In 2023, world coal production grew by around 4% to a new record high of over 8 billion tonnes. Estimates differ on the precise number, but it is clear that predictions of “peak coal” have been repeatedly wrong. Let's see who's laughing when all those other countries get hit by global warning and we don't. They'll be wishing they'd outsourced their pollution and emissions too. He who laughs last ....* https://thecoalhub.com/report-prese...l production,coal” have been repeatedly wrong. *shamelessly stolen comment.
Just read about how American farmers are under pressure to use their fertile land for solar power while the Chinese are putting solar panels on their own useless mountains instead
Is the 50 years of petrodollar coming to an end? The 50-year era of the petrodollar is facing potential disruption, marked by recent diplomatic optics and changing dynamics. Secretary of State Blinker’s visit to the Saudi crown prince in a tent, rather than the palace, symbolizes a shift in the relationship dynamics, highlighting diminished reliance on Saudi Arabia compared to the 1970s. The petrodollar system originated during the Yom Kippur war in 1973 when the US, facing economic challenges and an oil embargo, struck a deal with Saudi Arabia. This arrangement has favored the Middle East more than the US, pouring wealth into Gulf States, Iraq, and Iran. However, major changes are underway. Russia, a key player in the BRICS alliance, has announced upcoming transformations in cross-border transactions, signaling a shift in the global economic order. China and Russia, now closely collaborating with Saudi Arabia and Gulf countries, are challenging the traditional petrodollar alliance. As the US watches these changes unfold, tensions are rising, especially with oil prices becoming shaky. The US, back at peak oil production, may not want prices to surge, causing irritation in Saudi Arabia. This has the potential to lead to an oil price war, with Saudi Arabia possibly lowering oil prices to render shale production unprofitable—a move echoing past strategies. This geopolitical and economic landscape contributes to the uncertainty surrounding the future of the petrodollar. Death of Petro Dollar? How & Why? Putin's invasion of Ukraine on February 24, 2022, marked not just a military move but also symbolized the official end of the petrodollar system. Russia, alongside China, had been preparing for this moment for years. Anticipating SWIFT system exclusions and sanctions from the West, Russia strategically shut off oil and gas pipelines to Europe, causing massive disruptions in price and supply and challenging the Western monetary system. The move aimed to re-monetize gold and exit SWIFT system abuses, achieving this through the invasion of Ukraine. With the West unintentionally freeing Russia from SWIFT, Russia declared that Russian oil and Ukrainian wheat must be paid for in gold or using the ruble-Yuan gold-backed payment system. This leverage, as a major oil producer, caused immediate shocks to the Western world, impacting both heating homes and disrupting wheat production. China's silence and lack of condemnation indicated approval and cooperation. China stepped in to absorb Russian production of oil and wheat, utilizing the Yuan-Ruble facility and, at some point, overtly stating gold backing of the system. This led to a clear fracture in the world's monetary system, establishing two competing East/West structures and officially ending the 50-year global petrodollar system by Putin. The threat to the petrodollar mirrors historical challenges by figures like Charles De Gaulle or Gaddafi but on a larger scale. Putin's position, compared to leaders like Saddam and Gaddafi, may prove more resilient in challenging the fraudulent petrodollar monetary system. Additionally, Saudi Arabia's consideration of selling oil in Chinese Yuan rather than US dollars adds another layer to the discussion, highlighting the potential shift in the world's economic landscape if the petro Yuan becomes the preferred currency for oil transactions. What Comes Next? A historical sequence of events unfolded: Countries, requiring oil for their economies, exported goods to the United States in exchange for dollars. These dollars were then used to acquire oil from Saudi Arabia. To add a twist, OPEC nations invested their dollar profits back into America's bond market, yielding a cycle where the US, while running trade deficits, enjoyed lowered borrowing costs and increased funds for purchasing American debt. This intricate system allowed the US to navigate trade imbalances and government financing without immediate financial