Page 1 of 2 12 LastLast
Results 1 to 30 of 32

Thread: Reuters: Saudi Arabia Aims Ditch the Dollar and End of the Petro Dollar

  1. #1

    Reuters: Saudi Arabia Aims Ditch the Dollar and End of the Petro Dollar

    Subscribe to Smaulgld.com



  2. Remove this section of ads by registering.
  3. #2
    The article: https://www.reuters.com/article/us-s...-idUSKCN1RH008

    Exclusive: Saudi Arabia threatens to ditch dollar oil trades to stop 'NOPEC' - sources

    LONDON/DUBAI (Reuters) - Saudi Arabia is threatening to sell its oil in currencies other than the dollar if Washington passes a bill exposing OPEC members to U.S. antitrust lawsuits, three sources familiar with Saudi energy policy said.

    They said the option had been discussed internally by senior Saudi energy officials in recent months. Two of the sources said the plan had been discussed with OPEC members and one source briefed on Saudi oil policy said Riyadh had also communicated the threat to senior U.S. energy officials.

    The chances of the U.S. bill known as NOPEC coming into force are slim and Saudi Arabia would be unlikely to follow through, but the fact Riyadh is considering such a drastic step is a sign of the kingdom’s annoyance about potential U.S. legal challenges to OPEC.

    In the unlikely event Riyadh were to ditch the dollar, it would undermine the its status as the world’s main reserve currency, reduce Washington’s clout in global trade and weaken its ability to enforce sanctions on nation states.

    “The Saudis know they have the dollar as the nuclear option,” one of the sources familiar with the matter said.

    “The Saudis say: let the Americans pass NOPEC and it would be the U.S. economy that would fall apart,” another source said.

    Saudi Arabia’s energy ministry did not respond to a request for comment.

    A U.S. state department official said: “as a general matter, we don’t comment on pending legislation.”

    The U.S. Energy Department did not respond to a request for comment. Energy Secretary Rick Perry has said that NOPEC could lead to unintended consequences.

  4. #3
    I do not care what the backward saudis do .
    Do something Danke

  5. #4
    “The Ministry of Energy, Industry and Mineral Resources affirmed today that recently circulated claims that the Kingdom of Saudi Arabia is threatening to sell its oil in currencies other than the dollar are inaccurate and do not reflect Saudi Arabia’s position on this matter,” a statement from the Saudi Press Agency reads. This is the official state news agency of the Kingdom.

    More at: https://oilprice.com/Latest-Energy-N...-Currency.html
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankind…it’s people I can’t stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  6. #5
    Quote Originally Posted by Zip's article bolded line
    The chances of the U.S. bill known as NOPEC coming into force are slim and Saudi Arabia would be unlikely to follow through,
    Well that puts it to rest then. A Reuters writer doesn't think it'll happen. Move along, nothing to see here.

    LOL everyone knows the petrodollar standard is on its last leg, by design and deliberate planning for at least 10 years.
    "Let it not be said that we did nothing."-Ron Paul

    "We have set them on the hobby-horse of an idea about the absorption of individuality by the symbolic unit of COLLECTIVISM. They have never yet and they never will have the sense to reflect that this hobby-horse is a manifest violation of the most important law of nature, which has established from the very creation of the world one unit unlike another and precisely for the purpose of instituting individuality."- A Quote From Some Old Book

  7. #6
    Quote Originally Posted by devil21 View Post
    Well that puts it to rest then. A Reuters writer doesn't think it'll happen. Move along, nothing to see here.

    LOL everyone knows the petrodollar standard is on its last leg, by design and deliberate planning for at least 10 years.
    Believe Reuters when they say Saudi Arabia may drop the dollar. Then say Reuters is lying when in the exact same article they say the proposal is not likely to go anyplace.

    Would you believe Saudi Arabia's own Energy Minister?

    https://punchng.com/oil-saudi-arabia...tch-us-dollar/

    Saudi Energy Minister Khalid al-Falih said on Monday there was no change to the kingdom’s long-standing policy of trading oil in U.S. dollars.

