Petrodollar loses another customer as India agrees to buy oil from Iran in Rupees

Petrodollar loses another customer as India agrees to buy oil from Iran in Rupees

2018 is quickly becoming the year that the Petrodollar likely ends, or at least loses more than half of its customers as on May 30, another tandem of nations have agreed to conduct oil purchases in a different currency.

Iran and India will soon conduct oil transactions in Rupees according to Iranian officials.

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Repercussions from the Iran Deal could see the dollar rejected as a trade currency, but kept by central banks as a monetary reserve

Repercussions from the Iran Deal could see the dollar rejected as a trade currency, but kept by central banks as a monetary reserve

Despite the fact that the many nations are quickly tiring of dollar hegemony, and especially in Washington's use of the reserve currency to impose their will over the rest of the world, the dollar remains the standard by which country's set their own course for monetary policy.

However following President Trump's decision to tear up the Iran Deal, what began originally as an Eastern based policy in 2013 (Russia and China) to dump the dollar has suddenly shifted over to Europe.  And what could potentially emerge is a new paradigm where nations reject the dollar for use in trade settlement, while at the same time holding dollars as a monetary reserve to support their currencies.

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Shanghai Oil Quotes Now Rolling

Shanghai Oil Quotes Now Rolling

The photo of Putin celebrating never gets old. The other players raising a glass of champagne that you can't see in the picture are President Xi as well as the ghosts of Saddam Hussein, Muammar Gaddafi, Hugo Chavez, and anybody else who once dreamed of accomplishing what Russia and China have now done: selling oil contracts at an international market in a currency other than the #PetroDollar.

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World Perceives that U.S. Can't Repay Debt

World Perceives that U.S. Can't Repay Debt

@GoldenJackass Jim Willie couldn't wait for St. Patrick's Day and decided to request an early audience with Turd Ferguson yesterday. Willie has been watching the Gold-To-Oil Ratio and is very concerned about statements that were made three years ago by BIS economist William White (pictured here). Contrary to our usual experience with stuffy, sleep-inducing economic presentations, Mr. White is a surprisingly down-to-earth, common sense kind of a guy. Which is probably why nobody in the U.S. will listen to him until it's too late.

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Dismantling the 1963 Coup, Plank by Plank

Dismantling the 1963 Coup, Plank by Plank

We woke up today with another cryptic tweet from the President. Pending receipt of certain unspecified "further information," the President said that the long-awaited dump of JFK assassination files will take place. So maybe he will and maybe he won't. But either way, he wins. The old Rockefeller cabal is getting hit from all sides.

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Four Words that Ended the Nixon Shock: Oil-Yuan-Gold Triad

Four Words that Ended the Nixon Shock: Oil-Yuan-Gold Triad

Jim Rickards made a great point on a recent Keiser Show that seems to have escaped most people. When China announced the coming of its new gold-backed oil contract earlier this month, President Xi was picking up where President Nixon left off. The golden ping-pong ball is back in play. But how will China avoid the gold-back entanglement that got America into trouble 46 years ago? No worries; Life finds a way.
 

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