BRICS Nations Jolt Global Economy, Start Trading Oil in Rupees Rather Than Dollars
BRICS Nations Jolt Global Economy, Start Trading Oil in Rupees Rather Than Dollars
Article by Ethan Huff from Natural News cross-posted with permission.
While the United States obsesses about things like mutilating children's genitals as the economy enters a freefall collapse, members of the BRICS (Brazil, Russia, India, China, and South Africa) alliance are starting to trade oil using currencies other than the petrodollar.
(Article cross-posted from Natural News)
Just the other day, in fact, India reportedly purchased an order of oil using rupees instead of Federal Reserve Notes, which are still – but not for much longer – the primary foundation of global trade, especially for earth-based "fossil" fuels like oil.
According to reports, the United Arab Emirates (UAE) signed an agreement allowing not just India but all the rest of the BRICS members to buy and sell oil in rupees, which is really bad news for the U.S. economy.
For now, the U.S. dollar is still the global reserve currency, meaning it is the standard currency used for trading important commodities. This is systematically changing, though, and America's politicians seem to be asleep at the wheel when it comes to protecting American interests in this regard.
(Related: According to Russian President Vladimir Putin, the global de-dollarization process is "gaining momentum" – and once complete, it will be "irreversible," he says.)
China signs $582.3 billion worth of global currency settlement agreements that will exclusively use YUAN, not dollars, to trade
Indian Oil, a prominent energy company in India, purchased one million barrels of oil from the state-owned Abu Dhabi National Oil Company, following the lead of the UAE itself which back in March purchased 65,000 tons of liquefied natural gas (LNG) from Chinese oil and gas company China National Offshore Oil Corporation using the Chinese yuan currency.
It would seem as though the rest of the world has had enough of U.S. currency dominance. Since the Federal Reserve is printing dollars into absurdity, diluting the currency and rendering it worthless, the rest of the world is switching to other currencies instead.
The media and your favorite politicians will never tell you the true cause of all the inflation we are seeing, by the way, which is a result of many decades' worth of corporate socialism and bailouts, as well as Wall Street corruption.
As the dollar continues to lose dominance abroad, expect a lot of blame game taking place. The Republicans will blame the Democrats for inflation and the always-rising deficit while Democrats will blame Republicans. Meanwhile, neither wing of the uni-party will identify the true snake: the money-changers and their private central banking scam.
Either way, the U.S. dollar is on the way out, and most Americans seem to be none the wiser as they gorge themselves on mindless entertainment, LGBT perversion, social media "influencers," and all the rest of the bread and circuses that the money masters are dangling in front of people to distract from the soon-coming collapse.
Back in May, by the way, communist China signed a $582.3 billion deal covering an extensive variety of currency settlement agreements. Once again, instead of the U.S. dollar, those more than half-a-trillion-dollars' worth of agreements will exclusively use the yuan, rather than the dollar, to trade.
"The UAE is one of the countries that inked the deal with the Asian giant along with Russia, Venezuela, Oman, Bahrain, Qatar, Kuwait and Saudi Arabia," reports explain.
Keep in mind as well that at the recent BRICS summit in Johannesburg, membership to the BRICS alliance was extended to six additional countries, which would increase its membership ranks from five nations to 11.
How much longer will the U.S. dollar, which is backed by absolutely nothing, remain the official global reserve currency? Learn more about what is soon to come at Collapse.news.
Sources for this article include:
I guess freezing 800 billion in Russian assets and stealing another trillion dollars in private Russian property (yachts) wasn't such a great idea after all.
A modern economy circulating products and services throughout the world doesn’t need money or sovereign countries (national currencies) to be successful. Today, we’ve the scientific knowledge and technological skills to convert our natural and artificial resources into daily life-sustaining deliverables: food, housing, education, healthcare, infrastructure, and employment demands. What we lack is unity, a global framework built upon fair and humane laws and safe and healthy industrial practices. I hypothesize that humanity can end poverty and reduce pollution by abandoning wealth and property rights, and instead adopt and implement an advanced resource management system that can provide “universal protections for all”. Replacing customary political competition altogether, this type of approach, which I named facts-based representation, allows us a better way to govern ourselves and our communities, basing policy and decision making on the latest information, in turn improving the everyday outcomes impacting our personal and professional lives.
#ScientificSocialism