    Absolutely not. There is no change whatsoever to our long-standing policy,” Falih said when asked to comment on the possibility that Saudi Arabia could ditch the dollar.
    Oh yeah, he is just lying to cover up their secret plan. Any attempt to disprove a conspiracy is automatic proof that the conspiracy exists and needs to be disproven. The logic is infallible.
    Last edited by Zippyjuan; 04-08-2019 at 06:46 PM.

  8. #7
    Quote Originally Posted by devil21 View Post
    Well that puts it to rest then. A Reuters writer doesn't think it'll happen. Move along, nothing to see here.

    LOL everyone knows the petrodollar standard is on its last leg, by design and deliberate planning for at least 10 years.
    Yes the petro dollar will eventually die but it will have very little impact on the dollar
    Subscribe to Smaulgld.com

  9. #8
    Quote Originally Posted by Smaulgld View Post
    Yes the petro dollar will eventually die but it will have very little impact on the dollar
    That's quite an assertion since the institution of the petrodollar standard was required to keep the FRN afloat in the first place when faith in the dollar was faltering.
    "Let it not be said that we did nothing."-Ron Paul

    "We have set them on the hobby-horse of an idea about the absorption of individuality by the symbolic unit of COLLECTIVISM. They have never yet and they never will have the sense to reflect that this hobby-horse is a manifest violation of the most important law of nature, which has established from the very creation of the world one unit unlike another and precisely for the purpose of instituting individuality."- A Quote From Some Old Book



  10. Remove this section of ads by registering.
  11. #9
    Quote Originally Posted by Zippyjuan View Post
    Believe Reuters when they say Saudi Arabia may drop the dollar. Then say Reuters is lying when in the exact same article they say the proposal is not likely to go anyplace.

    Would you believe Saudi Arabia's own Energy Minister?

    https://punchng.com/oil-saudi-arabia...tch-us-dollar/

    Oh yeah, he is just lying to cover up their secret plan.
    Of course he is. Nothing lasts forever, especially not reserve currencies.

    "Never believe anything until it has been officially denied"

    Especially when it comes from them.

    Good write-up
    http://harvardpolitics.com/world/the...-saudi-arabia/
    "Let it not be said that we did nothing."-Ron Paul

    "We have set them on the hobby-horse of an idea about the absorption of individuality by the symbolic unit of COLLECTIVISM. They have never yet and they never will have the sense to reflect that this hobby-horse is a manifest violation of the most important law of nature, which has established from the very creation of the world one unit unlike another and precisely for the purpose of instituting individuality."- A Quote From Some Old Book

  12. #10
    Quote Originally Posted by devil21 View Post
    That's quite an assertion since the institution of the petrodollar standard was required to keep the FRN afloat in the first place when faith in the dollar was faltering.
    That was the intention however, the reasons for dollar as a reserve asset go far beyond needing dollars to buy oil from Saudi Arabia

    Since the 70'ss the dollar has emerged as the most liquid currency, the UST the most held debt instrument and the dollar is the currency in which most countries issue debt. In addition the amount of dollars required to buy oil from Saudi Arabia's diminishing oil reserves is decreasing.

    The US is now a larger oil producer and exporter than Saudi Arabia and countries also need dollars to buy oil from the US. The US also buys oil from Saudi Arabia and uses dollars.

    In addition, there is NO indication that Saudi Arabia would pull away from the current arrangement as they are trying to move away from a strictly oil economy and are invested heavily in US tech companies and silicon valley (like Twitter) and the US has also done Saudi arabia a huge favor by nixing the Iran deal and by turning a blind eye to the Kasoggi murder.
    Last edited by Smaulgld; 04-08-2019 at 06:54 PM.
    Subscribe to Smaulgld.com

  13. #11
    Quote Originally Posted by devil21 View Post
    Of course he is. Nothing lasts forever, especially not reserve currencies.

    "Never believe anything until it has been officially denied"

    Especially when it comes from them.

