Posted on 03/26/2018 8:55:51 AM PDT by Enlightened1
This isn't an opinion piece, its a news article.
Are you suggesting the Chinese didn't launch their Petro-yuan today?
I think you have to look at this as an attempt by China to try and bid down the cost of its most costly commodity import: oil. Chinese state players could try to force down prices by selling paper barrels, hoping to drag down the physical price paid (now mainly to the Russians). You need to have very deep pockets to do that and a big appetite for risk. It would open up an arbitrage to the NYMEX, where the pressure now seems to be to the upside. If they fail, the China oil shorts could get mauled.
No. It is Russia Today with all that goes along with it.
How does one title a news article “Death of the US Dollar” without it being an opinion piece?
I am sure over in Russia it is a news article.
Lol...you forgot the question mark in the headline.
A headline asking whether the launch of the gold backed Petro-Yuan means the death of the USD as the worlds reserve currency is both valid and logical...a half dozen other news outlets did the same thing.
Given the state of “journalism” both here and abroad, I would not be surprised if the number of new outlets touting it as news instead of opinion was 60 instead of six.
I guess given how things are these days I should say that I meant “ news outlets” not “new outlets”.
I am felling a bit tired and cynical today, but that made me laugh...:)
Moderator.
1. I do not believe in the hoax presented by Billary, Inc., the DNC and the media that claims Trump colluded with Russia. 2. However, I do not consider Putin and his Russian government to be benign players with zero interest in disrupting the social and political scene in the U.S. 3. And I see every media source allowed to operate under the Russian state as performing some arm of that state one way or another.
4. So do we really want to give public vent in the U.S. to arms of the Russian state like RT? I think we should not. I’d hope you’d agree.
Near term oil futures dropped $.36 on the New York Merc today. Anyone who took a long position based on the notion of a petro-yuan deserves the loss.
Years ago we used to get a topic like this every couple of months, because the US dollar was on the brink of collapse.
IOW, NTSA.
Thanks Enlightened1.
OPEC Has Already Turned to the Euro
GoldMoney Alert
February 18, 2004
...The source for the euro exchange rate is the Federal Reserve, and I have calculated the euro's average exchange rate to the dollar for each year based on daily data.We can see from column (4) in the above table that in 2001, each barrel of imported crude oil cost $21.40 on average for that year. But by 2003 the average price of a barrel of crude oil had risen 26.0% to $26.97 per barrel. However, the important point is shown in column (6). Note that the price of crude oil in terms of euros is essentially unchanged throughout this 3-year period.
2001
As the dollar has fallen, the dollar price of crude oil has risen. But the euro price of crude oil remains essentially unchanged throughout this 3-year period. It does not seem logical that this result is pure coincidence. It is more likely the result of purposeful design, namely, that OPEC is mindful of the dollar's decline and increases the dollar price of its crude oil by an amount that offsets the loss in purchasing power OPEC's members would otherwise incur. In short, OPEC is protecting its purchasing power as the dollar declines.
Actually there has been very little coverage of the petro-yuan launch in the western corporate media. Its almost like they don't want you to know about it...go figure.
Thanks mac_truck...sorry if I seemed snippy yesterday. I was pretty grouchy. Had a lot of doom-and-gloom in one day.
Maybe western media figure asian coverage of it is simply some form of Asiatic nationalistic-sentiment circular self abuse.
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