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View Full Tract ListSome of us have seen this coming for many years. This year everyone sees it. The dollar is fast losing its status as the world reserve currency, especially after the Saudis ended their petro-dollar agreement from 1973.
The news has been talking about the agreement between Russia and China to pay for commodities in their own currencies. Saudi Arabia is also planning to start selling oil to China using the Chinese yuan instead of the US dollar.
Now France has gotten on board as well, buying 65,000 tons of liquid natural gas owned by China (via the United Arab Emirates). The gas originated in Russia, of course, but France is buying it from China, so as not to break the sanctions against Russia. The main point, however, is that France will pay for it in yuan and not in US dollars.
https://www.zerohedge.com/markets/france-buys-65000-tons-lng-china-first-ever-yuan-denominated-trade
China has just completed its first trade of liquefied natural gas (LNG) settled in yuan, the Shanghai Petroleum and Natural Gas Exchange said on Tuesday. As OilPrice notes, the Chinese state oil and gas giant CNOOC and TotalEnergies completed the first LNG trade on the exchange with settlement in the Chinese currency, the exchange said in a statement carried by Reuters.
The trade involved around 65,000 tons of LNG imported from the United Arab Emirates (because China will never admit that it is re-exporting Russian LNG even though it now does it all the time) the Shanghai Petroleum and Natural Gas Exchange added.
The French supermajor, one of the world’s top LNG traders, confirmed to Reuters that the trade involved LNG imported from the UAE, but declined to comment further on the deal.
Just a few years ago, this sort of policy would have invoked a US military response, such as what happened in Iraq and Libya. The situation has changed today, as the US is no longer able to enforce its will upon the world. Russia and China are obstacles too big for the US to challenge militarily. So India has been able to pursue a policy of neutrality in spite of US pressure to end its friendship and trading relationship with Russia.
Many people do not follow such world news and do not comprehend the enormous changes that are taking place very quickly now. Yet the end of the US dollar dominance in world trade will have a huge impact on Americans and our entire financial system. Because the effect is somewhat incremental, many will not know the cause and will believe the excuses that politicians give them in the media.
Brazil, too, is ditching the US dollar.
https://www.zerohedge.com/markets/china-and-brazil-strike-deal-ditch-us-dollar
Dr. Stephen Jones has been writing blog posts since 2005 on a variety of topics from Bible Studies to World News, and he has been writing books since 1992. Dr. Jones' most important writings came after God brought him back into the full-time ministry in 1991. It is here that all his earlier years of searching the Scriptures began to come into clear focus. He combines a knowledge of the Old and New Testaments with a personal revelation of God that began and developed during the "wilderness" period of his life, which he often refers to as God's True Bible College... Read More
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