    Good write-up
    http://harvardpolitics.com/world/the...-saudi-arabia/
    From the link:

    The Saudi government helps fund United States debt and keeps the dollar powerful by creating a constant demand for the dollar in international markets, even though the United States runs multi-billion dollar deficits and continues to print an exorbitant amount of dollars.
    So how much US Debt does Saudi Arabia hold? According to the latest US Treasury data, as of January, 2019 they held $162.6 billion in US debt which is $22 trillion or 0.7% of all US government debt. Not even one percent. China is more significant with $1.126 trillion or about five percent of US government debt.


    Is it about the oil? Saudi Arabia accounts for eight percent of our oil these days. Canada and Mexico are our top foreign suppliers.



    (chart was for 2012- US is now a net oil exporter)

    Last edited by Zippyjuan; 04-08-2019 at 07:14 PM.

  14. #12
    Quote Originally Posted by Smaulgld View Post
    Yes the petro dollar will eventually die but it will have very little impact on the dollar
    That's a joke, right?

    What determines the value of a fiat currency? The same thing that determines the value if everything else, right? Supply and demand.

    Now, until the debt load begins to collapse under its own weight, and they have to destroy the FRN by printing an extra twenty a something trillion of them to shut bondholders up, they will do what they always have and print just enough that no worker gets a raise in pay without asking. But they like creating money, don't they? Nothing like making money the old fashioned way--by printing it. The Treasury Dept. even provides the rags and ink.

    So, there's the supply side. But they want to print more, and the only way to do that without crashing the currency prematurely is to stimulate demand. That's where the petrodollar comes in. If everyone wants oil, and every country that has oil and tries to sell it for something other than Federal Reserve Notes gets invaded by the U.S. military, gets its museums looted and its president hung, then that creates an artificial demand for the Fed's "product".

    If they react quickly enough and correctly, then no, the end of the petrodollar hegemony won't affect the value of the currency much. But the value of the Fed to the fat banks that own it will go down quite a bit, because less demand requires less supply for value to remain steady.
    Quote Originally Posted by Swordsmyth View Post
    We believe our lying eyes...

  15. #13
    https://www.forbes.com/sites/douglas.../#65fde8846a14

    Why The Petro-Dollar Is A Myth, And The Petro-Yuan Mere Fantasy

    China's recent introduction of yuan-denominated oil futures has attracted some fairly extensive press commentary. Partly this is down to a habit of over-interpreting everything happening in China as just more evidence of their unstoppable rise to global superpower status, but it is also due to some profound misconceptions about the importance of oil as a commodity. It is widely thought, for example, that oil somehow underwrites the global financial system and guarantees the U.S. dollar's hegemonic status.

    Inevitably, stories about the toppling of the "Petro-dollar" and the long yearned for rise of an alternative reserve currency, one not dependent on the whims of a capricious political elite in Washington, have proliferated across the alter-net and on the state-backed media platforms of Russia and China.

    But we should be clear: the Petro-dollar does not exist, and really hasn't done in any meaningful way since the 1970s, therefore the "Petro-yuan" has no future. This is not to say that oil will never be traded in yuan, that is likely, but it is to say that trading oil in yuan will not suddenly transform the currency into the global reserve many claim is inevitable.


    Origins Of The Petro-Dollar

    The myth of the Petro-dollar comes from efforts in the 1970s to prevent the U.S. suffering severe negative effects in its balance of payments from rising oil prices. Until the late 1960s the U.S. had been an oil-exporter, but by also being an oil consumer they had never sought to maximize the rent from oil production by driving prices upwards. OPEC countries, however, never had such qualms and when the opportunity arose as the U.S. became an importer, happily restrained supply to drive prices, and their own national incomes, higher. The U.S. was worried about the resultant trade deficit caused by suddenly having to pay vast amounts for necessary imports, and so secured the agreement of Saudi Arabia to only trade oil in U.S. dollars, meaning the U.S. could pay for oil in their own currency. Saudi Arabia, for their part, accumulated huge reserves of U.S. dollars, investing some of them back into the U.S. economy.

