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Friday, May 18, 2012

OIL - IRAN - CHINA - USA - Iran's oil sales are credited in Chinese Renminbi - US-$ as well as EUR to be crowded out as world currency in the future

author thomas ramseyer
Hidden parallel economic universe is about to emerge. OECD figures restricted to USD and EUR trade figures. Renminbi figures never are subject to OECD statistics. World trade volume not known anymore.
For China one barrel of OIL values one barrel of OIL - China goes for natural resources; it does not care about money for the latter being paper. China asked already years ago for another world reserve currency. Now theve gotten it. It is simply the Renminbi. Well done!

also read:
UN Security council member China (one of the 6 Veto-Members) does not bother about countries' bad behaveour as long as they are of use to them. (Use here means the exchange of natural resources against goods and services produced by Chinese)

The idea is not bad. Right now the use of the Chinese currency to back up trades is a workaround humble post WWII/cold war western world's obedience towards the United States of America. In fact China never bothered about the US and others. And they will never bother. 

As China by now is able to produce all goods in a quality similar to "western" standards, Iran - and later other countries - will import Chinese goods to offset negative trade balances. 

Also through China any goods not produced in China can be imported through that country without big noise thus effort. Figures stemming from such transactions do not even appear in official statistics. There is no trace, no papertrail to be monitored by postwarOnly thing; both countries have to report the same figures. As no USD-central clearing system has to be used everything is hidden in the mist. 

It is even possible that the US sell goods to Iran through China.

copyright thomas ramseyer