China Shifts to Euros for Iranian Oil

Originally posted by Justin Oldham
As a form of economic warfare, switching from dollars to Euros will have long term consequences. American supremacy will be lessened as fewer nations hold our currency for debts, or commercial transactions.

Mm, that is another topic.

[edit on 1-4-2007 by crisko]

It would be nice to talk about that in a seperate thread, but he simple fact of the matter is that this isn't going to be the last deal of its kind. Expect other OPEC members to follow suit. Suppose Venezuela stops taking dollars for oil? this one has been on the burner for a while now. It's not a surprise that it boils over now.

Originally posted by Justin Oldham
It would be nice to talk about that in a seperate thread, but he simple fact of the matter is that this isn't going to be the last deal of its kind. Expect other OPEC members to follow suit. Suppose Venezuela stops taking dollars for oil? this one has been on the burner for a while now. It's not a surprise that it boils over now.

Venezuela will switch soon.

Plus Chavez has called for a South American central bank to hold euros all the foreign-exchange holdings of the participating countries.

This is something that cannot be brushed a side.

Originally posted by Justin Oldham
It would be nice to talk about that in a seperate thread,...

Like this one? Petrodollar Warfare

Lots of info in that thread on this topic.

You will note that there is a post about Venezuela dumping all of their US securities at the end of 2005. They moved their central bank foreign reserves out of US banks, sold all of their US securities and moved them to Europe. Not trading oil in Euroes yet, but this move sets them up to do so if they aren't already.
.

I like that history is about to "change" real soon

It will be interesting to see how the Chinese markets open up. If there is a sell off again, the US might have started a world wide sell off due to its sanctions on China.

Could be a bad week for the markets.

[edit on 1-4-2007 by infinite]

Originally posted by infinite

Could be a bad week for the markets.

[edit on 1-4-2007 by infinite]

You are right, I forgot about tomorrow, funny that the interest rates has stay the same, while the oil prices are still going up.

Usually the balance comes with either a change on interest rates or oil prices going down.

I think is not more tricks to be used when it comes to the illusion that has become our economy.

It will be interesting how things may look tomorrow and how good we will be holding.

Originally posted by Gools

I think it kind of puts this story from a couple of days ago into perspective: United States Sanctions China! Just in!

China responds:

China strongly dissatisfied on US trade sanction

China strongly requires the U.S. side to reconsider the decision and make prompt changes," the spokesman said, adding China will closely watch the development of the issue and protect its own legitimate rights.

Full text: /35hmqr


Now I'm afraid to open my next fortune cookie..

Peace &
Good Fortune
OBE1

Originally posted by infinite

Originally posted by Justin Oldham
It would be nice to talk about that in a seperate thread, but he simple fact of the matter is that this isn't going to be the last deal of its kind. Expect other OPEC members to follow suit. Suppose Venezuela stops taking dollars for oil? this one has been on the burner for a while now. It's not a surprise that it boils over now.

Venezuela will switch soon.

Chavez' anti-American rhetoric aside, my reading tells me it would be an economic impossibility for Venezuela to stop accepting Dollars for oil...at least now.

Venezuela produces standard Maya...heavy-sour crude, (sells at about $14 dollars a barrel under Brent, or light-sweet crude), and the US consumes the lion's share of their production...why? By global shipping standards, Venezuela is relatively close, but more importantly, thanks to Citgo, we hold the majority of the downstream refinery infrastructure required to process this type of heavy crude...no other country comes close.

Other consumers of Venezuelan oil, and oil products, even China, lack the conversion refinery capability required to process the amount of heavy crude it would take to compensate for the huge US short-fall. As a result, the majority of Venezuela's exports to China currently consist of Orimulsion, a boiler fuel alternative, and other 'oil' by-products...not standard Maya crude for conversion to petroleum.

Highly dependent on oil revenues, (90% of export earnings, and more than 50% of the federal budget revenues)...it would appear that Venezuela and the US will remain joined at the economic hip...at least for the near-to-mid term.

Apologize for veering off topic...just my two cents on the Venez/oil/Dollar thing.


Peace &
Good Fortune
OBE1

Originally posted by OBE1
Apologize for veering off topic...just my two cents on the Venez/oil/Dollar thing.

