Saudi Arabia reportedly considering accepting
yuan instead of dollar for oil sales
The Hill [DC],
by
Zack Budryk
Original Article
Posted By: Hazymac,
3/15/2022 8:06:04 PM
Saudi and Chinese officials are in talks to price some of the Gulf nation's oil sales in yuan rather than dollars or euros, The Wall Street Journal reported Tuesday, citing people familiar with the matter.
The two nations have intermittently discussed the matter for six years, but talks have reportedly stepped up in 2022, with Riyadh disgruntled over the United States' nuclear negotiations with Iran and its lack of backing for Saudi Arabia's military operation in neighboring Yemen.
Nearly 80 percent of global oil sales are priced in dollars, and since the mid-1970s the Saudis have exclusively used the dollar for oil trading as part of a security agreement
Reply 1 - Posted by:
Jethro bo 3/15/2022 8:18:50 PM (No. 1101097)
And so it begins. Our riches were based on faith in the dollar. Now that countries are considering other currencies cause we have been so reckless in spending. Once the dollar is no longer trusted, our bonds will not be bought. Our goobernment will have no money to spend. In other words, we run our of other people's money. Interest rates go through the roof. Taxes go up considerably. Our economy creeps along. And the worse hit are those that depend on the US goobernment for income. Medicare, Socialist InSecurity all become near worthless. Forget subsidies and welfare. Our children, grand children, great grandchildren will grow up in a US that declines like the UK has. Its gonna suck. All because we had worthless politicians that spent money like drunken politicians. WE are so screwed.
40 people like this.
Reply 2 - Posted by:
WhamDBambam 3/15/2022 8:20:06 PM (No. 1101099)
If you were trying to destroy this Country, what would you be doing differently from Brandon’s outfit?
43 people like this.
Reply 3 - Posted by:
Bur Oak 3/15/2022 8:29:32 PM (No. 1101117)
Part of Biden's Build Back Better and the wasting of trillions of dollars.
19 people like this.
Reply 4 - Posted by:
RuckusTom 3/15/2022 8:34:50 PM (No. 1101123)
Where do those dollars go if they're dropped as the world's de facto exchange currency? They're no longer needed so, they go home. If you think inflation is bad now, wait until we're flooded with dollars from international exchanges. Can people afford $50 for a gallon of gas?
14 people like this.
Reply 5 - Posted by:
red1066 3/15/2022 8:41:43 PM (No. 1101131)
This would be a stupid move by the Saudi's because as screwed as the economy is due to Biteme's and the socialist's oil phobia, the U.S. dollar is still pretty strong against every other currency in the world including the Chinese Yaun.
6 people like this.
Reply 6 - Posted by:
Nimby 3/15/2022 9:06:39 PM (No. 1101150)
It just took 12 years for the little people in khaki to run around in tge WH
5 people like this.
Reply 7 - Posted by:
skacmar 3/15/2022 9:18:27 PM (No. 1101161)
Another negative consequence of the Biden administration's short sighted, illogical, and downright stupid economic and foreign policy. Biden"s policies are destroying any faith and confidence that the world had in the USA. It took Biden one year what it took over 200 years to build up. I hope Democrats are proud.
17 people like this.
Reply 8 - Posted by:
GoodDeal 3/15/2022 10:32:16 PM (No. 1101209)
Considering it’s different than doing. Doing it will destroy the dollar. But that’s the goal of the UN Agenda 2030 and The Great Reset. In 4-6 months prepare for a financial catastrophe.
6 people like this.
Reply 9 - Posted by:
Newtsche 3/15/2022 11:33:33 PM (No. 1101233)
You gotta tear it down to build it back. Just our bad luck to be living as the rug is pulled out from under us.
5 people like this.
Reply 10 - Posted by:
TXknitter 3/15/2022 11:49:40 PM (No. 1101240)
All I can say is, people here in TX Panhandle seem to be getting it. You sense a determined type of rushing to get things when in stores nowadays. I talk to folks at Lowe’s or garden center who were doing the “homesteading” thing as a fun hobby. They are now looking at it now as necessary for survival. Thank you #1. The path this evil administration is taking America down was begun decades ago. A government spending like crazy on itself. The sky has been the limit for our “public servants.” No matter what disastrous policy they foist on the middle class, they somehow are always untouched and grow richer.
9 people like this.
Reply 11 - Posted by:
Lawsy0 3/16/2022 12:15:42 AM (No. 1101252)
Boogity boogity boogity. Make'em quit. They're trying to scare me.
2 people like this.
Reply 12 - Posted by:
PChristopher 3/16/2022 12:27:15 AM (No. 1101259)
Look for the Deep State to call for war against Saudi Arabia....Libya and Iran both talked about doing this... remember how that worked out?
4 people like this.
Reply 13 - Posted by:
Blue Hen1 3/16/2022 1:58:49 AM (No. 1101276)
Another feather in Hunter’s dads cap
5 people like this.
Reply 14 - Posted by:
DVC 3/16/2022 2:23:11 AM (No. 1101291)
Go for it. The yuan is regularly adjusted in value for the convenience of China. Holding a bunch of that toilet paper the next time they decide to devalue it will be "real fun".
4 people like this.
Reply 15 - Posted by:
Rinktum 3/16/2022 5:28:54 AM (No. 1101327)
Biden and the democrats are masters of irresponsible governance. I am afraid I agree with #8. Something wicked this way comes.
7 people like this.