    The enormous lake of U.S. dollars this created augmented the role of the dollar as the global reserve currency, being a highly liquid, easily-exchanged claim on the products, services and investment potential generated by the U.S. economy. But this was merely one step in the rise of the greenback as the global reserve. The next step came when other economies–East Asia in particular–followed the lead of the oil producers and also built up huge reserves of U.S. dollars, all of which was made possible by the abandonment of the Bretton Woods fixed exchange rate system in the early 1970s. This practice helped to keep exchange rates for exporters low, and kept a lid on inflation in the U.S., which suited everyone up to a point.

    Future Petro-Yuan?

    Bringing this up to date, it was a long time ago when the link between oil and the dollar mattered much at all beyond the financial returns of non-dollar based oil companies. Since the 1980s, the dollar has been consolidated as the global reserve currency because of the strength and dynamism of the U.S. economy, and oil exporters have demanded to be paid in U.S. dollars because that's the currency they prefer to hold on to. To do otherwise is to take on exchange risk. Exporters can, and routinely do, accept payment in whatever exchange medium they wish -- tanks, planes and construction services -- but their central banks demand dollars for reasons entirely unconnected to oil. Because the U.S. dollar is a hard currency, easily exchangeable, underwritten by the U.S. taxpayer, and founded upon decades of broadly consistent macro-economic policy management.

    Those who believe that oil being traded in U.S. dollars gives the U.S. economy a unique advantage in the global economy have it exactly the wrong way around. The U.S. economy is the central economy in the global system because it is the most open, innovative, and productive economy in the world, and because of this, the U.S. dollar is the most convenient, liquid and reliable medium of exchange. One can imagine another currency challenging it at some point in the future, but only on the basis of the openness of its underlying economy, and the depth of the capital markets denominated in it. And if the euro can't do it yet, why does anyone imagine the yuan is up to the job?
    Last edited by Zippyjuan; 04-08-2019 at 07:26 PM.

  16. #14
    Simple question: Why would the Saudis continue to use dollars for oil trade when electric cars are the planned future of this country? They wouldn't.
    "Let it not be said that we did nothing."-Ron Paul

    "We have set them on the hobby-horse of an idea about the absorption of individuality by the symbolic unit of COLLECTIVISM. They have never yet and they never will have the sense to reflect that this hobby-horse is a manifest violation of the most important law of nature, which has established from the very creation of the world one unit unlike another and precisely for the purpose of instituting individuality."- A Quote From Some Old Book

  17. #15
    Quote Originally Posted by devil21 View Post
    Simple question: Why would the Saudis continue to use dollars for oil trade when electric cars are the planned future of this country? They wouldn't.
    What currency should they accept when the US purchases oil from them?

  18. #16
    ...all of which was made possible by the abandonment of the Bretton Woods fixed exchange rate system in the early 1970s. This practice helped to keep exchange rates for exporters low, and kept a lid on inflation in the U.S., which suited everyone up to a point.
    OMG! Who does Forbes think they're fooling?

    Anyone who ever heard the term "stagflation" will never believe anything they read in Forbes ever again. Kept a lid on inflation in the 1970s? It was before Bretton Woods that a lid was kept on inflation in the U.S, not after!



    My how fast they are destroying the credibility of every last corner of the MSM to keep this desperate propaganda campaign going.
    Last edited by acptulsa; 04-08-2019 at 07:37 PM.
    Quote Originally Posted by Swordsmyth View Post
    We believe our lying eyes...



  19. Remove this section of ads by registering.
  20. #17
    Quote Originally Posted by acptulsa View Post
    OMG! Who does Forbes think they're fooling?

    Anyone who ever heard the term "stagflation" will never believe anything they read in Forbes ever again. Kept a lid on inflation in the 1970s? It was before Bretton Woods that a lid was kept on inflation in the U.S, not after!

