The
imminent introduction of oil trading in yuan is a very bold move by
the Chinese, because the US will not give up the basis of its
hegemony – the dollar as the world’s reserve currency – without
a fight, Max Keiser, host of RT’s financial program ‘Keiser
Report' says.
The
Chinese plan to roll out a yuan-denominated oil contract before the
end of this year is a very brave move, since countries who “tried
to exit the oil-dollar matrix have met terrible ends,” Keiser
pointed out.
“Saddam
Hussein wanted to trade oil in Euros and he was killed, Muammar
Gaddafi wanted to trade his energy in something other than the US
dollar – he was killed,” Keiser said.
China,
however, has the resolve and the resources to pull-off the
de-dollarization, and besides, it’s backed by several major
countries which are “resistant to America’s financial cartel,”
namely Russia and Iran, Keiser says.
“Kudos
to China for taking this project on and of course they are rumored to
be a big buyer in the Aramco offering of their state oil facilities
coming down the pike,” Keiser said, referring to the
anticipated sales of shares in the Saudi Aramco state oil company.
“This makes sense, geopolitical sense, in terms you’ve got
China and Russia and the Saudis looking to escape the US dollar, US
dollar hegemony.”
Saudi
Arabia was pushed to the de-dollarization crowd only recently by the
US itself, which, last year, allowed survivors and relatives of the
victims of the 9/11 attack to sue the kingdom over its alleged role
in the terrorist acts, Keiser stated.
“There’s
decently motivation for the Saudis. They want to float Aramco, they
are deeply in debt and they are running out of cash. And they wanted
to do an APO [alternative public offering] of Aramco either on London
or American exchange, but they prevented from doing so from the legal
actions of the 9/11 survivors, who rightly pointed at Saudis as the
cause of 9/11,” Keiser noted.
Countries
worldwide are tired of funding the America’s “military
adventurism by being a party to the ‘Empire of Debt,’ as it’s
known around the world – the US dollar,” and therefore, will
likely join the de-dollarization movement, Keiser believes.
The US
financial sector and its military-industrial complex are unlikely to
give up the dollar hegemony without a fight, though, as the dollar is
both the basis and the main product of America. And the US will use
its other favorite tool for it – war, Keiser believes.
“Maybe
they will start a war between Japan and China, and maybe they will
start a war with North Korea. America will do anything to keep the US
dollar as the world’s reserve currency,” Keiser said.
“They
will invade the countries, like Afghanistan, they will stop at
nothing. Because this is the basis of the US empire. It’s not
land-based, it’s not based on material goods, it’s based on
rent-seeking. It’s based on landing dollars, getting out income and
when countries can’t pay they dismantle the assets and take them
over. We saw it in Latin America, South America, this is how America
built its empire.”
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