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Petrodollar Panic? China Signs Currency Swap Deal With Qatar & Canada

Tyler Durden's picture




 

The march of global de-dollarization continues. In the last few days, China has signed direct currency agreements with Canada becoming North America's first offshore RMB hub, which CBC reports analysts suggest "could double maybe even triple the level of Canadian trade between Canada and China," impacting the need for Dollars.But that is not the week's biggest Petrodollar precariousness news, as The Examiner reports, a new chink in the petrodollar system was forged as China signed an agreement with Qatar to begin direct currency swaps between the two nations using the Yuan, and establishing the foundation for new direct trade with the OPEC nation in the very heart of the petrodollar system. As Simon Black warns, "It’s happening... with increasing speed and frequency."

As CBC reports,

Authorized by China's central bank, the deal will allow direct business between the Canadian dollar and the Chinese yuan, cutting out the middle man — in most cases, the U.S. dollar.

 

Canadian exporters forced to use the American currency to do business in China are faced with higher currency exchange costs and longer waits to close deals.

 

"It's something the prime minister has been talking about. He wants Canadian companies, particularly small- and medium-sized businesses, doing more and more work in China, selling goods and services there," said CBC's Catherine Cullen, reporting from Beijing.

Sovereign Man's Simon Black has some ominous thoughts on Canada's move...

It’s happening. With increasing speed and frequency.

 

The People’s Bank of China and the Canadian Prime Minister’s office issued a statement on Saturday stating that Canada will establish North America’s first offshore renminbi trading center in Toronto.

 

China and Canada agreed on a number of measures to increase the use of renminbi in trade, business, and investment. And they further signed a 200-billion renminbi bilateral currency swap agreement.

 

Moreover, just today, hot off the presses, the central banks of China and Malaysia announced the establishment of renminbi clearing arrangements in Kuala Lumpur, which will further increase the use of renminbi in South-East Asia.

 

This comes just two weeks after Asia’s leading financial center, Singapore, became a major renminbi hub, with direct convertibility established between the Singapore dollar and the renminbi.

And as Black notes, everyone is in on the trend. All across the world, the renminbi is quickly becoming THE currency for trade, investment, and even savings.

Renminbi deposits in South Korea, for example, surged 55-times in one single year. It’s stunning.

 

The government of UK just issued a renminbi bond, becoming the first foreign government to issue debt in renminbi.

 

Even the European Central bank is debating to include renminbi in its official reserves, while politicians the world over are sounding not-so-subtle warnings that a new non-dollar monetary system is needed.

 

Nothing goes up or down in a straight line. And given how volatile Europe and the global economy continue to be, the dollar may certainly be in for its surges and bumps in the coming months.

 

But over the long-term it’s glaringly obvious where this trend is going: the rest of the world no longer wants to rely on the US dollar, and they’re making it a reality whether the US likes it or not.

*  *  *

And now, no lesser oil-producing state than controversial Qatar has signed an agreement too.. seemingly opening up the door to Petrodollar panic... (as The Examiner reports)

The petro-dollar system is the heart and soul of America's domination over the global reserve currency, and their right to make all nations have to purchase U.S. dollars to be able to buy oil in the open market. Bound through an agreement with Saudi Arabia and OPEC in 1973, this de facto standard has lasted for over 41 years and has been the driving force behind America's economic, political, and military power.

 

But on Nov. 3 a new chink in the petro-dollar system was forged as China signed an agreement with Qatar to begin direct currency swaps between the two nations using the Yuan, and establishing the foundation for new direct trade with the OPEC nation in the very heart of the petro-dollar system.

 

While this new agreement between China and Qatar is only for the equivalent of $5.7 billion over the next three years, Qatar becomes the 24th nation to open its Forex market to the Chinese currency, and solidifies acceptance of the Yuan as a viable option for the future in the Middle East.

 

China's central bank announced Monday that it has signed a currency swap deal worth 35 billion yuan (about 5.7 billion US dollars) with the central bank of Qatar.

 

The three-year deal could be extended upon agreement by the two sides,said a statement on the website of the People's Bank of China (PBOC).

 

Also on Monday, the two sides signed a memorandum of understanding on Renminbi clearing settlement in Doha. China agreed to extend the RMB Qualified Foreign Institutional Investor scheme to Qatar, with an initial quota of 30 billion yuan.

 

The deal marked a new step forward in financial cooperation between the two countries, and will facilitate bilateral trade and investment to help maintain regional financial stability, the statement said. - China Daily

 

It is perhaps no coincidence that the term for the new agreement is set for three years, and is within the exact time frame being predicted by the director of the Finance Institute under the Development Research Center of the State Council, Zhang Chenghui for the Renminbi to become fully convertible in the global financial system.

 

The need for new markets and a more stable trade currency in Qatar could be tied to a new report issued last week by French bank BNP Paribas which showed that petro-dollar recycling has fallen to its lowest levels in 18 years, signifying that even oil producing nations in the Middle East are finding it difficult to trust the U.S. dollar, and facilitate its use in trade due to its depreciation since the advent of the Federal Reserve's massive QE programs.

 

Nearly every week now, China, Russia, or one of the BRICS nations are finalizing agreements that supersede the old system of dollar trade and reliance on the petro-dollar system. And as many countries begin to reject the dollar due to the exported inflation that is growing in nations that are relegated to having to hold them for global oil purchases, alternatives such as the Chinese Yuan will become a more viable option, especially now that the Asian power has taken over the top spot as the world's biggest economy.

*  *  *

The demise of Petrdollar flows...

 

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Mon, 11/10/2014 - 22:44 | 5435088 logicalman
logicalman's picture

I think the camel's back is really aching.

Mon, 11/10/2014 - 22:49 | 5435111 Supernova Born
Supernova Born's picture

They found a few surviving members of the middle class in a hidden valley in Canada.

Banksters gonna rape them.

Mon, 11/10/2014 - 22:54 | 5435121 El Oregonian
El Oregonian's picture

They better be holden golden outside ze borders...

Orrrr... Be going for a boat ride...

Mon, 11/10/2014 - 22:55 | 5435145 kliguy38
kliguy38's picture

They're sick of it all............time to pull the chord

Tue, 11/11/2014 - 02:41 | 5435662 strannick
strannick's picture

Meet the new chink (in the Petrodollar system), same as the old chink.

Fool me once, shame on me, fool me twice...?..., wont get fooled agin.

Tue, 11/11/2014 - 08:44 | 5435948 Raging Debate
Raging Debate's picture

Strannick - You got it correct. As stated here for years, the Yuan becoming the reserve currency was a feature not a bug. There is no real friction between China and America. It is media hype. As the final reset happens in America, the volatility will be blamed on China. As America is becoming increasingly energy independent and is a massive food producer and has lots of infrastructure and tech, I do not expect $10 gas or shortages for long, the real problem is unfunded liabilities.

