Re: Oil…Oil!
really? who says that?
in any case, that was not the point of this thread. as always you will convert any global geopolitical discussion exclusively into US bashing…
bottomline my friend, Crude oil is the standard currency of the world. Not the Yen, not the Pound, not the Dollar. More money is transferred around the world in crude oil than in any other product…and if someone wants to use a different currency to trade oil, he can do it. There is absolutely no legal compulsion to use dollar as denominate currency for oil trading…so dont blame Uncle Sam if china, germnay and russia still using dollar in oil market…
plus it is changing. The Shanghai Futures Exchange (SHFE) may price its crude oil future contract in yuan and is speeding up preparatory work to secure regulatory approvals…russian Gazprom said few months ago that its preliminary moves to sell gas for euros instead of dollars is moving forward and that 95 percent of those under contract with the company were ready to make the switch
i think china also announced to buy/sell oil/gas using other currencies few years ago…it as working with russia to buy oil/gas from them in Chinese yuan currency…