In These New Times

A new paradigm for a post-imperial world

Posts Tagged ‘end of petrodollar’

Challenging the dollar: China and Russia’s plan from petroyuan to gold

Posted by seumasach on October 5, 2017

“The reason the dollar plays such an important role in the world economy is due to the following three major factors: the petrodollar; the dollar as world reserve currency; and Nixon’s decision in 1971 to no longer make the dollar convertible into gold. As is easy to guess, the petrodollar strongly influenced the composition of the SDR basket, making the dollar the world reserve currency, spelling grave implications for the global economy due to Nixon’s decision to eliminate the dollar’s convertibility into gold. Most of the problems for the rest of the world began from a combination of these three factors.”

Federico Pieraccini

Strategic -Culture

If we were to identify what uniquely fuels American imperialism and its aspirations for global hegemony, the role of the US dollar would figure prominently.

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Petrodollar faces growing threat from the East

Posted by seumasach on April 29, 2017

Asia Times

27th April, 2017

While the recent raft of Sino-Saudi trade agreements benefited Chinese soft power in protecting Xinjiang, and the Saudis by diversifying their economy, China’s slow intertwining with Saudi Arabia complements the Sino-Russo alliance. Primarily, its benefits could lead to a realistic threat to the petrodollar.

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The Petroyuan cometh

Posted by seumasach on September 12, 2015

Launch Of Renminbi-Denominated Oil Futures Contract Imminent

Zero Hedge

11th September, 2015

Whenever one talks about the death of the petrodollar, the unspoken question lurking just beneath the surface is this: is the rise of the petroyuan just around the corner?

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Russia through the Saudi looking glass

Posted by seumasach on June 25, 2015

Nonetheless, Rashed sums up: “Of course, we shouldn’t read into any new developments outside political frameworks, because I can hardly imagine that Saudi Arabia has decided to turn against its alliances (with the West) – but it probably wants to get out of the narrow US corner and expand its options”.

The Saudis can downplay this as much as they want- the simple fact is that getting out of “the narrow US corner” is tantamount to ending the reign of the petrodollar

M.K.Bhadrakumar

Asia Times

24th June, 2015

The latest bunch of diplomatic cables released by WikiLeaks as part of the half a million files relating to Saudi Arabian Foreign Ministry contains a revealing document on an “arrangement of reciprocal support to the candidature of the Government of Russia to the Human Rights Council on the understanding that the Government of Russia would also extend its valuable support to the candidature of Saudi Arabia” in the elections to the body held in May 2013.

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