I think we'll see some form of false flag that "collapses" the US govenment and America 2.0 will offer anywhere from .40-.60 cents on the dollar to government beneficiaries. I am certain this will happen before 2020. I think the hedges people describe are useful for that event. I like tradeable luxuries too, booze, cigs, etc.

Just another reserve currency host, part of the central bank model which lasts for 80 years. It is a blessing and then a curse. Get ready for ths gold standard again but the price fixing will remain, it will just happen there instead of here. This is why Greenspan is out publically discussing it. Gold will be less volatile than currencies as this rapid transition to the Yuan continues.

Mon, 11/10/2014 - 22:59 | 5435158 TruthInSunshine
TruthInSunshine's picture

ZH is 180 degrees, diametrically wrong on this.

China is actually up shit's creek here as Japan and now South Korea race to debase, and since China's GDP is more export dependent than either as a % of GDP, it's got a major fucking problem on its hand if it does not ultimately months debasement race.

Never let emotion cloud factual analysis.

Mon, 11/10/2014 - 23:06 | 5435175 konputa
konputa's picture

Right on Truth. I was just talking about this yesterday when CNY fell 100 pips on open.  China is feeling the pain from the US dollar strength.  Float needs to happen soon or shit's going to get bloody.

Mon, 11/10/2014 - 23:21 | 5435223 COSMOS
COSMOS's picture

Those fu**ing little backstabbing Canadians.  They better be careful or we just might see a color revolution in British Columbia.  I always wanted a land corridor to Alaska that included the Canadian Rockies.  This shit is right in our own backyard, kind of like putting nuclear missiles in Cuba is what this exchange center is in Toronto.

Mon, 11/10/2014 - 23:23 | 5435244 cherry picker
cherry picker's picture

I hate to disappoint you, but Canada is not back stabbing.  Ever since George W alienated us for not follwing his illegal invasion of Iraq, we were treated like second class citizens by DC.

Go ahead, try taking BC.  You won't be the first to find out when Canadians get angry they are more than capable of looking after themselves.

Mon, 11/10/2014 - 23:29 | 5435259 COSMOS
COSMOS's picture

Ayyyyyy, 10 of you male Canuks arent worth one US female Marine, you little girl.  All your weapons are USA made and for the high tech planes and missiles etc, we do have backdoors in the software.  Lets just say you'd be bombing your own bases.  If we want BC we will take BC and there is nothing you little stone age club/hockey stick neanderthals can do about it.

Mon, 11/10/2014 - 23:33 | 5435281 cherry picker
cherry picker's picture

And that is the typical ignorant ugly American that the world is tired of.

Good riddance, fortunately the whole country isn't made up of the likes of you.

Mon, 11/10/2014 - 23:44 | 5435301 COSMOS
COSMOS's picture

Ugly American lol, you pasty ass white Canuks are about the ugliest sun deprived albinos I have ever seen.  Listen you all have a freaking speech impediment and are so insecure that you need to end every freaking sentence with a Ayyyy, basically an insecure question mark cause you shits dont know what you are talking about anytime you say anything and are asking for an affirmation from the listener

Not only that but I am sick and tired of hearing about your Avro Arrow bullshit jet plane from the 50s and you yapping about what a phenomenal piece of shit it was and could of still been.

http://en.wikipedia.org/wiki/Avro_Canada_CF-105_Arrow

Get fucking over it already

Besides British Columbia would make a nice new State in the USA we shall call it The State of COLUMBIA

Mon, 11/10/2014 - 23:54 | 5435368 cherry picker
cherry picker's picture

Thanks for assuming I am Caucasian.  :)

I really don't care about airplanes. Guns don't kill people, people kill people.   I need a really good reason to pull a trigger, self defense being one of them.  I wouldn't pull a trigger because some politician buffaloed me into thinking it was OK.

You would think some of you would learn from your boots on the ground vets who experienced combat and don't want anything to do with it.

No one in their right mind talks about invading a neighbor to open a corridor.  Thats the stuff Adolf did.  He didn't last all that long.

Tue, 11/11/2014 - 00:01 | 5435393 TruthInSunshine
TruthInSunshine's picture

I really like Canada and Canadians are extremely nice people, by and by.

But their gov't structure is completely fucked, in the same way Australia's is, and in fact, the two resemble each other in many ways (resource dependent, huge surplus with one trading partner - Canada's is U.S., Australia's is China; real estate bubbles of MASSIVE proportions).

It's not personal.

Tue, 11/11/2014 - 00:20 | 5435444 Rock On Roger
Rock On Roger's picture

Mmm...

Moar sunshine kool-aid.

Tue, 11/11/2014 - 00:20 | 5435446 cherry picker
cherry picker's picture

I like the United States and Americans too.  I don't take it personal.

A lot of what is going on today the average Joe has no control over, until enough get fed up that is.

I have no problem agreeing to disagree.

Tue, 11/11/2014 - 02:36 | 5435658 TruthInSunshine
TruthInSunshine's picture

1, I'm being slightly snarkastic, and 2) Both the U.S. & Canadian Citizenry are being eviscerated by the same class of globalists who have zero allegiance to any nation (even their birthplace).

p.s. - At least Canada doesn't stir up conflicts around the globe that wind up killing far more innocent civilians and causing massive human suffering than that which these "interventions" are designed/alleged (at the outset) to mitigate.

Tue, 11/11/2014 - 11:32 | 5436447 Defiated
Defiated's picture

its Remembrance Day today....please 'Remember' Heros do not drop bombs on people from 30,000 ft!

Tue, 11/11/2014 - 02:55 | 5435675 e_goldstein
e_goldstein's picture

Kicking out the royal governors would start to cure what ails your country.

Tue, 11/11/2014 - 00:37 | 5435488 TeethVillage88s
TeethVillage88s's picture

Any truth to the idea that Canadian Culture, Australian Culture, New Zealand Culture are so like British that the Queen's Monarchy is defacto Elite Government.

Just playing with this Idea that USA took over the British Empire and that we are in it with the English speaking Countries... which might answer to British Bankers/European Banker Cartel with German Science, Organization, Military Technology, and Spy stuff.

Well we are all related to the German Tribes... by Royalty.

British Raj was based on Trade, Imports, Taking Resources, coopting the local population for military & government functions.

Tue, 11/11/2014 - 04:04 | 5435718 shovel ready
shovel ready's picture

Australia is a constitutional monarchy. We are not a republic. The Queen is our head of state.

