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A Man of Wealth and Taste
Join Date: Dec 2002
Location: Out there somewhere beyond the doors of perception
Posts: 51,063
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In 67 DeGaulle demanded that the USD's that were being left behind by American tourists be repriated for Gold at the fixed rate of $35 an oz. He then would sell the Gold off at apx $110 an oz in Europe which was reflective of the true worth of the USD on the world market.
The French were tired of supporting an over valued USD. That is the reason why Nixon in 72 decoupled the USD from Gold. But to maintain USD as the reserve currency the US made a deal with the Saudis that all oil transactions be settled in USD.
The US needs the Saudi's...and that is why the Chinese oil exchange being settled in RMB backed by Gold is a dagger aimed right at the American heart. USD hegemony. With out hegemony America is fked.
Why are the Chinese setting up their own OIL exchange ....abject fear about American monetary and fiscal policy. They see America headed for the cliff of oblivion and are trying desperately to avoid going over with the US.
I wrote about that in 09.
Last edited by tabs; 10-16-2018 at 02:44 AM..
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