"We live in an age where things change rather rapidly, whether politically or economically and certainly in foreign policy things change, so this whole ball game can change rather rapidly.” ― Ron Paul
Given that China has reduced their imports from Iran by about half of what they were a year ago, this is not a particularly significant story. http://www.chicagotribune.com/news/s...,3175534.story
BEIJING/SEOUL (Reuters) - China halved its Iranian crude imports in March compared with a year earlier due to disputes over contract terms, its deepest cut so far this year as Western sanctions complicate Tehran's oil exports.
South Korea cut its imports by 40 percent in March from a year earlier, official data showed, as it sought to secure an exemption from U.S. sanctions. Japan, which has secured a waiver, made steep cuts in April imports.
Iran traditionally sells most of its oil exports to Asia, where China, India, Japan and South Korea are the biggest buyers. Exports were 2.3 million barrels per day (bpd) in the Iranian year to March 19.350,000 barrels a day is a pretty small amount. For comarison, the US consumes about 21 million barrels a day.In the first quarter of this year, China's crude imports from Iran were a third lower at 346,183 bpd compared to a year earlier, customs data showed, mainly because the state-run China Petroleum & Chemical Corp (Sinopec) slashed purchases by 285,000 bpd, or just over half of the amount it imported daily in 2011.
And at this time it is just speculation that China MAY start to buy Iranian oil with gold. There has been no official announcement from either Iran or China that this will happen though Iran has said it would accept gold (and any other currency including US dollars) in payment for oil.
Last edited by Zippyjuan; 04-24-2012 at 02:47 PM.
Freedom is a state of mind. Nobody can take that from you unless you let them.
Really hard to say WHEN the dollar will fall. It is still pretty effective when it comes to buying stuff. But the collapse is inevitable.
The proper concern of society is the preservation of individual freedom; the proper concern of the individual is the harmony of society.
"Who would be free, themselves must strike the blow." - Byron
"Who overcomes by force, hath overcome but half his foe." - Milton
Folks laughing at the OP didn't understand Sinclair's point. He isn't claiming that on June 28th, the dollar is instantly void. He's talking about a dynamic which is forcing large sovereigns to develop alternatives to the dollar being the death knell for it's priviliged status.
I compiled a "brief" history of events since October 2008 that are defining the global currency war and the role that gold is playing:
Tin Foil Hats, Economic Reality and the Total Perspective Vortex
Also, have you contacted your Congressional Rep and asked them co-sponsor Ron Paul's HR 1098: Free Competition in Currencies Act?
WOWOW... if China does this we are talking about the beginning of the end for the dollar and things can change very quickly...
Proud member of the Silver Liberation Army
Time to stock up on Tungsten...
Stop the Looting and Start Prosecuting! Gold plated Tungsten IS Money!
We Must Dissent A colher não existe.
A government is just a body of people, notably, usually, ungoverned.
"You mean this entire war started because The Empire dressed as the enemy? That's exactly what happened in the last major war! Our government is so stupid!"