Tue, 11/11/2014 - 20:48 | 5438661 TeethVillage88s
TeethVillage88s's picture

So lets look:

- queen regnant of seven independent Commonwealth countries: the United Kingdom, Canada, Australia, New Zealand

- United Kingdom of Great Britain and Northern Ireland, Unitary parliamentary constitutional monarchy, its military expenditure ranks fifth or sixth in the world
- United States, Federal presidential constitutional republic
- Canada Federal parliamentary constitutional monarchy, with Queen Elizabeth II as its head of state
- New Zealand Unitary parliamentary constitutional monarchy, Queen Elizabeth II is the country's head of state
- Commonwealth of Australia Federal parliamentary constitutional monarchy

- The fourteen British Overseas Territories are: Anguilla; Bermuda; the British Antarctic Territory; the British Indian Ocean Territory; the British Virgin Islands; the Cayman Islands; the Falkland Islands; Gibraltar; Montserrat; Saint Helena, Ascension and Tristan da Cunha; the Turks and Caicos Islands; the Pitcairn Islands; South Georgia and the South Sandwich Islands; and Sovereign Base Areas on Cyprus

https://en.wikipedia.org/wiki/United_Kingdom#mediaviewer/File:The_Britis...

**So that USA Spends the Most on Military in the World very likely is a feature of the British Empire, and that we support large "Corporate Appendages" such as a industrial giants and big Defense Contractors (Zaibatsu)**While allowing limited growth of smaller business not deemed militarily important**And that Lower Wage Labor Force is important we Open Borders to Immigrants, Outsourcing, and Off Shore Production Just as the British Empire did**

Tue, 11/11/2014 - 07:46 | 5435884 doctor10
doctor10's picture

As f'd as thye may be, ya may want to look at positions 1, 12 and 27 below.

At least they are more careful about letting their citizens be asset-stripped than the monkeys that run the USA

http://www.middleclasspoliticaleconomist.com/2013/06/us-median-wealth-on...

Tue, 11/11/2014 - 00:05 | 5435395 COSMOS
COSMOS's picture

Listen Don Quixote you Canuks are not exactly Russia.  For one we are more than TEN times your population, unlike the Germans vs the Russians.  All you guys have is enough for one wave of attack and one royal canadian mounted police unit (i would never call that an army) and that is it, you are wiped out.  So dont go wishing for a Moscow or Stalingrad Winter miracle cause it wont happen.  All we have to do is walk in the winter when all the Canuks have left Canada for sunny weather in Mexico or the Caribbean.  It would be a CAKEWALK taking over.

Tue, 11/11/2014 - 00:08 | 5435413 cherry picker
cherry picker's picture

That's OK.  You guys ever tried somthing like that and our blood is spilled, Putin and China would probably come on over plus Mexico as once that shit starts, absolutely no one would trust you anymore.  Then we have a lot of Indians, Pakistanis and others living here too.  I don't think their relatives back home are going like getting messages their relatives were blown away by some tomahawk missle.

There is enough bad shit happening in this world as it is, you don't want to be poking a stick in a hornet's nest. 

Tue, 11/11/2014 - 00:14 | 5435417 COSMOS
COSMOS's picture

LOL by the way I am pulling your leg and just having some fun with you.  But serioulsy that exchange center is a MAJOR Backstab, not cool.  And I always wanted a land corridor to Alaska.  Hate having to go through a border crossing to drive to Alaska, nothing personal. But seriously mark my words,  you guys stray too far towards China and things will get unpleasant real fast.

Tue, 11/11/2014 - 00:17 | 5435439 cherry picker
cherry picker's picture

I kind of figured after the second response you were pulling my leg, thanks for admitting it.

I didn't know until today about the currency agreement.  There is a lot of stuff going behind the scenes you and I will never know about.  There may be reasons.  China owns a lot of BC, just like it has been buying in the USA.  That may have something to do with it.

Tue, 11/11/2014 - 00:46 | 5435443 COSMOS
COSMOS's picture

LOL you are very perceptive.  I thought you would of been tipped off by the Avro Arrow Rant... Too bad it never saw production, it was a nice homegrown design.  They say the Soviets were real interested in the plans and the engines.  I must confess I always wondered how the Canucks got such an advanced design and concept with engines flying considering they never really had the manufacturing and design experience of the USA during WW2??????????  Close to MACH 2.0 for a plane in the fifties is pretty badass and ahead of its time.

"Within two months of the project cancellation, all aircraft, engines, production tooling and technical data were ordered scrapped.[90] Officially, the reason given for the destruction order from Cabinet and the Chiefs of Staff was to destroy classified and "secret" materials used in the Arrow/Iroquois programs.[91] The action has been attributed to Royal Canadian Mounted Police fears that a Soviet "mole" had infiltrated Avro, later confirmed to some degree in the Mitrokhin archives

Following the cancellation of the Avro Arrow project, CF-105 Chief Aerodynamicist Jim Chamberlin led a team of 25 engineers to NASA's Space Task Group to become lead engineers, program managers, and heads of engineering in NASA's manned space programs—Projects Mercury, Gemini and Apollo.[95] The Space Task Group team eventually grew to 32 Avro engineers and technicians, and become emblematic of what many Canadians viewed as a "brain drain" to the United States.[95][N 11] Many other engineers, including Jim Floyd, found work abroad in either the UK or the United States. Work undertaken by both Avro Canada and Floyd benefited supersonic research at Hawker Siddeley, Avro Aircraft's UK parent, and contributed to programs such as the HSA.1000 supersonic transport design studies were ultimately influential in the design of the Concorde"

Tue, 11/11/2014 - 00:20 | 5435447 TruthInSunshine
TruthInSunshine's picture

Cosmos, I am not blowing smoke up Canadian assholes when I say that some of the biggest badasses I've ever encountered hailed from Canada. They have extremely competent survivalists, people who know how to live off the land in very harsh conditions, and in many ways, a lot of people in certain regions of Canada are much more robust than most Americans.

On the flip-side, they have been infected by mass media/infotainment/propaganda/Kardashian-mentality/huge government welfare statism, too, in some respects and regions more so than in the
U.S.

We're all in this brave new Fascist, Orwellian Nightmare world together, no matter what our nationality/country of origin.

Tue, 11/11/2014 - 00:58 | 5435518 Kirk2NCC1701
Kirk2NCC1701's picture

I frikkin KNEW you were yankin' his chain -- given your many posts.

I agree that Canada would be taken over in no time, but... you must admit that there is a difference between the initial conquest, and MAINTAINING said conquest.  The latter would kick Imperial ass 10x faster and worse than anything experienced in the ME.  Besides, in time at all the US soldiers would say "Fuck it!" and switch sides.  Shooting Canucks is like shooting Family.  NOT gonna happen.  GIs would sooner shoot O and the Bass-turds in DC.

p.s. I'd have to resurrect Scotty (from BC) and fire up those photon torpedos in support.  I'd get Lorne Green (Bonanza), Monty Hall (Let's Make A Deal), and Austin Powers as the Fifth Column.  Shania Twain would sing a song about it, and tell you that the Invasion "Don't Impress Me Much".  Celine Dion would have to boycott Vegas too.  Eh.  ;-)

- Kirk out.

Tue, 11/11/2014 - 08:26 | 5435926 shovelhead
shovelhead's picture

Remember this:

A hockey stick behind every maple tree.