    My how fast they are destroying the credibility of every last corner of the MSM to keep this desperate propaganda campaign going.
    It says Brenton Woods fixed exchange rates helped keep inflation lower. Brenton Woods ended in 1971. It does not say petrodollars kept inflation low. Inflation picked up a lot in 1974- after Brenton Woods was ended.

    the Bretton Woods fixed exchange rate system in the early 1970s. This practice helped to keep exchange rates for exporters low, and kept a lid on inflation in the U.S.
    Last edited by Zippyjuan; 04-08-2019 at 07:40 PM.

  21. #18
    Quote Originally Posted by Zippyjuan View Post
    What currency should they accept when the US purchases oil from them?
    If we're not buying much oil from them anymore, as you point out, and it's becoming less and less, why would they keep using our unit of account? They wouldn't. They'd use the unit of account of who actually is buying oil from them now, with an eye toward more exports in the future. A quick review of official figures shows that China already officially imports more oil from SA than the US imports from SA.
    "Let it not be said that we did nothing."-Ron Paul

    "We have set them on the hobby-horse of an idea about the absorption of individuality by the symbolic unit of COLLECTIVISM. They have never yet and they never will have the sense to reflect that this hobby-horse is a manifest violation of the most important law of nature, which has established from the very creation of the world one unit unlike another and precisely for the purpose of instituting individuality."- A Quote From Some Old Book

  22. #19
    The collapse is coming! Soon! And it is all a big plan!

  23. #20
    Quote Originally Posted by Zippyjuan View Post
    It says Brenton Woods fixed exchange rates helped keep inflation lower. Brenton Woods ended in 1971. It does not say petrodollars kept inflation low. Inflation picked up a lot in 1974- after Brenton Woods was ended.
    This...

    The next step came when other economies–East Asia in particular–followed the lead of the oil producers and also built up huge reserves of U.S. dollars, all of which was made possible by the abandonment of the Bretton Woods fixed exchange rate system in the early 1970s. This practice helped to keep exchange rates for exporters low, and kept a lid on inflation in the U.S., which suited everyone up to a point.
    ...says Bretton Woods is what kept inflation low? Well, yes, I suppose it could be read that way, in a pinch.

    An artful use of language, that. It was clearly meant to deceive, yet offer plausible deniability.

    Quote Originally Posted by Zippyjuan View Post
    The collapse is coming! Soon! And it is all a big plan!
    OK, then you tell us what's going to happen when they have to create twenty-something trillion FRNs to keep from defaulting to bondholders. What will the FRN be worth? Will the same fat banks that have been making money by typing on their computers play nice and willingly let someone else have a turn?
    Last edited by acptulsa; 04-08-2019 at 07:51 PM.
    Quote Originally Posted by Swordsmyth View Post
    We believe our lying eyes...

  24. #21
    Quote Originally Posted by Zippyjuan View Post
    The collapse is coming! Soon! And it is all a big plan!
    Previous Zippys never relied on lame posts like that when unable to respond to a logical question.

    I will give some credit to the money masters, however. They've been able to hide the destruction of the currency better than I ever thought they could. Practically every last "innovation" of the last 10 years has been designed to hide it. Entire marketing campaigns created to sell people on the notion that "less is more" or paying more for a product ($6 for a loaf of bread) isn't really inflation, it's just healthy! It's very impressive but it's also a testament to the ignorance of the average person.
    Last edited by devil21; 04-08-2019 at 07:55 PM.
    "Let it not be said that we did nothing."-Ron Paul

    "We have set them on the hobby-horse of an idea about the absorption of individuality by the symbolic unit of COLLECTIVISM. They have never yet and they never will have the sense to reflect that this hobby-horse is a manifest violation of the most important law of nature, which has established from the very creation of the world one unit unlike another and precisely for the purpose of instituting individuality."- A Quote From Some Old Book

  25. #22
    You talk dollar supply and demand. How much does the US spend on oil per year from Saudi Arabia and what percent is that of the supply of dollars? Would not selling us oil in dollars have an impact?

