So it begins!
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Veeky Forums is without question the lowest intelligence board on Veeky Forums
We can discuss this in full crazy bearded homeless man shouting style in /pol/.
It's already happening there.
what exchange is this on?
The petrodollar will die from a thousand cuts
I say good riddance
The dollar was doomed the minute it was cut from the Gold Standard in 1971.
The only thing amazing about it all that it has lasted this long.
So many have absolutely no clue what this even means, or how it will impact the USD moving forward. This is a YUGE deal!
Listen here sport, back in my day the americans ruled the world. Everyone wanted their money, their culture, food and movies. Of course now they are the asshole of the world, an endless sea of mutts consuming McSoylent all day. All thanks to the petroyuan, isn't that interesting Bingbing?
>shi, rice price nice desu
The big news isn't the Petroyuan, but rather a Petroyuan partially backed by gold.
I wish I was smart enough to understand how to cash in on this myself.
This is the start of the true flippening that will take a decade.
buy some yuan
or bitcoin chinks love that shit
dont hold usd
people who hold USD as a store of value are braindead
however, it makes me sad that the ones who trust their government the most are going to bleed the most because of the governments attitude on spending
how can governments borrow money? how the fuck can they spend in a deficit??
the moment the majority understands that the USD is a hot potatoe is where you see bitcoin go to 100k
i hold bitcoin to short every fiat there is
So ww3 begins.
we have nukes now
its going to last what, a week?
I'm owning a china fund
I'm not owning ONE single mutt stock or fund.
I'm ready. Bring it on.
>lesser countries have been proxied to death for this
But I came here from /pol/ to get a more educated perspective on the issue.
>The end of the USD?
Not at all.
The end of the USD in the mideast has been sealed long ago but it has nothing to do with China. It shouldn't wreck the economy, as some claim. However, sanctions against other countries will not be as easy and cheap as before.
It's ogre, mutt. That was then, this is now.
China won't be cucking out.
So rather than being a primarily economic matter, this diminishes some of the US's hegemonic power?
Sounds more like a proud Chinese to me.
Slightly. It is a De-Dollarization: The dollar will drop slightly, geopolitics will inevitably be less polar and less monopolistic but it's not ONLY because of the Petroyuan. I quote from Shedlock:
>China is now the biggest importer of crude in the world. If China starts running perpetual trade deficits with OPEC countries, it makes sense for OPEC to hold Yuan reserves as long as the OPEC countries trust the yuan.
Also let's keep in mind that China will not keep growing at this rate in the next 20 years.
>Also let's keep in mind that China will not keep growing at this rate in the next 20 years.
Why is that? I'm sorry for being uneducated sir
I aint selling my oil for some chink paper.
Oh I'm not an expert, I just have the feeling that rising social tensions and eternal leaders do not work as well in communism. As soon as the average person will not live in the dirt some kind of revolution is not unrealistic.
Furthermore they are a huge financial bubble due to their currency manipulation etc.
But honestly, that's just out of my ass and a personal guess.
> make reserve currency
>peg it to other reserve currency
On the other hand, the US is dropping its average IQ through immigration.
dude, they pay for oil in yuan with the option to exchange that yuan fol gold immediately. the Iranians are in and so are the Russians.
confirms, crypto run to 2 trillion
and gold is valuable why?
it's hard to copy other people / nations their shit when suddenly you find yourself at the top
At least they can copy. They get too much shit for that. Why innovate when you're playing catch up?
Good for gold, bad for USD but nothing will crash hard otherwise it already had today. The entire western currency system is still backed by dollar and that's one huge cushion.
That's something to consider in the long run.
stealing 500 billion annually of patented shit / IP
WTO does jack shit
>WTO does jack shit
WTO doesn't have jurisdiction over China.
And communists don't believe in patents or intellectual property, so they just take anything they like and sell it cheaper.
Is this the begginning of the end of the petrodollar empire?
I can't speak to their currency manipulation but China's dealing with their social issues well.
Most popular protest in China is against local officials/beurocracy and actually leverage the position of the central government against local powers. This makes people think of the central government as the good guys, dealing with unfair practices committed by provincial and city officials.
The 19th party Congress also stressed strengthening the rule of law so you have less arbitrary rule on the part of party officials. How much this will actually change things is yet to be seen.
People assume Xi Jingping is gonna be leader for life because he got rid of term limits, this might be possible but if he fails to keep the various cliques in line he could find himself out of a job.
>rising social tensions
Nope, social tension has been decreasing unlike the US/Europe due to economic prosperity, high employment/job availability and disposable income
Unlimited Terms =/= eternal leader
Australia, Canada, Denmark, Netherlands, the UK, Norway, Singapore, Thailand, Japan and Italy all have unlimited terms
Are you retarded?
Your info is painfully out-of-date since 2015
A lot of self-proclaimed 'keyboard experts' with zero understanding of what is going on.
The PRC has the same patent system as Europe.
Whoever applies for the patent first gets the patent.
If you have an international patent but you didn't apply for a Chinese patent, the Chinese have every legal right to abuse your patent.
If you apply patents for socially-beneficial shit or stupid superficial shit like design, don't expect it to be approved.
>500 billion annually of patented shit
Make-up figures out of your ass does not an argument make.
What does this mean for crypto? $100k btc by eoy?
maybe its time for this & gold
In short, it is a parallel alternative system to the SWIFT.
And in the bigger scheme of things (From One Belt One Road to RMB in IMF's basket), it is the sensible choice.
Countries like Russia/China/Switzerland/Iran are not looking to increase their USD stack anymore,
only raw materials, their customer base and their own national wealth/power, cutting Uncle Sam out of 'his' share.
Either you are ballsy and go all-in on Oil & Gold or you invest in the Chinese banking system
Even the dog looks disappointed in this man's decisions
>Most popular protest in China is against local officials/beurocracy and actually leverage the position of the central government against local powers. This makes people think of the central government as the good guys, dealing with unfair practices committed by provincial and city officials.
Sounds exactly like American democrats. Sounds like China's fucked, they're turning to expansive government to settle their issues which always ends in tyranny.
Most definitions of tyranny are based on arbitrary rule so China's already got that. Considering the cultural revolution this is a huge improvement.
Besides, the reason they need to conduct such protests is because local leaders wield huge amounts of arbitrary power. Kinda a choice between tyranny of local leaders or central government.
petrodollar collapse when?
>Trump hits China with $60bn link tariffs
>China responds with just $3bn
Yeah, nah, they're cucked
That's precisely the thing, they'll run out of scapegoats at some point, or people will just become so disillusioned the scapegoats don't even work. That said I'm not making a serious assessment or anything, it's just interesting to see the pattern of statism repeating itself even in that part of the world. Who knows how much a country that hasn't hamstrung itself politically and economically to the degree the west has can last even with authoritarianism.