Tue, 11/11/2014 - 11:32 | 5436451 Defiated
Defiated's picture

An up every 'merican arse'...

Tue, 11/11/2014 - 07:38 | 5435874 Divine
Divine's picture

Cosmos is a typical American douche...

Like it's your problem who Canada does business with?

You are the cancer that is killing the world. I think you should concentrate on your own issues.

 

Mon, 11/10/2014 - 23:28 | 5435261 TruthInSunshine
TruthInSunshine's picture

Canada is fucked, too. They run huge surpluses, especially based on natural resources.

We've already witnessed manufacturing flee from Canada to Mexico as global corporations rank Canada as one of, if not the most, expensive place to do business and to produce goods.

Tue, 11/11/2014 - 00:29 | 5435467 TeethVillage88s
TeethVillage88s's picture

wow, I'm surprised, but 20 years ago I didn't like prices in dinners and state run beer stores.

Mon, 11/10/2014 - 23:33 | 5435263 TruthInSunshine
TruthInSunshine's picture

Canada is about to take their Loonie out to the woodshed, too.

They already have to a degree, but not nearly enough.

Mon, 11/10/2014 - 23:32 | 5435278 Dragon HAwk
Dragon HAwk's picture

Canadians Used to Have Guns..  but i guess they could throw Empty Beer Bottles

Tue, 11/11/2014 - 00:32 | 5435350 COSMOS
COSMOS's picture

They will let the bears, badgers, and wolves do the fighting for them

Mon, 11/10/2014 - 23:30 | 5435270 Rock On Roger
Rock On Roger's picture

But it isn't your back yard, it is our yard.

 

If you don't want to build a pipeline so we can sell our oil,

then fuck you, we'll sell to China.

 

What fucking arrogant, ignorant bullies you americans are.

 

 

 

 

Tue, 11/11/2014 - 00:05 | 5435389 hobopants
hobopants's picture

Don't forget narcissistic and snide as in my case. Seriously though, don't let this kind of nationalistic crap get to you, or you play right into the hands of the elites.

They want to make it an American thing, or a Canadian thing, or a Russian thing. In truth it's a sociopathic, oligarch thing and that's where our anger should be focused.

So why don't we put the pom-poms down, stop playing team sports, and cut the head off of the snake instead? Way more productive.

Tue, 11/11/2014 - 00:26 | 5435460 tarabel
tarabel's picture

 

 

Actually, we're pretty tolerant of Canada and have not insisted on any formal declaration of Finlandization from you. It's inherent in the reality of the situation, however.

If we want something from you, apart from snivelling, what are you going to do about it?

But personally, if you want to swap your economic relationship with the United States straight up for one with China, you have my blessing. Once you see how "kind" the Chinese are to their foreign extraction colonies, you'll soon be singing a different tune and it starts with the words "Yankee Doodle".

Tue, 11/11/2014 - 00:44 | 5435503 GooseShtepping Moron
GooseShtepping Moron's picture

I'm an American, a Caucasian, and a Conservative, and I happen to think Canadians are pretty cool. They seem like honest, intelligent, hard-working people to me - the kind of people that Gordon Lightfoot and Stompin' Tom Conners sing about in their folk ballads. I like Canadians very much.

Tue, 11/11/2014 - 01:00 | 5435543 Kirk2NCC1701
Kirk2NCC1701's picture

I resent your comment.  Especially the part where you call yourself a "Moron". 

I know Morons.  And you're no Moron.  ;-)

Tue, 11/11/2014 - 01:11 | 5435556 Bananamerican
Bananamerican's picture

agree, but like Truth said, they also have a NASTY PC streak in 'em apparently...

Tue, 11/11/2014 - 02:08 | 5435639 TBT or not TBT
TBT or not TBT's picture

Their most excitable immigrants can't take a joke.    They'll saw your head off with a big knife.

Mon, 11/10/2014 - 23:59 | 5435385 oudinot
oudinot's picture

The oil is in Alberta, not British Columbia.

Tue, 11/11/2014 - 00:06 | 5435407 COSMOS
COSMOS's picture

We can take that also, and the Northern Territories, then we have a bigger stake in the Arctic Resources Play

Tue, 11/11/2014 - 01:05 | 5435546 Kirk2NCC1701
Kirk2NCC1701's picture

For starters, we need to take Canada's beer.  As much as they brew, lest it fall into the wrong (Chinese) hands.

p.s.

Q: What do Making love in a Canoe and American beer have in common?

A:  Both are fuckin' close to water.  ;-)

Tue, 11/11/2014 - 06:20 | 5435818 Implied Violins
Implied Violins's picture

Ummm...let's see: Molson, Labatt...they ARE water - but crystalline blue I will admit :)

If you want a *real* American beer, try Rasputin stout or Sierra Nevada Bigfoot Ale. They will either stomp you down or die trying.

Tue, 11/11/2014 - 00:26 | 5435462 zerohedgejjxxzz12
zerohedgejjxxzz12's picture

Canadians own lots of guns

Tue, 11/11/2014 - 00:33 | 5435475 Freddie
Freddie's picture

Wow - what is this hate the Canadians BS.   Most Canadians are great.  We are all controlled by the same Zoligarchs.   This happens in every country.  It is not the people it is the leaders.   Stop being silly.  

Tue, 11/11/2014 - 00:37 | 5435487 TruthInSunshine
TruthInSunshine's picture

Every citizenry is screwed as long as fiat full reserve banking cartels are in charge.

Destroy the fucking full fractional, full retard, completely criminal digital fiat from bankers' asses system, and set true capitalism free.

Tue, 11/11/2014 - 01:37 | 5435595 joego1
joego1's picture

shotguns

Tue, 11/11/2014 - 06:22 | 5435822 Implied Violins
Implied Violins's picture

...and 20-penny nail guns.

Mon, 11/10/2014 - 23:37 | 5435303 sun tzu
sun tzu's picture

Why would China feel pain from a stronger US dollar? That makes Chinese exports to the US cheaper for US consumers.

Mon, 11/10/2014 - 23:42 | 5435318 konputa
konputa's picture

So what happens if CNY is pegged to the dollar and EUR and JPY (add KRW to that list soon) have been cascading against the dollar?

 

The dollar peg becomes expensive when everything else is falling in relative strength.