    In 2018, the US imported $21.9 billion dollars worth of oil from Saudi Arabia. http://www.worldstopexports.com/us-c...ier-countries/

    The supply of US dollars (based on M2 money supply measurements) is $13.5 trillion. https://fred.stlouisfed.org/series/MYAGM2USM052N

    Therefore, Saudi Arabia accounts for 0.16% of dollars in the world. That would have little if any impact on the value of the dollar if the Saudis decided to accept another currency. The US would not go into an economic collapse.

    What if they decided to dump all the US dollars they hold? Their US Treasury holdings account for 0,7% (less than one percent) of US debt- (source posted earlier) again, a not significant amount. That too would not crash our economy or the value of a dollar.

    The petrodollar is not as important as it used to be.
    Last edited by Zippyjuan; 04-08-2019 at 08:14 PM.

  26. #23
    Quote Originally Posted by Zippyjuan View Post
    In 2018, the US imported $21.9 billion dollars worth of oil from Saudi Arabia. http://www.worldstopexports.com/us-c...ier-countries/

    The supply of US dollars (based on M2 money supply measurements) is $13.5 trillion. https://fred.stlouisfed.org/series/MYAGM2USM052N

    Therefore, Saudi Arabia accounts for 0.16% of dollars in the world. That would have little if any impact on the value of the dollar if the Saudis decided to accept another currency. The US would not go into an economic collapse.
    You are reaching new lows in terms of honesty.

    1. The U.S. doesn't maintain the Petrodollar by threatening to kick Saudi Arabia's ass if they sell us oil for something else. The U.S. military kicks any oil exporter's ass for selling to anyone for something other than Petrodollars. Now, some oil doesn't get exported. That said, oil production runs 80,000,000 barrels a month.. At $65-70 per, that's one hell of a demand for the currency.

    The only things that makes Saudi Arabia special is, they sell a lot of oil and they usually kiss our asses.

    2. Not all of the supply of FRNs is in circulation. The fact that some does sit around places a greater demand on that which is.

    Add those factors up, and suddenly the continual Petrodollar wars throughout the Middle East (and coming soon to Venezuela!) start looking worth blowing up a Manhattan skyscraper or three.
    Quote Originally Posted by Swordsmyth View Post
    We believe our lying eyes...

  27. #24
    Quote Originally Posted by acptulsa View Post
    You are reaching new lows in terms of honesty.

    1. The U.S. doesn't maintain the Petrodollar by threatening to kick Saudi Arabia's ass if they sell us oil for something else. The U.S. military kicks any oil exporter's ass for selling to anyone for something other than Petrodollars. Now, some oil doesn't get exported. That said, oil production runs 80,000,000 barrels a month.. At $65-70 per, that's one hell of a demand for the currency.

    The only things that makes Saudi Arabia special is, they sell a lot of oil and they usually kiss our asses.

    2. Not all of the supply of FRNs is in circulation. The fact that some does sit around places a greater demand on that which is.
    True. Saudi Arabia holds US dollars in the form of US Treasuries- $162.6 billion worth (or less than one percent of US debt- 0.7%). https://ticdata.treasury.gov/Publish/mfh.txt

    (though actually they bought US Treasuries with that money and the US government spent it so the dollars are no longer in Saudi Arabia but we owe it back to them plus interest).

    Add those factors up, and suddenly the continual Petrodollar wars throughout the Middle East (and coming soon to Venezuela!) start looking worth blowing up a Manhattan skyscraper or three.
    If you say so, it must be true.
    Last edited by Zippyjuan; 04-08-2019 at 08:22 PM.



  28. Remove this section of ads by registering.
  29. #25
    Quote Originally Posted by Zippyjuan View Post
    If you say so, it must be true.
    You have a better explanation for why every single oil producing nation that decides to sell abroad for something like gold suddenly turns into a human rights violator/hotbed of (CIA sponsored) terrorism?