Reply 16 - Posted by:
MickTurn 3/16/2022 5:43:36 AM (No. 1101342)
Good luck with that...Yuan might want to check how the Chicom's print it all...
2 people like this.
Reply 17 - Posted by:
czechlist 3/16/2022 8:23:30 AM (No. 1101455)
this happened to the British Pound Sterling in the 1960s when the world lost confidence in the Empire's power and economy.Like him or not the Nixon admin convinced OPEC that the US would defend it if it traded in US$$
This time it began with the 0, Val Jar Jar Bink's admin, over a decade ago. The 0 displayed weakness by bowing, supplication to foreign monarchy. They decided they had better learn to not rely on the US to defend them which the 0 quickly proved in Iraq and Syria and bidet displayed in Afghanistan and with Putin.
the dims will eventually destroy civilization
4 people like this.
Reply 18 - Posted by:
rikkitikki 3/16/2022 9:14:33 AM (No. 1101507)
The only two things preserving the value of a dollar are its status as the world's reserve currency (think, global oil trades denominated in dollars) and foreign purchases of US debt.
China stopped buying huge quantities of US Treasuries back in 2010.
Australia, Japan, and other countries started buying their oil in other currencies years ago, too.
If Saudi Arabia and Russia start trading their oil exports in other currencies, kiss the dollar goodbye, because as a fiat currency it will have no anchor to prevent its catastrophic devaluation.
3 people like this.
Reply 19 - Posted by:
bigfatslob 3/16/2022 9:36:38 AM (No. 1101537)
If all of this is part of president pot plant's 'Build Back Better' plan, I want the old broken plan of President Trump we would be safer and still respected in the world. FJB
4 people like this.
Reply 20 - Posted by:
MDConservative 3/16/2022 10:05:00 AM (No. 1101578)
The dollar is trashed, backed by nothing but the "good faith and credit" of the US Government - which can always print more if needed to pay the bills.
The Yuan is backed by what? No more than the word of a government known to manipulate its currency's value. If the Saudis or anyone takes that for their commodities, good luck.
Okay, the US buck ain't much, but it is still somewhat better than that...I hope.
1 person likes this.
Reply 21 - Posted by:
Zigrid 3/16/2022 10:15:28 AM (No. 1101596)
Gloom and doom...that's all I hear...well not me...I come from europe...legally...and I love this country and the tenacious Americans in it...WE shall overcome Washington...and Saudi had better think twice before climbing into bed with china...
5 people like this.
Reply 22 - Posted by:
little guy 3/16/2022 11:29:29 AM (No. 1101675)
The Saudi's are a lot of things but they are not stupid. They know the Chinese currency is toilet paper totally controlled by the Communist government who dictates what it is worth and thus what you can buy.
Clearly the Saudi's want something from the USA and this is another way to lever it. Who's at most risk here? Why .. of course ... Israel!
2 people like this.
Reply 23 - Posted by:
Dodge Boy 3/16/2022 12:04:47 PM (No. 1101711)
I think you've got it, folks. The dollar has lost nearly 99 percent of its value since Nixon took it off the gold standard in 1971. So now, the Federal Reserve continues to create dollars out of thin air that aren't backed by anything. But the Sauds might think twice about switching to the yuan because it, too, is a fiat currency. If you want to preserve at least some of your wealth, converting some of your paper dollars to physical gold couldn't come at a better time...while you can still get it, that is.
4 people like this.
Reply 24 - Posted by:
Hermoine 3/16/2022 1:30:56 PM (No. 1101795)
If the world moves the yuan we are beyond screwed.
2 people like this.
Reply 25 - Posted by:
NotaBene 3/17/2022 2:10:10 AM (No. 1102235)
With Biden no one respects US. Saudi Arabia needs to have have multiple options since the USA word is untrustworthy. I am well pleased China is coming out on the side of Russia. During Hussein we starved 400,000 children in Irak with our sanctions and no-fly zone. How many will die in Russia now? Biden, Mullins, and Austin are our enemies. The enemy of my enemy is my friend.
1 person likes this.
Reply 26 - Posted by:
dickiedeeb 3/17/2022 2:44:12 AM (No. 1102241)
Good... The sheeple have given consent to the two card monte political system all these years and fiat currency debt usury exported to the world to keep the scam afloat Well down it goes And whos gonna drown? Not them...
1 person likes this.
Reply 27 - Posted by:
NotaBene 3/17/2022 3:20:05 AM (No. 1102248)
The corrupt Ukrainians are learning that the word of the USA is worthless. They should have paid the male sons of Biden, Pelosi, and Kerry much, much more. Burisma was stingy and true war is what they get for their insufficient bribes.
The Nation of Ukraine should rejoice that they kept Paul Manafort in solitary in the D.C. Judicial Gulag for so long, and that a phone call with their man comic Zelensky, who plays the piano with his wedding tackle, got Trump impeached with help of Ukrainian-Americans Alexandra Chalupa and sister, Alexander Vindman and twin, and Victoria Nuland-Kagan. Hell of a job Ukies, I will never forget your purchase of our deep state.
1 person likes this.
Reply 28 - Posted by:
Trigger2 3/17/2022 3:22:57 AM (No. 1102251)
This should fit right in with Joey's and the demonrat agenda. They're looking to get rid of the US dollar anyway and replace it with bit coin and it won't be a dollar to bit coin equal transfer anyway because the dollar is only worth 68 cents.
0 people like this.
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If the $USD were to lose its status as the world's reserve currency, the economic loss to the USA would dwarf the Great Depression.