Tue, 11/11/2014 - 03:43 | 5435703 tok1
tok1's picture

I think this thinking is off. Japan has been using
the weak currency argument to give themselves
time to monetizes their debt. China may see a chance
to make the won the new lead Asian currency ( and not the
actively traded yen ).
In normal conditions Japan may like weak yen . But if china makes
it weaken too much ( or causes a shift out if yen ) then
Japanese rates will finally crack higher . And the whole country
is reliant in ear zero rates ( not least the Govt)
Ie extreme case China could cause run in the yen
that pushs Japan give close to bankruptcy and forces
Govt debt restructure

Ie if japan didn't have 10 trill plus USD govt debt
to monetize maybe weak yen is good

But they do and domestics may panic out as they see China
won taking over . Just a thought

Mon, 11/10/2014 - 23:06 | 5435176 cherry picker
cherry picker's picture

I don't think ZH is wrong.  I think that America no longer is what it used to be advertised as.  The Chinese are doing what made America into a financial powerhouse.  They are working.  Learning, producing, selling, buying and creating.  Americans still do it, but too many have given up as it is to 'difficult' and they are above the menial.  Mexicans are in the fields of America, not Americans.  Why?

Do you think people other than Chinses are working Chinese fields?

Mon, 11/10/2014 - 23:14 | 5435208 TruthInSunshine
TruthInSunshine's picture

China's exports are so depressed right now, with domestic consumption issues and bad bank loan crisis in progress domestically, that it has never been more reliant on the U.S. than right now, especially given the EU's woes.

Mon, 11/10/2014 - 23:22 | 5435237 Rock On Roger
Rock On Roger's picture

Mmm, sunshine flavoured kool-aid.

 

Mon, 11/10/2014 - 23:24 | 5435242 COSMOS
COSMOS's picture

Depressed?  I dont know dude I just bought a radiator and radiator cap recently and that stuff was made in China.  And before that my brake pads and shoes were also made in China.  If the Chinese are suffering we are up shit creek.

Mon, 11/10/2014 - 23:42 | 5435317 sun tzu
sun tzu's picture

Their exports aren't suffering but they've built entire cities that are empty. The banking system will collapse unless those Chinese making $10/day can somehow afford to buy $200,000 condos.

Tue, 11/11/2014 - 00:17 | 5435426 hobopants
hobopants's picture

http://www.zerohedge.com/news/2014-09-25/china-faked-forged-documents-ex...

Their exports are suffering but they fake the numbers to hide it (just like us).

Mon, 11/10/2014 - 23:39 | 5435311 sun tzu
sun tzu's picture

Why Mexicans in the fields? Because they get paid $5 per hour with no overtime and won't complain to the department of labor

Tue, 11/11/2014 - 01:21 | 5435575 Bananamerican
Bananamerican's picture

"The Chinese are doing what made America into a financial powerhouse.  They are working.  Learning (stealing), producing(shit mostly), selling(shit, mostly), buying(converting) and creating(copying).  Americans still do it, but too many have given up as it is to 'difficult' and they are above the menial."

complete and total...bullshit.

America has been taken down; financially, ethically, socially and morally, by supra-national forces and you have the BALLS to tsk your little tsk??

The "Chinese" and the "Mexicans" sold their peasant hordes to the lowest global bidder. The "Americans" obliged them by stiffing the "spoiled" american worker and you wanna bring up that lazy meme of the "lazy" amerikan?

Dumb? Oh, fuck yes.

but lazy?

You take a 16 year old american kid and give every entry level job he might have had to an offshored or onshored 3rd worlder and describe to me what that kid's doing at 26....and don't give me that horatio alger shit...they can't ALL "invent Facebook"

Tue, 11/11/2014 - 05:55 | 5435790 realWhiteNight123129
realWhiteNight123129's picture

Except that debasing the currency has NEVER EVER worked for a country.

 

This is because popular believes ignore economics: Here is how it works.

1. Trade 2. Capital flows.

You print money, if it goes into capital flows, currency goes down but internal prices do not move: You have a temporary terms of trade advantage. Second round of effect the money starts to play with your internal prices: Your terms of trade are affected because internal prices rise. You lose on trade competitiveness and your currency FX slides as a result.

PROOF:

Germany has a stronger currency the whole 70s and 80s while UK had trade deficit and sliding currency. By maintaining internal prices low, the terms of trade would be maintained or improved as a resutl exports would result and the DM would appreciate due to positive trade balance.

Read true economics (Henry Thornton 1801). 

Mon, 11/10/2014 - 23:25 | 5435251 Gringo Viejo
Gringo Viejo's picture

Again, I want to thank the Fed, Treasury, PPT and their lackey bullion banks for crushing the PMs.

It's a gift. TY.

 

Tue, 11/11/2014 - 00:36 | 5435483 Kirk2NCC1701
Kirk2NCC1701's picture

"They found a few surviving members of the middle class in a hidden valley in Canada."

The Okanagan?

Tue, 11/11/2014 - 09:05 | 5435983 slackrabbit
slackrabbit's picture

Lol

Lies I tell you, lies!!!

Mon, 11/10/2014 - 22:54 | 5435136 booboo
booboo's picture

I think we're surrounded now, maybe someone should wake up the Presi........mmm, nevermind. "every man for themselves, abandon ship"

Tue, 11/11/2014 - 00:05 | 5435400 Peelingtheonion
Peelingtheonion's picture

PTI,

 

Why continue blaming Obama....like that Audi commercial....he just reading from a script....shit... blame the fed, and the back stabbing banksters who are bailing on america....they did the same thing to the U.K. after WW2

Tue, 11/11/2014 - 03:24 | 5435692 Choose Sanity
Choose Sanity's picture

He wasn't elected to read from a script or so his promises would lead one to believe.

Mon, 11/10/2014 - 22:59 | 5435159 Buck Johnson
Buck Johnson's picture

It sure is, and it's going to be real bad.  Our quality of life in the US will be drastically lowered when we can't export inflatiaon anymore to the outside world.  We will have to pay 10 dollars or 15 dollars for a gallon of milk.  Gas will be 6 dollars a gallon or more.  It will drag the economy down and they have to know this.

 

Mon, 11/10/2014 - 23:10 | 5435195 MeMadMax
MeMadMax's picture

10 or 15 dollars for a gallon of milk would be dirt cheap... almost like 10 cents for a gallon using todays metric....

Mon, 11/10/2014 - 23:18 | 5435221 Rock On Roger
Rock On Roger's picture

And don't worry about gasoline. Don't you know the USA has the mostest frac oil there ever was?

So much petroleum that you need to export all the excess?

Who cares about Qatar's or Canada's oil?

Let the sneaky chinese trade for it.

Mon, 11/10/2014 - 23:17 | 5435219 TheReplacement
TheReplacement's picture

The camel's back has been broken for a while now.  We are just seeing the poor beast struggle before falling.  Think big timeline (history) versus small timeline (camel).

Tue, 11/11/2014 - 14:37 | 5437206 robertsgt40
robertsgt40's picture

"a new chink in the petrodollar"---LMFAO

Mon, 11/10/2014 - 22:49 | 5435110 MonsterBox
MonsterBox's picture

Heh, heh. He said chink.

Tue, 11/11/2014 - 08:07 | 5435902 ZeroPoint
ZeroPoint's picture

I am sure it's just a coincidence. ;-)

 

Mon, 11/10/2014 - 22:50 | 5435113 with the king
with the king's picture

Qatar is REALLY close to Saudi Arabia.  Won't be long now.