    I've never seen any other common denominator shared by all human rights violator/hotbeds of (CIA sponsored) terrorism since 1973.
    Quote Originally Posted by Swordsmyth View Post
    We believe our lying eyes...

  30. #26
    Quote Originally Posted by acptulsa View Post
    You have a better explanation for why every single oil producing nation that decides to sell abroad for something like gold suddenly turns into a human rights violator/hotbed of (CIA sponsored) terrorism?
    List of countries selling oil for gold?

  31. #27
    Quote Originally Posted by Zippyjuan View Post
    List of countries selling oil for gold?
    Venezuela was the last to threaten it. Saddam Hussein made a lot of noise about it in the late nineties. Khaddafi definitely said he was going to do it. To name three off the top of my head.

    I'm going from memory. Whether those reports are available on line or not I do not know.

    Let's see what we can find...

    https://www.thenewamerican.com/econo...astated-dollar

    http://content.time.com/time/magazin...998512,00.html

    https://www.reuters.com/article/us-v...-idUSKBN1O51WX

    Well? You asked for it. Do you trust the New American? Are Time and Reuters on the Zippy Trusted Sources List?
    Last edited by acptulsa; 04-08-2019 at 08:38 PM.
    Quote Originally Posted by Swordsmyth View Post
    We believe our lying eyes...

  32. #28
    Quote Originally Posted by acptulsa View Post
    Venezuela was the last to threaten it. Saddam Hussein made a lot of noise about it in the late nineties. Khaddafi definitely said he was going to do it. To name three off the top of my head.

    I'm going from memory. Whether those reports are available on line or not I do not know.

    Let's see what we can find...

    https://www.thenewamerican.com/econo...astated-dollar

    http://content.time.com/time/magazin...998512,00.html

    https://www.reuters.com/article/us-v...-idUSKBN1O51WX

    Well? You asked for it. Do you trust the New American? Are Time and Reuters on the Zippy Trusted Sources List?
    Reuters link is about Russia investing in Venezuela gold mining- not them selling oil for gold.

    Saddam (Time piece) talks about wanting Euros- not gold.

    New American piece talks about Libya possibly using gold backed Dinars which never really existed. I will give you one country on your list.

  33. #29
    Quote Originally Posted by Zippyjuan View Post
    Reuters link is about Russia investing in Venezuela gold mining- not them selling oil for gold.

    Saddam (Time piece) talks about wanting Euros- not gold.

    New American piece talks about Libya possibly using gold backed Dinars which never really existed. I will give you one country on your list.
    I specified gold? Or I said 'something other than Petrodollars'?

    Regardless of what I said, does it make any difference to the demand for the Petrodollar if an oil producer sells for gold or euros or yen or yuan or frosted flakes boxtops?

    Like Rense?

    https://rense.com/general81/euro.htm

    Have a good reason to distrust CoinDesk?

    https://www.coindesk.com/venezuela-t...19-says-maduro

    Got any more deflections and irrelevant prevarications you want to trot out?
    Last edited by acptulsa; 04-08-2019 at 09:16 PM.
    Quote Originally Posted by Swordsmyth View Post
    We believe our lying eyes...

  34. #30
    Quote Originally Posted by acptulsa View Post
    I specified gold? Or I said 'something other than Petrodollars'?
    "something like gold". But it doesn't really matter.

Page 1 of 2 12 LastLast


Similar Threads

  1. Replies: 0
    Last Post: 10-22-2018, 10:12 AM
  2. The Petro Dollar vs the Petro Yawn
    By Smaulgld in forum Economy & Markets
    Replies: 0
    Last Post: 07-01-2018, 06:45 AM
  3. The Continuation of The Petro Dollar
    By Smaulgld in forum U.S. Political News
    Replies: 0
    Last Post: 04-30-2018, 01:22 PM
  4. A New Petro Dollar- Backed by U.S. Oil
    By Smaulgld in forum Economy & Markets
    Replies: 0
    Last Post: 02-04-2018, 02:32 PM
  5. Replies: 3
    Last Post: 05-03-2014, 01:59 PM

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •