petrodollar

Today James appears as a guest on The Hagmann Report to discuss How & Why Big Oil Conquered The World. Topics covered include the real aims of the oiligarchy, the technocratic “solution” to the death of the petrodollar, and the (engineered) rise of China and the coming (engineered) conflict.

[audio mp3="http://www.corbettreport.com/mp3/2017-11-08%20Hagmann%20Report.mp3"][/audio]Today James appears as a guest on The Hagmann Report to discuss How & Why Big Oil Conquered The World. Topics covered include the real aims of the oiligarchy, the technocratic "solution" to the death of the petrodollar, and the (engineered) rise of China and the coming (engineered) conflict.

Financial analysts are increasingly pointing out that China has some very grand plans when it comes to petroleum markets, and that if those plans succeed, the U.S. could see the dollar threatened as the top global currency. From CNBC on Tuesday:

(ANTIMEDIA) — Saudi Arabia’s king, Salman bin Abdulaziz Al Saud, recently met with Russian President Vladimir Putin in what amounts to more than just a symbolic blow to the United States. While the two discussed a number of issues, including Syria and Iran, according to CNN it was oil that dominated most of the discourse.

After Israel, Saudi Arabia has long been considered to be the United States’ greatest ally in the Middle East, a fact evidenced by long-standing Saudi-U.S. joint policies such as the petrodollar system, weapons deals, and Saudi support for broader U.S. geopolitical goals in the region. However, this foundational relationship of U.S. foreign policy in the Middle East appears to be changing rapidly, with the Saudis – in the footsteps of other, former U.S.

On Tuesday, Russian President Vladimir Putin dealt another blow to the flagging petrodollar system – a crucial component of U.S. economic “superiority” that creates artificial demand for the U.S. dollar by pricing oil and other goods on the international market in that currency. Putin instructed the Russian government to approve legislation that would make the Russian ruble the main currency of exchange at all Russian ports by the end of 2017.

(ANTIMEDIA Op-ed) — Once upon a time, the U.S. dollar was backed by the gold standard in a framework that established what was known as the Bretton-Woods agreement, made in 1944. The dollar was fixed to gold at a price of $35 an ounce, though the dollar could earn interest, marking one notable difference from gold.

In what is set to be a major blow to the U.S.’ increasingly fragile “petrodollar” system, Venezuela announced on Wednesday that it would no longer accept U.S. dollars as payment for its crude oil exports. According to the Wall Street Journal, Venezuela has begun using euros in lieu of the dollar and will convert existing cash holdings into euros as well.

(ZHE) — Did the doomsday clock on the petrodollar (and implicitly US hegemony) just tick one more minute closer to midnight?

Late last week, Saudi Arabia and other members of the Gulf Cooperation Council (GCC) that are involved in attempting to isolate Qatar sent the tiny Gulf nation a list of 13 demands. They are insisting that Qatar meet these demands within ten days or face unspecified further action.