Mon, 11/10/2014 - 23:18 | 5435220 TheReplacement
TheReplacement's picture

One wonders if China will overthrow Assad or if something else was traded.

Tue, 11/11/2014 - 01:09 | 5435554 Kirk2NCC1701
Kirk2NCC1701's picture

Qatar signing the deal with China.  You know what this means, don't you?

Bye, bye Qatari Gasline to Europe (via Iraq, Syria).  The Saudis are screwed.  If you like your ISIS and Wahhabism, you can keep your ISIS and Wahhabism.

Mon, 11/10/2014 - 22:50 | 5435114 I am a Man I am...
I am a Man I am Forty's picture

And oil gets cheaper and cheaper

Mon, 11/10/2014 - 22:52 | 5435127 Hulk
Hulk's picture

See Apec Economic leaders photo for any further explanation you may need

/fuck me, we have squandered our nation away...

or

/fuck me, this nation has been demoed by design...

Mon, 11/10/2014 - 22:53 | 5435134 cherry picker
cherry picker's picture

I remember years ago many referred to America as the world's policeman.  Many Americans do not hold their law enforcement in high esteem lately.  I suppose the rest of the world are almost like individuals.  No one, if they are innocent of a crime, do not like to be ordered around by a uniformed and armed cop who relishes using 'power' over common sense.

That is the way it goes.

Mon, 11/10/2014 - 22:54 | 5435140 SgtShaftoe
SgtShaftoe's picture

Hey ZH, how about a review of Kyle Bass's predictions:
http://www.youtube.com/watch?v=VBPZ58dzjfE

Mon, 11/10/2014 - 22:54 | 5435142 WTFRLY
WTFRLY's picture

Colorado cops show off cannabis harassment tactics for CNBC crew, give tickets for cigarettes http://wtfrly.com/2014/11/10/colorado-cops-show-off-cannabis-harassment-...

Mon, 11/10/2014 - 22:56 | 5435148 Sick
Sick's picture

Given China's known and suspected gold holdings as well as their manufacturing (productive) capacity it makes total sense.  One would have to be totaly ignorant not to see the writing on the wall.  Unfortunately the spoiled brat criminals will probably ramp up the wars to protect their positions.

Mon, 11/10/2014 - 22:58 | 5435155 Freddie
Freddie's picture

Time to invade and drone Toronto.   3,2,1,

This is pretty confusing considering the USSA and Canada are controlled by the Red Shield and zoligarchs along with parent City of London.   Cameron's not so Scottish or goyish side of the family has worked for the Red Shield for 200 years.

Mon, 11/10/2014 - 23:08 | 5435187 Rock On Roger
Rock On Roger's picture

 

I give two flying fucks about Toronto, take the bitch.

Quebec too.

Tue, 11/11/2014 - 00:02 | 5435394 oudinot
oudinot's picture

Rock:  You are a real ignoramus.

Tue, 11/11/2014 - 00:16 | 5435431 Rock On Roger
Rock On Roger's picture

Thanks.

Hog Town sucks...

 

 

Tue, 11/11/2014 - 00:53 | 5435526 zerohedgejjxxzz12
zerohedgejjxxzz12's picture

That's exactly the arrogance that got the USSA into the situation they are in now.

You will only be the bully of the sand box for so long and then everyone who was bullied will gang up on you.

Tue, 11/11/2014 - 01:12 | 5435557 Kirk2NCC1701
Kirk2NCC1701's picture

They can have the Toronto Maple Laughs: the team that always manages to snatch defeat from the jaws of victory.

If they hadn't made Harold Ballard so much money, he'd be rolling in his grave.

Tue, 11/11/2014 - 11:40 | 5436492 Defiated
Defiated's picture

"Fool me once shame on you...fool me twice, re-elect George Bush!!"

 

...ya lost me

Mon, 11/10/2014 - 23:21 | 5435231 TheReplacement
TheReplacement's picture

World government cannot happen as long as the US stands.  The legs were cut out years ago.  It just takes the body a while to fall on a historical timeline. 

Tue, 11/11/2014 - 00:35 | 5435484 Freddie
Freddie's picture

Ukrainian general talking about how the Ukraine is now controlled by the Z-USA givt and the Ukie zoligarchs

https://www.youtube.com/watch?v=uu8JolUBNfg

Tue, 11/11/2014 - 07:49 | 5435886 agent default
agent default's picture

I suppose China is all for a world government, or Russia for that matter.  Get off the one world government crap, that was an American vision under the assumption that the US would be in charge.  Now the US is simply bypassed.  Not even confronted, just ignored.  How do you like your FATCA now congress bitchez?

Mon, 11/10/2014 - 23:23 | 5435245 bid the soldier...
bid the soldiers shoot's picture

The Chinese took a leaf from the CIA's play book and have a photo of Harper in flagrante delicto.

What else could it be?

Mon, 11/10/2014 - 23:05 | 5435172 Bill of Rights
Bill of Rights's picture

 

Food Stamp Recipients Top 46 Million for 36th Straight Month

http://www.cnsnews.com/news/article/ali-meyer/food-stamp-recipients-top-...

Tue, 11/11/2014 - 00:24 | 5435457 TeethVillage88s
TeethVillage88s's picture

Thanks for the correct info. I looked for this earlier and was wrong.

Mon, 11/10/2014 - 23:15 | 5435216 bbq on whitehou...
bbq on whitehouse lawn's picture

What is preventing this swap from increasing to 50 or 500 billion? Once the lines are open they are open.
The numbers are just political to prevent a panic. If they said unlimited well that would end the dollar right then and there, but say 5 billion and the media puts it on the back pages or late at night and no one says a word.
Its almost as if these swaps are lifelines to the well connected just in case the US does somthing the club doesnt like.

Its not like the club can just dump the dollar, right? next will watch the A-list to see if contracts get changed to yuan.

Mon, 11/10/2014 - 23:20 | 5435232 ForTheWorld
ForTheWorld's picture

The only problem with this is that overall, nothing changes. Moving from the US Dollar to Chinese Yuan means there's still one major currency that major transactions between nation states are conducted in. China is simply doing what the US has been doing for decades.

Mon, 11/10/2014 - 23:32 | 5435257 kowalli
kowalli's picture

First they need abandon dollar to save countries. Second will come new system, because only china<->USA change will come to the same result

Mon, 11/10/2014 - 23:32 | 5435265 bid the soldier...
bid the soldiers shoot's picture

the end of the petrodollar

 

Good bye imports

Hello inflation

hyper ^

 

Mon, 11/10/2014 - 23:32 | 5435277 robnume
robnume's picture

Canada'a doing this to the USSA? Why, that's treasonous...'cuz we're on the same continent and all, you know. Oh, Canada!

