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Bye Bye Petro$. Sad, but it has to happen. Other nations should not have to pay the US (skimming off revenue) for the “privilege” of using the US dollar in oil transactions. We should not get that money because we spend it like drunken sailors and we use it for nefarious purposes
— HPC R (@HPCR8R) February 4, 2023
Previously: America Facing Serious Economic Risks as More Countries Move Away from Dollar
Frankly, a lot of these people predicting the end of the US dollar don’t exactly know what they’re talking about. I’m also predicting the end of the US dollar, but it is more complicated than simply cutting the US out of these trade deals.
The reason it is more complicated is that China is seriously bought into the dollar. As far as anyone is aware, China could not really tolerate a collapse of the US dollar. They’re obviously working on divorcing from it, but presently, that is how it is.
You’re not going to read think tank white papers about this. Trust me. If you want a quick 2,500 words on the outline of the Chinese relationship to the dollar and how they are attempting to dedollarize, you can read this Foreign Policy article from September. But that doesn’t really deal with the gravity of the number of dollars in China’s possession and how the collapse of the dollar would affect the underlying economy. Not many in the West want to tackle that question in any detail, and I think it’s fair to say that China’s own reports are likely biased.
If China is close to being able to take the hit of a dollar collapse, they can just start trading only in non-dollar currencies and basically the whole world would agree to that. At that point, you’re just on a clock, because if the dollar is not the global reserve currency, it can’t possibly maintain its value.
RT:
Indian refiners are now using Emirati dirhams instead of US dollars to pay for most of the Russian oil they purchase via traders based in the United Arab Emirates, Reuters reported last week, citing sources familiar with the matter.
The Indian authorities have not supported the measures against Russia adopted by the G7 in response to the conflict in Ukraine. The steps are aimed at cutting Moscow’s energy revenues.
A $60-per-barrel price cap on Russian seaborne oil exports was introduced by the EU, G7 countries, and Australia on December 5. The mechanism prohibits Western companies from providing insurance and other services to shippers of Russian oil unless the cargo is purchased at or below the set price.
A similar measure targeting petroleum exports came into force on February 5. It sets the price of refined petroleum products imported from Russia at $100 per barrel for diesel and $45 per barrel for fuel oil.
This is a complete disaster for the West.
Everyone is talking about the war in the Ukraine. No one really knows what’s going on, and basically, democracy hoaxsters, stupid braindead whores, and gay cock suckers (including and especially those trannies) claim the Ukraine is winning while anti-faggots, Christians, and other normal people say Russia is winning.
Obviously, Russia hasn’t made the gains everyone expected, but the Zelenskyists are taking insane casualties. There are also hundreds of thousands of Russian troops on the border. But whatever. That’s a very secondary war to the economic war.
Sanctions on Russian crude oil have ‘failed completely,’ oil analyst says
The price cap was “invented by bureaucrats with finance degrees. None of them really understand oil markets,” Paul Sankey, president and lead analyst at Sankey Research. pic.twitter.com/ilprh145cB
— Wall Street Silver (@WallStreetSilv) February 4, 2023
