THE Financial News of the Decade - IGNORED!
THE Financial News of the Decade - IGNORED!Follow @KnightsTempOrg
It's the financial and international political development of the decade, but the mainstream broadcast media haven't touched it, and even the 'serious' financial papers are pretending it's just 'symbolic'. But the announcement that Saudi Arabia is considering selling oil in Chinese yuan rather than US$ is actually a warning of an earthquake which will shatter the very foundations of the Washington 'Empire of Lies'.
For decades now, the Saudi-based petro-dollar system has been the only thing funding the USA's vast military expenditure - the thing at the base of Washington's grip on the world. Dollar hegemony, founded on the Saudi use of the dollar for oil trade, is the only thing keeping the hollowed out and debt-ridden US economic from a crash of staggering proportions to its now-natural level.
The value of all other fiat currencies is based on the actual (or perceived) productive capacity of the nation in question. The US$, in complete contrast, is backed by the debt which Washington exports. This has been the deal with pretty much the whole of the world, but the core of the system is the way in which the US creates dollars for Saudi Arabia, and gets oil in return for printed paper and financial ledger entries.
There was a time when this perpetual cycle of wealth transfer to the USA was simply topping up the vast extra value being created by the productivity of America's massive industrial base, but decades of liberal offshoring policies have effectively destroyed that. The temporary blip under Donald Trump was able to do very little to reverse the long term loss mot just of jobs but of the ability to produce real wealth
Most Americans don’t really understand the importance of dollar hegemony. Thanks to the globalist economic suicide policies of the Beltway elite, it is effectively the only reason that the US is not a Third World country. The stock market’s value and the value of property and other assets is a result of money being sucked out of the global economy and directed into Wall Street via the dollar swindle.
So for Saudi Arabia even to speak of switching from dollars to yuan is a simply stunning development. With India - the fifth biggest economy in the world - openly to be proposing buying oil from China and Russia in yuan or rupees, rather than dollars is just another nail in the coffin of the dollar as the world's reserve and trading currency. And, once the wealth transfer stops, so does Washington's ability to continue to fund the biggest and historically the most aggressive military force in the entire history of the world.
In the end, it was that force - the ability, in Michael Leeden's words, every few years "to pick up some crappy little country and throw it against a wall" - which in the end was the basis of the power of Washington's 'Empire of Lies'. The destruction of the financial mechanism that funded that military muscle is thus the most important development in world affairs for literally decades. Which is why the mainstream media are either not mentioning at at all, or reporting it as some minor and symbolic shift. It is not - the world just changed forever, and if the death-throws of dying empire don't set off World War Three, this will become apparent very soon, whether it is reported or not. Deus Vult!