Mon, 11/10/2014 - 23:39 | 5435280 eXMachina
eXMachina's picture

Don't get too excited lads what you're witnessing is internationalization of the Yuan for inclusion into SDR's. Basically they'll strip the US dollar and shaft us with the IMF instead. They'll recapitalize the Reserve banks and rinse, repeat. I'm not sure how we get there from here but I'm certain that's the end game. Regardless they're consolidating power and will end up being more powerful then ever after the greenback is just one of several "equivalents" in the SDR basket. I think anybody dependent on USD for income is going to be the biggest loser by a country mile.

Mon, 11/10/2014 - 23:52 | 5435365 Dr Brown
Dr Brown's picture

...especially now that the Asian power has taken over the top spot as the world's biggest economy.

The last I checked, US GDP is twice that of China.

Tue, 11/11/2014 - 00:54 | 5435529 eucalyptus
eucalyptus's picture

when people write that, I believe they ean in PPP terms

Tue, 11/11/2014 - 12:24 | 5436655 Defiated
Defiated's picture

problem with formula numbers..."Garbage in...Garbage out"

 

GDP?...likely -2 %

Unemployment?...likely 15%

Inflation?....likely 5-8%

 

ya, I pulled these numbers outta my azz but they don't stink anymore than the gubbermints!!!

Mon, 11/10/2014 - 23:54 | 5435369 Duc888
Duc888's picture

 

 

Buck Johnson: It sure is, and it's going to be real bad.  Our quality of life in the US will be drastically lowered when we can't export inflatiaon anymore to the outside world.  We will have to pay 10 dollars or 15 dollars for a gallon of milk.  Gas will be 6 dollars a gallon or more.  It will drag the economy down and they have to know this.

 

Meh, Dupont ChromaPremier (yellow) is $128 a pint.  That's over $1000 a gallon for "Ducati" yellow paint.......just sayin.

Tue, 11/11/2014 - 06:41 | 5435836 Tinky
Tinky's picture

Sounds cheap when compared with inkjet printer ink.

;>)`

Tue, 11/11/2014 - 00:18 | 5435441 Tegrat
Tegrat's picture

Canada is fine and all, they get a free military automatically (what do they have - horses and walking sticks?) and allows them to squander their riches (via free national defense from their southern redneck neighbors).

China and the entire world would fall to shhite the second we stopped the flow of FRN's. They are starting to reduce their dependence on the USD, but if they lost the US consumer, it would back to rice exports. Chinese have a great work ethic and are intelligent, but has anyone seen a chinaman drive?

 

 

 

Tue, 11/11/2014 - 07:20 | 5435861 Winston Churchill
Winston Churchill's picture

You seen WallyFarts US sales figures lately ?

China has.

Tick tock on the US consumer.

Tue, 11/11/2014 - 11:45 | 5436513 Defiated
Defiated's picture

Strange but True

 

...when I go to the 'Real SoCal' (Pacific Mexico, Riviera Nayarit) my Hotel 'Won't take USD'...in Mexico!!

...I just bring my CAN$ but I Do bring some US $1 bills as we don't have them anymore (for  tips)

...so, basically it's been reduced to 'Tip money"...in Mexico!?!?

 

BWAHAHAHAHAHAH

Tue, 11/11/2014 - 00:27 | 5435463 Kaiser Sousa
Kaiser Sousa's picture

we're number 1!

Tue, 11/11/2014 - 00:33 | 5435474 eddiebe
eddiebe's picture

The banksters are laughing their asses off. Divide and conquer is their game. So keep it up boys and girls.

Tue, 11/11/2014 - 00:44 | 5435504 q99x2
q99x2's picture

Does it matter. They are all part of the same gang. You have to use bitcoin and silver. I can convert silver ounces into cash within four hours from a couple people that I've been dealing with for a number of years. What's the difference what the dollar is worth as long as you don't own it while it is going down. There's going to be a revolution soon anyhow. Everybody in every nation hates the NWO. When the banksters system collapses everyone will be going after them and that includes foreign nations.

Tue, 11/11/2014 - 00:43 | 5435506 Joaquin
Joaquin's picture

Ironic what Obama will be remembered for, the loss of the dollar hegenomy; not his fault really but no one is going to remember Obamacare anyway.  BTW we are all fucked.

Tue, 11/11/2014 - 00:52 | 5435524 joego1
joego1's picture

Someday the $100 dollar bill will have Obumerangs face on them and have inscribed on them-

"In Obabwe we trust"

They will be useful for starting fires.

Tue, 11/11/2014 - 01:14 | 5435562 combatsnoopy
combatsnoopy's picture

Singapore and Hong Kong can now trade directly with each other. 

NOW.  IF they would only remove their barrier to the US financial sector over those US Treasuries.... Most Duhmericans would rather sensationalize it instead of profiting from this. 

Tue, 11/11/2014 - 01:32 | 5435592 Schmuck Raker
Schmuck Raker's picture

I found the article mildly intriguing until "Simon Black has [] thoughts".

Stopped there.

Tue, 11/11/2014 - 02:00 | 5435629 Kreditanstalt
Kreditanstalt's picture

I find it kind of hard to believe that Canada's Prime Minister, who is an absolute  neo-con toady lickspittle of the US imperialists, would be permitted by his masters to do this.

Tue, 11/11/2014 - 02:50 | 5435670 kowalli
kowalli's picture

I think they will tell him about that tomorrow

Tue, 11/11/2014 - 04:34 | 5435738 smacker
smacker's picture

Good point. Same thing applies to the lickspittle UK government who signed up a currency swap deal with China months ago and have been the first to issue bonds denominated in Yuan.

It's almost as if some of these currency swaps are being sanctioned by Washington to bring the dollar down.

Tue, 11/11/2014 - 04:43 | 5435741 TeethVillage88s
TeethVillage88s's picture

Canada 2002 = $8.4 B, then 2013 = $46.6 B, Today $64.9 Billion US Long-term Treasuries.

Tue, 11/11/2014 - 05:16 | 5435762 Runs-With_Toast
Runs-With_Toast's picture

Its Greed, they want to be in on it

Tue, 11/11/2014 - 02:29 | 5435656 katchum
katchum's picture

Everyone talks about dedollarization, but why is the U.S. dollar going up then?

Tue, 11/11/2014 - 04:13 | 5435722 YuShun
YuShun's picture

Good question. 

Tue, 11/11/2014 - 04:53 | 5435739 TeethVillage88s
TeethVillage88s's picture

Check page 35 of both TICData reports (2002 & 2013) for Belgium, Cayman Islands, and Luxemburg. LT US Treasuries go from $10 Billion to $366 Billion. (partly due to safe haven effect, but also due to Financial System on Steroids) Or just take a look below to refresh your memory.

