gold in what analysts say could be a game-changer for the industry.



The contract could become the most important Asia-based crude oil benchmark, given that China is the world's biggest oil importer. Crude oil is usually priced in relation to Brent or West Texas Intermediate futures, both denominated in U.S. dollars.

China's move will allow exporters such as Russia and Iran to circumvent U.S. sanctions by trading in yuan. To further entice trade, China says the yuan will be fully convertible into gold on exchanges in Shanghai and Hong Kong.

The end of the American empire is coming

 

[Yonis]

Wonder how washington will respond

 

[merka]

Wonder how washington will respond

China is too powerful for it to be invaded like Libya so there's not much Washington could do to stop it.

 

[leeroy jenkins]

https://asia.nikkei.com/amp/Markets...world-order-with-oil-benchmark-backed-by-gold


The end of the American empire is coming

I doubt this will change anything the US has the largest gold reserves in the world

 

[merka]

I doubt this will change anything the US has the largest gold reserves in the world

The major reason the US dollar is considered the world's currency is because you can only buy oil in USD

By doing this China is offering oil producing countries the option to sell their oil for gold instead of being forced to sell in USD

I don't think you understand how big this geopolitically

 

[Von]

China is too powerful for it to be invaded like Libya so there's not much Washington could do to stop it.

in a 1v1 fight America would still win, after six to twelve months of the air war to thin out the Chinese defenses and another year might be needed to inflict enough damage to Chinese infrastructure and economy to crash them. But to inflict serious damage, the USA would need to reach inside China that wouldn't happen without allies, However 1v1 Chinese's Navy would be in ruins, most of its Air Force and air defenses wiped out and part of its coastal infrastructure destroyed. The trade off would be dozens of US Navy's vessels sunk and tons combat planes lost, it would be a costly victory but a politically more realistic scenario with allies the Chinese defenses would crack faster

 

[Tjioux]

they will most likely start ww3

 

[supz]

https://asia.nikkei.com/amp/Markets...world-order-with-oil-benchmark-backed-by-gold


The end of the American empire is coming

daaaaaaamnn. checkmate.

 

[Genie]

looks like china needs liberating ,

 

[merka]

in a 1v1 fight America would still win, after six to twelve months of the air war to thin out the Chinese defenses and another year might be needed to inflict enough damage to Chinese infrastructure and economy to crash them. But to inflict serious damage, the USA would need to reach inside China that wouldn't happen without allies, However 1v1 Chinese's Navy would be in ruins, most of its Air Force and air defenses wiped out and part of its coastal infrastructure destroyed. The trade off would be dozens of US Navy's vessels sunk and tons combat planes lost, it would be a costly victory but a politically more realistic scenario with allies the Chinese defenses would crack faster

China is a nuclear power. If they go to war they'll destroy each other and the rest of the world as well

 

[Von]

China is a nuclear power. If they go to war they'll destroy each other and the rest of the world as well

It said that they don't work and are Soviet era so its next worthless

 

[merka]

It said that they don't work and are Soviet era so its next worthless

You actually believe that?

 

[Von]

You actually believe that?

The fact that they buy Russian equipment and reverse engineering them is all the evidence i need to say, even the Russian government stated they can't hope to recreate the Su-35 engine much less a full powered nuclear weapon or working ICBM. China needs to update its weapons like what America and Russia are doing.

 

[leeroy jenkins]

The major reason the US dollar is considered the world's currency is because you can only buy oil in USD

By doing this China is offering oil producing countries the option to sell their oil for gold instead of being forced to sell in USD

I don't think you understand how big this geopolitically

I don't think it that important sxb
The US has more oil and gold reserve then china, so it would be dumb for them to change the status quo.

 

[Edo Nene]

f*ck cpytocurrency, imma invest in gold

 

[Vanguard]

Russia and China signed a $400bn trade deal a couple of years ago and they've slowly been working on reducing their dependence on the dollar. Also earlier this year they replaced the dollar as their reserve currency.

f*ck cpytocurrency, imma invest in gold

Gold is used as a hedging strategy so you don't lose your wealth. Buy a shitload of the most promising coins and then leave them in a secure wallet for 3-5 years then retire

 

[Deactivated]

The Dollar will stay.

China's foreign reserves are 2% and Americas is foreign reserve is 74.4%.

Although it's much more complicated economically than this, China would tank the global markets if they started to trade oil in gold. The stock market is over valued at the moment, something like this would hasten the major correction coming and help the big banks.