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China and UAE ditch US Dollar, will use Yuan for oil trade

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Panhead

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China and UAE ditch US Dollar, will use Yuan for oil trade

Peace out funny money.

NEW YORK (Commodity Online): The US dollar is fast losing out its reserve currency status with China aggressively replacing the dollar with the Yuan as a currency for bi-lateral trade. The latest is an agreement signed between the China and the United Arab Emirates (UAE), which will use the Yuan for oil trade.

The deal is worth around $5.5 billion dollars and the Chinese central bank said that the deal aims at “strengthening bilateral financial cooperation, promoting trade and investments and jointly safeguarding regional financial stability”

Earlier, Russia and Iran had decided to use Rubles as a means of currency. With both China and Russia converting their bi-lateral trades into non-US dollar deals, the greenback is now under threat of losing out its status as the world reserve currency. And the impact of such a transition will essentially tip the balance of global power.

http://www.commodityonline.com/news/chin....-45444-3-1.html

Panhead

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Is it not the congress and the president that can make changes to our currency or alter certain changes in the financial system related stuff? Well that is what Abraham Lincoln did and used back in his day when he needed money for the war of his time. The so called central bank families told Lincoln that they would lend him the money needed for he to use for the war of his time BUT if he did borrow whatever money, he would be charged a 34% interest rate on the money borrowed. So Abraham Lincoln took note that the president and the congress together could declare a new currency and or any changes needed to alter the monetary situation. So he did and went to congress and they declared the GREEN BACK dollars. And Abraham Lincoln said that the Green Backs were THE PEOPLES MONEY, and not the governments or the banks money.

I use that example for this point here. If our government wants to sit on their rumps and act like we as a nation do not know what is going on and hide or not do what needs to be done with fixing many facets of our financial system, then I am sure they thought that they could.

But now with the outside countries like the big nation of China ditching the US dollar as the world reserve currency and de-powering the united states financial control and if others follow suit then watch the heck out. I personally have concerns on how the US dollar got pegged in the OPEC deal where only the US dollar had to be purchased first, then a country could then use the US dollars they then had to buy the oil needed or wanted. Someone like Bolivia who has a ratio of 8:1 in comparison to our dollar, is one example of how I could see how other countries might not be happy with this kind of deal in favor of the US.

But my point is with this article above, if a big boy like China and a few others that have ditched the US dollar as the world reserve currency, then what would happen if many more followed as well? As it said above, that "And the impact of such a transition will essentially tip the balance of global power," and if our congress has been sitting on their butts thinking that here in the US that we all are dumb down and they can continue their behind the curtain garbage and continue with a rotting system, then I really enjoy this new piece of outside leverage by China. I interpret this as, if China is ditching the dollar, then our congressmen and all attached who could make the right decisions to make in our financial system to fix what needs to be fixed and not have the rest of the world ditching the US dollar and affecting the balance of global power, then I say, it is time to finally get off your butts congress and do something before the outsiders of the united states start a movement to where the dollar has no more strength world wide.

I have a hoped glance of this topic here with big China dropping us, I have the hope that congress can now finally have the fear to get real things done before the rest of the world ditches us. I just see the possible potential that something like this should wake up our government to get real stuff done because the outside world does not care and could very well bury us lower financially if our govt did not do what needed to be done.

Or this all could be part of the plan of balancing out the system of riding the US dollar from controlling what it did most of the way up to this point.

I might be out in left field on rain delay with this thought, but I hope that this is an actual wake up call for the right things to get dealt with and stop the screwing around or not getting done what needed to get done up to this point. Please let this be another piece of true outside leverage that could help speed things up.

Anyway just some thoughts.

chevy#3


very well put Pan,i totally agree and that by some reason of/through the great necessity of the dollar's demise is what it would take(as said,"fiat only has a short life span")as there never will be recovery without forgivness of the debt that keeps the world shrugging, and as you said people are waking up everyday to the fiction behind all of this!I just said this morning,"where's congress?..you don't even hear their names no more!And the Super-duper majestic 12? Their grace is obviously in compromise.

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