Not at all!

I and others (I'm sure) are always looking for good info related to a topic. Especially a topic like this one since there's essentially a single worldwide market for oil. It's all related.
.

What is weird is that none of the mainstream media outlets are picking this up!

No one else has reported on this.

Btw, China has given a warning to the US over its sanctions. China said it will give the US a deadline to lift them before China takes action.

Who says there is no such thing as a conspiracy? This is important stuff. I've been cruising the financial pages, and I don't see much about this at all. No peace for the wicked. No peace at all.

You may never see it. I am suggesting the media has a gag order on this because of national security reasons. They don't want to start a panic sell off.

US citizens would think nothing of collapsing the economy trying to get their money out of the system. That is a probability I have seen as being a reality in the US.

Originally posted by win 52
You may never see it. I am suggesting the media has a gag order on this because of national security reasons. They don't want to start a panic sell off.

a gag order?

hmmm...im not sure, but its wierd that this is not being covered.

Originally posted by Vitchilo
The US dollar is still strong because of the high price of oil. The more the oil is expansive, and that it's traded in US$, the more the US can continue their economic scam.

When they change with EURO, the US economy will implode. And they'll bring us the north american union and amero $.

The US dollar has been weak since late 2001...to say that it is still strong is a misnomer. The dollar has already imploded its only a question now how much lower it will go and judging by the charts it could go much lower.



futures.tradingcharts.com...

Edit to add: Is it any coincidence that the US dollar went in to free fall months after 9-11?

[edit on 2-4-2007 by etshrtslr]

posted on 28-2-2007 @ 11:42 AM (ID:2991521) single this post REPLYQUOTE

quote: posted on 29-12-2006 at 10:22 AM (post id: 2835511) - single - this post REPLYQUOTE


This was about China. If you want to know....China will never take over the World. They will come close, though. I have sat with Ralph Cline and other Government people from China and Canada. I have had private meetings with Chinese Officials.

The greed, which is running rampant in the USA, will be what causes their Dollar to loose value. When the world looses faith in the USD, they will sell off in such large volumes that it will bankrupt the Country.

I am a US National, living in Canada. This is a warning to people. There is nothing that can be done to change what has already started.

My only hope for us is that something new will come allong. The world will not end, just the way things are run will be done differently.

This was a prediction that I made in December. Now what do the papers say about why the stock market took a big plunge yesterday?

Remember ....you heard it directly from God...here in ATS.

Here is what I had to say about this last December. There was more and I will try to find the thread this was in. It was just after I joined ATS.

I did not read about this and I don't really understand markets etc. I just got this information when I looked into China / US activity for the near future.

edit link china prediction

[edit on 2-4-2007 by win 52]

From ft.com, 10 December 2006 -

Oil producing countries have reduced their exposure to the dollar to the lowest level in two years and shifted oil income into euros, yen and sterling, according to new data from the Bank for International Settlements.

...

Russia and the members of the Organisation of the Petroleum Exporting Countries, the oil cartel, cut their dollar holdings from 67 per cent in the first quarter to 65 per cent in the second.

...

The review shows that Qatar and Iran, whose foreign exchange policy has sparked widespread market speculation, cut their dollar holdings by $2.4bn and $4bn respectively.

Such shifts may be modest compared with the total assets held, but they provide a crucial indication on future thinking.

Currency switches are likely to be progressive, subtle and discreet, as untoward attention could hit the dollar, lowering the value of depositors' remaining dollar-denominated assets.

Well...Bloomberg just gave about a minute sniff at this and the trade dispute.

It is likely to see more decline for the dollar and many moving away from it. Plus, some advisors in Washington are strongly against the idea of jumping on the bandwagon on the sanctions.

Thanks khieu

When I saw this and posted, I knew it was already started. Not from the news, because I don't follow the market news very much.

I also saw the trend to continue. It will be US Citizens that bring down the value of the dollar. The citizens can also turn it around, if they brought back all of the USD they have in off shore accounts, hidden from the US Treasury.

The probability of that is not very strong.

Greed is very strong, surrounding this whole issue.

Win 52,

The Youtube video from the link you posted is no longer available there. do you have another link.