Interesting of the $28 Trillion in Foreign Owned US Assets put out by BEA.GOV on IIP Data, looks like about half is accounted for in the 2013 Data Report as Equities, LT Corporate Debt, LT Agency Debt, LT Treasuries. Which leaves me to conclude foreign owned US Real Estate must be about $12-14 Trillion (page 30). But I am not an Economist or Financial guy. Maybe Europeans are also buying US Real Estate.

http://www.treasury.gov/ticdata/Publish/shl2002r.pdf
http://www.treasury.gov/ticdata/Publish/shla2013r.pdf
(http://www.treasury.gov/ticdata/Publish/mfh.txt)
http://www.bea.gov/newsreleases/international/intinv/iip_glance.htm

Last Data is from April 2014.

Belgium 2002 = $10.8 B, then 2013 = $163 B, Today $366 B
Cayman Islands 2002 = $10.7 B, then 2013 = $66 B, Today ??
Canada 2002 = $8.4 B, then 2013 = $46.6 B, Today $60.5 B
China 2002 = $95 B, then 2013 = $1,272 B, Today $1263 B
Hong Kong 2002 = $37 B, then 2013 = $89 B, Today $155 B
Ireland 2002 = $6 B, then 2013 = $91 B, Today $112 B
Japan 2002 = $260 B, then 2013 = $1,023 B, Today $1210 B
Luxemburg 2002 = $20.2 B, then 2013 = $107 B, Today $141 B
Philippines 2002 = $3 B, then 2013 = $36 B, Today $34 B
Poland 2002 = $7 B, then 2013 = $31 B, Today $30 B
Russia 2002 = $3 B, then 2013 = $138 B, Today $116 B
Switzerland 2002 = $28 B, then 2013 = $157 B, Today $178 B
Taiwan 2002 = $0 B, then 2013 = $183 B, Today $175 B
United Kingdom = $45.7 B, then 2013 = $130.6 B, Today $186 B

Tue, 11/11/2014 - 12:13 | 5436624 Defiated
Defiated's picture

Bloated Corpse thingy?

Tue, 11/11/2014 - 04:16 | 5435726 tok1
tok1's picture

remember below .. China will swap the weak won... for the change over in Asian main currency (ie from Yen to Won) Japan wll have to buy stuff in Won soon..  ie Kuroda weak yen will not lead to Japanese buying off shore assets.. it will lead to China ect.. buying cheap yen assets (when has the crashed currency country ever come out strong)...

 

Japan has been using
the weak currency argument to give themselves
time to monetizes their debt. China may see a chance
to make the won the new lead Asian currency ( and not the
actively traded yen ).
In normal conditions Japan may like weak yen . But if china makes
it weaken too much ( or causes a shift out if yen ) then
Japanese rates will finally crack higher . And the whole country
is reliant in ear zero rates ( not least the Govt)
Ie extreme case China could cause run in the yen
that pushs Japan give close to bankruptcy and forces
Govt debt restructure

Ie if japan didn't have 10 trill plus USD govt debt
to monetize maybe weak yen is good

But they do and domestics may panic out as they see China
won taking over . Just a thought

Tue, 11/11/2014 - 04:34 | 5435735 TeethVillage88s
TeethVillage88s's picture

Amend that. Won is South Korea.

Tue, 11/11/2014 - 04:55 | 5435748 Batman11
Batman11's picture

The corruption of wall Street has taken over the US and its politicians are mere puppets.

It's time for the rest of the world to move on and let this corrupt, third world nation sink into the mire.

 

Tue, 11/11/2014 - 04:57 | 5435750 Batman11
Batman11's picture

Sorry to all you decent average americans but your elite stink!

 

Tue, 11/11/2014 - 05:11 | 5435758 GoldenDonuts
GoldenDonuts's picture

What are the ods of the CIA finding an ISIS cell in Edmonton if Canada trades a barrel of oil for some yuan?  100%?  Well of course then the freedom loving americans would have to invade to prevent four guys in a toyota pickup with a handgun from overrunning Canada and attacking good old U.S. of A.  Of course after the country is "protected" we will have to live with the odd farmer getting droned in his tractor, or a few starbucks blown up because there is a gathering outside.

 

Tue, 11/11/2014 - 06:16 | 5435813 gwar5
gwar5's picture

The rest of the world is rushing for the pretrodollar exits as the US media pretends none of it is even happening. Disgusting. Americans are so screwed by their own government. Wait until the banksters have to admit there is no gold in Ft Knox, or anywhere else.

 

Tue, 11/11/2014 - 09:28 | 5436022 yogibear
yogibear's picture

The Federal Reserve didn't have Germany's gold.

It's gone.

Tue, 11/11/2014 - 06:35 | 5435832 Panic Mode
Panic Mode's picture

I like that, "new chink in the petrodollar". I will finish that with " a new chink in the clinky gold & silver market".

Tue, 11/11/2014 - 12:15 | 5436631 Defiated
Defiated's picture

"chinks spreading everywhere here in Canada too"...check Toronto and Vancouver!

Tue, 11/11/2014 - 07:31 | 5435868 russwinter
russwinter's picture

Saudi Arabia is just a matter of time. Might even be necessary to reveal Saudi role in the 9/11 false flag 

http://winteractionables.com/?p=13569

Tue, 11/11/2014 - 07:48 | 5435887 localizer
localizer's picture

Canada?! LMFAO

Tue, 11/11/2014 - 07:55 | 5435893 Hard Assets
Hard Assets's picture

Some of you guys are behind the curve.

Read this guy and get caught up !

 

http://philosophyofmetrics.com/

 

 

Tue, 11/11/2014 - 08:25 | 5435925 MansaMusa
MansaMusa's picture

So what some countries signed some swap agreements.  Fact remians is Dollar is still king out there, like or not ( I hate the fact but it is what it is).  Until the physical market is truly exposed, this swap stuff means nothing.

Tue, 11/11/2014 - 09:10 | 5435986 shovelhead
shovelhead's picture

Laugh now, but when the Chinese use those T's to buy up the Waffle House chain and turn them into 'Waffo To Go', you will rue the day you lost America.

"No smutha hashbrow, jus Waffo."

Tue, 11/11/2014 - 09:26 | 5436013 yogibear
yogibear's picture

The begining of the end for the US dollar as the reserve currency. It's days are numbered.

All the rest of the countries need to do is chip away at what's left.

 

Tue, 11/11/2014 - 09:37 | 5436051 john.smith
john.smith's picture

Not yet ladies and gentlemen.

 

I am all for the demise of the banker sponsored Petro-dollar

 

However, China has been doing these currency swaps for some time. The amounts involved are low, and the restrictions apparently are many. The Yuan would still not be freely convertible in any case.

 

Also, I think Abu Dhabi (another Petro dollar nation) already had a similar agreement  since 2011. As you can see, the impact is pretty limited, and at this pace it will be decades before we see any change.

 

So no cigar yet :)

Tue, 11/11/2014 - 12:17 | 5436634 Defiated
Defiated's picture

'snowflake,snowball,avalanche'

Do NOT follow this link or you will be banned from the site!