Dollar no longer primary oil currency as China begins to sell oil using Yuan

Dollar no longer primary oil currency

as China begins to sell oil using Yuan

Courtesy of TIme, Facts Global Energy

Oil Sources for China.

 

Kenneth Schortgen JrFinance Examiner

September 12, 2012

On Sept. 11, Pastor Lindsey Williams, former minister to the global oil companies

during the building of the Alaskan pipeline, announced the most significant event

to affect the U.S. dollar since its inception as a currency. For the first time since

the 1970's, when Henry Kissenger forged a trade agreement with the Royal house

of Saud to sell oil using only U.S. dollars, China announced its intention to bypass

the dollar for global oil customers and began selling the commodity using their own

currency.

Lindsey Williams: "The most significant day in the history of the American

dollar, since its inception, happened on Thursday, Sept. 6. On that day,

something took place that is going to affect your life, your family, your

dinner table more than you can possibly imagine."

"On Thursday, Sept. 6... just a few days ago, China made the official

announcement. China said on that day, our banking system is ready,

all of our communication systems are ready, all of the transfer systems

are ready, and as of that day, Thursday, Sept. 6, any nation in the world

that wishes from this point on, to buy, sell, or trade crude oil, can do using

 the Chinese currency, not the American dollar. -

 Interview with Natty Bumpo on the Just Measures Radio network, Sept. 11

This announcement by China is one of the most significant sea changes in the

global economic and monetary systems, but was barely reported on due to its

announcement taking place during the Democratic convention last week. The

ramifications of this new action are vast, and could very well be the catalyst that

brings down the dollar as the global reserve currency, and change the entire

landscape of how the world purchases energy.

Ironically, since Sept. 6, the U.S. dollar has fallen from 81.467 on the index to

today's price of 79.73. While analysts will focus on actions taking place in the

Eurozone, and expected easing signals from the Federal Reserve on Thursday

regarding the fall of the dollar, it is not coincidence that the dollar began to lose

strength on the very day of China's announcement.

Since China is not a natural oil producing nation, the question most people will

ask is how will the Asian economic power get enough oil to affect dollar hegemony?

That question was also answered by Lindsey Williams when he pointed out a new

trade agreement that was signed on Sept. 7 between China and Russia, in which

the Russian Federation agreed to sell oil to China in any and all amounts they

desired.

Lindsey Williams: "This has never happened in the history of crude oil.

Since crude oil became the motivating force behind our (U.S.) entire

economy, and everything in our lives revolves around crude oil. And since

crude oil became the motivating factor behind our economy... never, ever

has crude oil been sold, bought, traded, in any country in the world, without

using the American dollar."

"Crude oil is the standard currency of the world. Not the Yen, not the Pound,

not the Dollar. More money is transferred around the world in crude oil than

in any other product.""On Friday, Sept. 7, Russia announced, that as of today,

we will supply China with all of the crude oil that they need, no matter how

 much they want... there is no limit. And Russia will not sell or trade this crude

oil to China using the American dollar."

-Interview with Natty Bumpo on the Just Measures Radio network, Sept. 11

These duo actions by the two most powerful adversaries of the U.S. economy and

empire, have now joined in to make a move to attack the primary economic

stronghold that keeps America as the most powerful economic superpower. Once

the majority of the world begins to bypass the dollar, and purchase oil in other

currencies, thenthe full weight of our debt and diminished manufacturing structure

will come crashing down on the American people.

This new agreement between Russia and China also has serious ramifications in

regards to Iran, and the rest of the Middle East. No longer will U.S. sanctions

against Iran have a measurable affect, as the rogue nation can simply choose

to sell its oil to China, and receive Yuan in return, and use that currency to trade

for the necessaryresources it needs to sustain its economy and  nuclear programs.

The world changed last week, and there was nary a word spoken by Wall Street or

by politicians who reveled in their own magnificence as this event took place during

the party conventions. A major blow was done on Sept. 6 to the American empire,

and to the power of the U.S. dollar as the world's reserve currency. And China,

along with Russia, are now aiming to become the controllers of energy, and thus,

controllers of a new petro-currency.

For more on finance and economics, you can follow Ken Schortgen Jr on Twitter,

and listen to the weekly economic roundup segment of the Angel Clark radio show

from 6-7p.m. est on Friday evenings.

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