China has just launched the petro-yuan, a gold-backed currency directly challenging the US dollar signaling the beginning of the end of the American greenback.
In a massive move against the global dominance of the U.S. dollar, China’s highly anticipated Petro-Yuan has been launched in Shanghai. With China being the world’s largest consumer of oil, this new currency is an international game-changer that was a predicted move by China to directly compete—and subsequently devalue—the US dollar.
Analysts call the plan, announced by Beijing in September, a huge move against the dollar’s global dominance – and reserve currency status.
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8 comments:
The U.S. came off of the gold standard! If my memory serves me right gold was going for around $27 an ounce then! Just think, even with inflation, what an American dollars value would be in today's market!
Considering that $27 was a good week's wage back then...
I've been wondering what China's "checkmate" moment would be. I wonder if this is it?
Fools. Both Democrats and Republicans.
This is what happens when one side fantasizes about Communism with glee as the other stays complacent thinking the Constitution will prevent it. Meanwhile, both have been feeding the Communist beast with industry and technology for massive profits the Government didn’t steal enough of.
This will destroy the U.S. economy. 8 dollar gas, 5 dollar milk, 6 dollar bread.
SMH at all the bleeding heart Communist sympathizers.
Nixon took us off gold standard. $35 an once. It hasnt been that long ago.
1971 ..We Came Off Gold Standard ..( Then the US Treasury Dept Starting Running The Printing Press 24 A Day ) !! lol
China's got to do something. DJT is stopping the one way flow of dollars into their country by way of massive trade deficits.
US dollars are backed by nothing! Our money is all fake, Obama even had the Bureau of Printing make more to push out more notes to stimulate the failing economy.
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