Chinese oil futures are expected to be launched on March 26 after delays. The new oil futures contracts coupled with a gold backed yuan will likely be the catalyst for the shift from the US dollar as the world reserve currency, and with it the ability of the US to continue printing money without the immediate hyperinflationary consequences such as that seen currently in Venezuela or in the recent past Zimbabwe. Additional consequences of the shift are numerous, likely will cause much anxiety with Americans, and will be addressed in following posts.
The BRICS nations along with other large oil producing states such as Venezuela and those of the Middle East are poised to adopt the new currency and market as it enables to free them from US sanctions and intervention in economic affairs.
Agreed, we need to get away from the petrodollar.
Ah the Zimbabwe note..
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