Good Sam Club Open Roads Forum: Oil trades now in US dollars.....not for long
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 > Oil trades now in US dollars.....not for long

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akaPedro

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Posted: 04/03/20 07:07pm Link  |  Quote  |  Print  |  Notify Moderator

I postulate that a combination of a Russia/Saudi agreement combined with the upcoming USA political/economic/world debt turmoil....that oil will be traded in Saudi or Chinese currency, in less than one year.

Any thoughts ?

dave54

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Posted: 04/03/20 07:16pm Link  |  Quote  |  Print  |  Notify Moderator

China holds $1.2 Trillion in US debt. It is not in their own best interest to devalue the dollar. They have a financial reason to keep the US economy stable.


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akaPedro

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Posted: 04/05/20 08:38am Link  |  Quote  |  Print  |  Notify Moderator

The USA debt to its self and to rest of the world is 23 Trillion. The world debt to each other is 250 Trillion. At this point figures are meaningless. Everything is built on trust.... that debts and debt servicing will be paid...at some point in time. The Chinese are foaming at the mouth to become the #1 world power, usurping the USA. One aspect is to have their currency used in world trade, taking the place of the US dollar.

* This post was edited 04/05/20 07:19pm by akaPedro *

ksg5000

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Posted: 04/05/20 09:44am Link  |  Quote  |  Print  |  Notify Moderator

Ain't going to happen - neither Saudi, China or Russia is even considered a hard currency.


Kevin

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Posted: 04/05/20 08:45pm Link  |  Quote  |  Print  |  Notify Moderator

Unlikely to happen....yes, the Saudi/Russia deal may disrupt various baskets and blend analyses, but unless all sorts of other sectors began to trade in other currency (including the shipping / storage sector which will come to the fore very rapidly), one sector (oil) will not trade in a different currency than other major and related sectors.


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Posted: 04/05/20 08:53pm Link  |  Quote  |  Print  |  Notify Moderator

Possibly shifting to the Euro - 10 or 15 years from now.

Never to Ruble or Riyal.


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AKsilvereagle

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Posted: 04/07/20 01:25am Link  |  Quote  |  Print  |  Notify Moderator

There is a saying of 'never say never'....

While the current global situation at hand with the economic slowdown due to the pandemic, almost anything could happen at this point with exposure to more potential debt.

As the petro U$ Dollar is still considered the world reserve currency for the past near 50 years now, it would still take a new global system and many governments to synchronize together a new central banking system to ouster any United States involvement, and that will be a highly feat in itself without significant measures however still possible.

There had been two world leaders that have tried in 2003 and 2011 and were unsuccessful so far.


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akaPedro

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Posted: 04/07/20 03:51pm Link  |  Quote  |  Print  |  Notify Moderator

Thanks for the insights. I had thought that only crude oil would switch to the yuan.....and other currencies would remain as usual for other transactions. It would be a foot in the door for China. They are lending money to other nations, building roads and ports along with beefing up their armed forces.

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