Posted on 09/14/2017 9:33:08 AM PDT by PPSman
&^%$ing seriously?
Please inject an air bubble.
the end of the petrodollar is guaranteed. The petrodollar had meaning when most the worlds oil seemed to be in the middle east. Today its literally everywhere. This seriously erodes the ability for us to make a deal with the Saudis that oil is always priced in dollars. Now so many producers, there will be a move to a basket, a gold based trade currency, or the Yuan.
The other think weakening the dollar is that we have utterly debased it with an orgy of printing.
People who accept dollars for oil know the value of those dollars will quickly be far less than when they took them.
But this is just a desperation move by a collapsing nation.
So, Venezuela is now leading global economic policy?
Seriously?
Venezuela may be getting ready to default on its loans, after which creditors will go after its dollar-based assets and accounts.
The US recently placed new sanctions on Venezuela, which are likely to drive it toward default.
From the Reuters article at post 39:
“U.S. refiners are shifting away from processing heavy crude, lessening the potential impact on their businesses and motorists of any supply disruptions from Venezuela as the Trump administration considers new sanctions on the country.”
“Additional financial or import sanctions that would choke off the country’s access to U.S. dollars for its oil also are being weighed.”
“U.S. imports of Venezuelan crude fell 32 percent in June”
“less supplies coming from Latin American producers and growing supplies of shale oil have improved the economics of running lighter crudes.”
Venezuela is heading toward a cash crisis with its oil revenue - and it is entirely dependent on oil revenue, or credit backed by its oil revenue.
Yeh now they are taking toilet paper for payment. And Spam. LOL!
Some say that is the real reason the US got rid of both of them. One by means of a costly war. Never underestimate the power of globalists to gin up a war to suit their purposes.
Would they take Bit Coin.
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