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Petrodollar Panic? China Signs Currency Swap Deal With Qatar & Canada
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."
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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I think the camel's back is really aching.
They found a few surviving members of the middle class in a hidden valley in Canada.
Banksters gonna rape them.
They better be holden golden outside ze borders...
Orrrr... Be going for a boat ride...
They're sick of it all............time to pull the chord
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.
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.
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.
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.
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.
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.
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.
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.
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
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.
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.
Mmm...
Moar sunshine kool-aid.
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.
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.
its Remembrance Day today....please 'Remember' Heros do not drop bombs on people from 30,000 ft!
Kicking out the royal governors would start to cure what ails your country.
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.
Australia is a constitutional monarchy. We are not a republic. The Queen is our head of state.
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**
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...
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.
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.
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.
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.
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"
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.
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.
Remember this:
A hockey stick behind every maple tree.
An up every 'merican arse'...
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.
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.
wow, I'm surprised, but 20 years ago I didn't like prices in dinners and state run beer stores.
http://business.financialpost.com/2014/01/22/canada-overtakes-u-s-as-sec...
What?
Canada is about to take their Loonie out to the woodshed, too.
They already have to a degree, but not nearly enough.
Canadians Used to Have Guns.. but i guess they could throw Empty Beer Bottles
They will let the bears, badgers, and wolves do the fighting for them
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.
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.
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".
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.
I resent your comment. Especially the part where you call yourself a "Moron".
I know Morons. And you're no Moron. ;-)
agree, but like Truth said, they also have a NASTY PC streak in 'em apparently...
Their most excitable immigrants can't take a joke. They'll saw your head off with a big knife.
The oil is in Alberta, not British Columbia.
We can take that also, and the Northern Territories, then we have a bigger stake in the Arctic Resources Play
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. ;-)
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.
Canadians own lots of guns
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.
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.
shotguns
...and 20-penny nail guns.
Why would China feel pain from a stronger US dollar? That makes Chinese exports to the US cheaper for US consumers.
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.
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
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?
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.
Mmm, sunshine flavoured kool-aid.
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.
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.
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).
Why Mexicans in the fields? Because they get paid $5 per hour with no overtime and won't complain to the department of labor
"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"
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).
Again, I want to thank the Fed, Treasury, PPT and their lackey bullion banks for crushing the PMs.
It's a gift. TY.
"They found a few surviving members of the middle class in a hidden valley in Canada."
The Okanagan?
Lol
Lies I tell you, lies!!!
I think we're surrounded now, maybe someone should wake up the Presi........mmm, nevermind. "every man for themselves, abandon ship"
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
He wasn't elected to read from a script or so his promises would lead one to believe.
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.
10 or 15 dollars for a gallon of milk would be dirt cheap... almost like 10 cents for a gallon using todays metric....
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.
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).
"a new chink in the petrodollar"---LMFAO
Heh, heh. He said chink.
I am sure it's just a coincidence. ;-)
Qatar is REALLY close to Saudi Arabia. Won't be long now.
One wonders if China will overthrow Assad or if something else was traded.
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.
And oil gets cheaper and cheaper
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...
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.
Hey ZH, how about a review of Kyle Bass's predictions:
http://www.youtube.com/watch?v=VBPZ58dzjfE
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-...
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.
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.
I give two flying fucks about Toronto, take the bitch.
Quebec too.
Rock: You are a real ignoramus.
Thanks.
Hog Town sucks...
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.
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.
"Fool me once shame on you...fool me twice, re-elect George Bush!!"
...ya lost me
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.
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
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?
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?
Food Stamp Recipients Top 46 Million for 36th Straight Month
http://www.cnsnews.com/news/article/ali-meyer/food-stamp-recipients-top-...
Thanks for the correct info. I looked for this earlier and was wrong.
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.
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.
First they need abandon dollar to save countries. Second will come new system, because only china<->USA change will come to the same result
the end of the petrodollar
Good bye imports
Hello inflation
hyper ^
Canada'a doing this to the USSA? Why, that's treasonous...'cuz we're on the same continent and all, you know. Oh, Canada!
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.
...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.
when people write that, I believe they ean in PPP terms
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!!!
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 $1000 a gallon for "Ducati" yellow paint.......just sayin.
Sounds cheap when compared with inkjet printer ink.
;>)`
Canada is fine and all, they get a free military automatically (what do they have - horses and walking sticks?) and allows them to squander their riches (via free national defense from their southern redneck neighbors).
China and the entire world would fall to shhite the second we stopped the flow of FRN's. They are starting to reduce their dependence on the USD, but if they lost the US consumer, it would back to rice exports. Chinese have a great work ethic and are intelligent, but has anyone seen a chinaman drive?
You seen WallyFarts US sales figures lately ?
China has.
Tick tock on the US consumer.
Strange but True
...when I go to the 'Real SoCal' (Pacific Mexico, Riviera Nayarit) my Hotel 'Won't take USD'...in Mexico!!
...I just bring my CAN$ 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
we're number 1!
The banksters are laughing their asses off. Divide and conquer is their game. So keep it up boys and girls.
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.
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.
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.
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.
I found the article mildly intriguing until "Simon Black has [] thoughts".
Stopped there.
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.
I think they will tell him about that tomorrow
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.
Canada 2002 = $8.4 B, then 2013 = $46.6 B, Today $64.9 Billion US Long-term Treasuries.
Its Greed, they want to be in on it
Everyone talks about dedollarization, but why is the U.S. dollar going up then?
Good question.
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
Bloated Corpse thingy?
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
Amend that. Won is South Korea.
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.
Sorry to all you decent average americans but your elite stink!
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.
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.
The Federal Reserve didn't have Germany's gold.
It's gone.
I like that, "new chink in the petrodollar". I will finish that with " a new chink in the clinky gold & silver market".
"chinks spreading everywhere here in Canada too"...check Toronto and Vancouver!
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
Canada?! LMFAO
Some of you guys are behind the curve.
Read this guy and get caught up !
http://philosophyofmetrics.com/
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.
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."
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.
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 :)
'snowflake,snowball,avalanche'