KSA has been trading their oil to China for dollars for decades. China’s looking to change that, and the rest of the world will follow suit. Here’s more…
Josh Sigurdson talks with author and economic analyst John Sneisen about the currency swaps happening across the board as China convinces Saudi Arabia to trade oil in Yuan.
For years, Saudi Arabia has traded with China in US Dollars, the world reserve currency, frustrating China. Well now, as the US dollar sees its inevitable precipice, China says they will compel Saudi Arabia to trade oil in Yuan! If this is done, most experts believe the rest of the oil market will move with them.
China has been attempting to establish itself as the world reserve currency for quite some time as power incrementally shifts. It’s a massive phenomenon that’s not likely to stop any time soon.
Saudi Arabia is the kingpin of OPEC and the IMF is looking to base its headquarters in China in the next few years if all works out as planned.
This isn’t to mention the fact that China is pushing its centrally planned digital currency system or cashless society as the state gets more technocratic by the day, pushing social credit scores and examining every square foot with facial recognition technology.
Individuals must decentralize and find a way out of this dependent system or being forced into it with little recourse. Self sustainability and independence is key!