Step-by-step
Russia, China and other emerging economies are taking measures to
reduce their dependence on the US dollar, F. William Engdahl notes,
referring to Russia's crude oil benchmark initiative; the move could
deal a dramatic blow to the "petrodollar's" dominance.
Russia has
taken a significant step which will undermine the current Wall Street
oil price monopoly: Russia's own crude oil benchmark futures contract
will price oil in rubles and no longer in US dollars, American-German
researcher, historian and strategic risk consultant F. William
Engdahl remarks.
He explains
that the setting of an oil benchmark price is a cornerstone of the
method used by omnipotent Wall Street bankers to control world oil
prices. “Oil is the world's largest commodity in dollar terms,”
the historian stresses.
Engdahl
focuses attention on the fact that the sale of oil denominated in US
dollars is essential for the support of the American currency's
leading role. Indeed, the US dollar's status as world's major reserve
currency is one of two pillars of Washington's hegemony since the end
of the Second World War (the other one is the US military supremacy),
the historian emphasizes.
It is hard
to overestimate the importance of a Russian oil benchmark creation,
since Russia is the world's biggest oil producer.
However, the
move is by no means the only measure emerging economies are taking in
order to lessen their dependence on the US currency. China, the
world's second-largest oil importer is mulling a plan to launch its
own oil benchmark contract that will be denominated in the Chinese
yuan, claims Engdahl.
“Step-by-step,
Russia, China and other emerging economies are taking measures to
lessen their dependency on the US dollar, to 'de-dollarize.' Oil is
the world's largest traded commodity and it is almost entirely priced
in dollars. Were that to end, the ability of the US military
industrial complex to wage wars without end would be in deep
trouble,” the American historian stresses.
Source:
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The battle in 2016 will be
wilder, as the Sino-Russian alliance will accelerate efforts to
create an autonomous economic system before the US elections. Any
GOP or Hillary Clinton in the US presidency will become the
suitable tool to create more trouble for Russia internally and
externally, provoking a dangerous warm conflict.
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