Saudi Arabia Considers Accepting Yuan Instead of Dollars for Chinese Oil Sales www.wsj.com/articles/saudi-arabia-considers-accepting-yuan-instead-of-dollars-for-chinese-oil-sales-11647351541
39 sats \ 11 comments \ @cryptocoin 15 Mar 2022 bitcoin
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21 sats \ 0 replies \ @kilianbuhn 15 Mar 2022
The world is changing and so many people are oblivious to it.
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20 sats \ 1 reply \ @Jorj_X_McKie 15 Mar 2022
How legally binding is the oil for dollars + protection deal that USA made with the Saudis in the 70s? Can SA just partially break it?
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10 sats \ 0 replies \ @nout 16 Mar 2022
"legally binding" doesn't really work on nation level. The nation will follow the deal as long as it's worth it for them (considering sanctions, etc)
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20 sats \ 0 replies \ @k00b 15 Mar 2022
If this is true, it really is the end of Bretton Woods 2. A lot of the petrodollar commentary I've listened to seems to imply that we went to war over ensuring oil was sold for dollars. If that's in fact the case, what happens now? War with who?
Here's the paywall free link: https://archive.ph/pD9A0
“The oil market, and by extension the entire global commodities market, is the insurance policy of the status of the dollar as reserve currency,” said economist Gal Luft, co-director of the Washington-based Institute for the Analysis of Global Security who co-wrote a book about de-dollarization. “If that block is taken out of the wall, the wall will begin to collapse.”
This dude wrote a book on de-dollarization but kind of scary to think about what the US will do in such circumstances.
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0 sats \ 6 replies \ @cryptocoin OP 15 Mar 2022
[This would be] a move that would dent the U.S. dollar’s dominance of the global petroleum market and mark another shift by the world’s top crude exporter toward Asia.
The Saudis are angry over the U.S.’s lack of support for their intervention in the Yemen civil war, and over the Biden administration’s attempt to strike a deal with Iran over its nuclear program.
China buys more than 25% of the oil that Saudi Arabia exports. If priced in yuan, those sales would boost the standing of China’s currency.
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50 sats \ 0 replies \ @Jorj_X_McKie 15 Mar 2022
A stronger yuan brings its own problems to CCP planners. I wonder if they are going to de-emphasize their cheap-exports manic economy?
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0 sats \ 4 replies \ @cryptocoin OP 15 Mar 2022
This replies to this Tweet are worth checking out:
JUST IN - Saudi Arabia considers accepting #Yuan instead of #Dollars for Chinese oil sales, the WSJ reports.
As are the Quote Tweets of it:
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0 sats \ 3 replies \ @cryptocoin OP 15 Mar 2022
And the same for the Tweet from ZeroHedge:
*SAUDI WEIGHS USING YUAN INSTEAD OF USD FOR CHINA OIL SALES: DJ
Along with the Quote Tweets for theirs as well:
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0 sats \ 2 replies \ @cryptocoin OP 15 Mar 2022
There was a post previously on SN about the short film Petrodollars movie:
Petrodollars Film #839 https://www.petrodollarsfilm.com
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0 sats \ 1 reply \ @cryptocoin OP 15 Mar 2022
Here's another relevant post on SN:
Block007 - Discussing Alex Gladstein’s ’Uncovering the Hidden Costs of the Petrodollar’ | The Bitcoin Journey Podcast #8614 http://thebitcoinjourney.org/e/block007-uncovering-the-hidden-costs-ofthe-petrodollar-by-alex-gladstein
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0 sats \ 0 replies \ @cryptocoin OP 16 Mar 2022
And, a post from ZeroHedge:
Petrodollar Cracks: Saudi Arabia Considers Accepting Yuan For Chinese Oil Sales https://www.zerohedge.com/markets/petrodollar-cracks-saudi-arabia-considers-accepting-yuan-chinese-oil-sales
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