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China to buy Oil with gold backed Yuan

General discussions of the systemic, societal and civilisational effects of depletion.

Re: “It’s A Huge Story”: China Launching “Petroyuan” In Two

Unread postby careinke » Wed 25 Oct 2017, 15:31:07

Outcast_Searcher wrote:

And yet, one common sense question should give one pause: Which currency should one hold over time in place of the dollar?


I would suggest something using Blockchain technology, with a limit on the total number of "units" (but easily divided out to at least 9 decimal places), on a distributed network, not controlled by any government or other central control entities.

Lots of crypto currencies can do this now. Bitcoin being the most tested. The nice thing is you can start now, no need for government approval. Oh wait... this train has already started....
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Re: “It’s A Huge Story”: China Launching “Petroyuan” In Two

Unread postby Outcast_Searcher » Wed 25 Oct 2017, 15:53:49

careinke wrote:
Outcast_Searcher wrote:

And yet, one common sense question should give one pause: Which currency should one hold over time in place of the dollar?


I would suggest something using Blockchain technology, with a limit on the total number of "units" (but easily divided out to at least 9 decimal places), on a distributed network, not controlled by any government or other central control entities.

Lots of crypto currencies can do this now. Bitcoin being the most tested. The nice thing is you can start now, no need for government approval. Oh wait... this train has already started....

And when they get big enough to be a credible threat to governments' ability to reliably collect taxes -- THEN longs in these things should beware. Exchanges can be shut down. Such currencies can be made illegal. Governments WILL ensure they get their pound of flesh, or they'll fight back big time.

Now, if government can do that and use blockchain to track transactions and collect taxes -- and if the issue of hacking/malware can be safely handled -- then I see no problem with such currencies. Oh, and somehow getting consumer protection viable with an equivalent of an FDIC for government approved (i.e. legal) accounts. Then the next trick for investors (i.e. speculators) is figuring out which one(s) win and lose.

Not a game I want to play. Other smart (at least compared to me) friends have equated the whole crypto-currency craze in recent months to the tulip bulb craze in Holland in the 1600's.

I see a ledger system like blockchain as a great long term thing for accounting, markets, etc.

As a great investment in a dodge to evade taxation and "big government" -- not so much.
Given the track record of the perma-doomer blogs, I wouldn't bet a fast crash doomer's money on their predictions.
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China’s Push to Trade Oil in Yuan Faces a Key Hurdle

Unread postby AdamB » Fri 08 Dec 2017, 11:34:28


China’s moves to set up trading oil in yuan have sparked enthusiasm about what could be a shift in the global financial system: a reduced role for the U.S. dollar. Players like Adam Levinson, founder of hedge fund Graticule Asset Management Asia, call it a "huge story" to come. But with policy makers prioritizing market stability over internationalization, plans laid back in 2012 to start oil-futures trading priced in yuan or dollars in Shanghai that year are still pending. The latest from the city’s International Energy Exchange: it’s coming soon, with test trades scheduled this weekend. "This contract has the potential to greatly help China’s push for yuan internationalization," said Yao Wei, chief China economist at Societe Generale SA in Paris. "But its success will hinge critically on the degree of freedom allowed for the capital flows related to the contract," she


China’s Push to Trade Oil in Yuan Faces a Key Hurdle
Plant Thu 27 Jul 2023 "Personally I think the IEA is exactly right when they predict peak oil in the 2020s, especially because it matches my own predictions."

Plant Wed 11 Apr 2007 "I think Deffeyes might have nailed it, and we are just past the overall peak in oil production. (Thanksgiving 2005)"
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