repercussions. As the Petrodollar era fades, the quest for a new global financial framework is underway, with digital currencies and innovative economic models at the forefront of potential replacements. As fossil fuels lose their appeal and the global shift to renewable energy gains momentum, the influence of oil on the world economy is gradually waning. Simultaneously, the decline of the USD prompts a search for alternative currencies for international transactions. In this evolving landscape, digital currencies and the concept of digital scarcity emerge as crucial elements in addressing challenges posed by the existing fiat-currency paradigm. The demise of the Petrodollar is evident, raising the question of what will fill its void. One plausible scenario is that the US could sustain its significant trade deficits, a trend persisting since 1975, without concerns about a decline in demand for the dollar. De-Dollarization in a multi polar world: De-dollarization refers to the process by which a country or a group of countries reduces their reliance on the U.S. dollar in their international trade and financial transactions. This phenomenon is often discussed in the context of a multipolar world, where power is distributed among multiple major economies rather than being dominated by a single superpower. Key elements of De-dollarization: Motivations for De-Dollarization, Currency Agreements and Bilateral & Barter Trade, International Monetary System Reforms, Use of Alternative Currencies, Development of Regional Financial Institutions, Gold and Digital Currencies (including Bitcoin) etc. Is Ukraine war signifies End of Petrodollar Vladimir Putin's invasion of Ukraine on 24th February, 2022 not only marked a geopolitical conflict but also signaled the official end of the petrodollar system. Do you still think that President Putin acted in haste with Ukraine offensive? This move, carefully strategized by Russia and China over the years, is reshaping the world's economic dynamics: NATO Expansion and Red Lines: · Russia had set red lines, particularly opposing NATO expansion into Ukraine. · Anticipating SWIFT system exclusions and massive sanctions, Russia prepared for potential consequences. Oil and Gas Leverage: · Russia, possessing significant Yuan, gold, and commodity reserves, could disrupt oil and gas pipelines to Europe. · This disruption could lead to substantial price and supply shocks, impacting Western markets and the monetary system. Monetizing Gold and Exiting SWIFT: · Russia and China sought ways to re-monetize gold and exit SWIFT's geopolitical influence. · The invasion provided a pretext for Russia to declare itself a SWIFT system outcast, demanding alternative payment methods. Gold-Backed Payments and Yuan-Ruble Facility: · Russia might demand payment for oil and wheat in gold or through a ruble-Yuan gold-backed payment system. · China, remaining silent, is likely to cooperate with Russia, absorbing its oil and wheat production via the Yuan-Ruble facility. World Monetary System Fracture: · The West would likely label these moves as acts of global aggression, leading to a clear fracture in the world's monetary system. · The global petrodollar system, in place for 50 years, is effectively ended by Putin. SPFS and Dollarization: · Russia's SPFS, an equivalent to SWIFT, and China's CIPS could integrate with Bharat's SFMS. · The impact of massive dollarization, if Russia is removed from SWIFT, would be significant, weakening the US dollar. Competing Currency Transactional System: · A new system by Russia, China, and Bharat could compete against SWIFT, challenging the dominance of the US dollar. · This shift may lead to a new economic alliance with countries like those in Africa and Saudi Arabia. Eurasian Union and Global Economic Shift: · The emergence of an alternate digital economic system and a global digital currency is anticipated. · Developed countries may witness a significant decline in their share of the world's income. Impact on US Economy: · Removing countries from SWIFT could adversely affect the US economy, given the dollar's role as a global reserve currency. · The US, with a staggering debt of $34 trillion, could face higher transaction costs and interest rates. In this evolving scenario, calls to eject countries from SWIFT should be carefully considered, recognizing the potential repercussions on the global economic order and the complex interplay of geopolitical and economic forces. Conclusion: The demise of the petrodollar could usher in a transformative era, disrupting the current dynamic. Commodity-exporting nations might break free from the dollar, opting to peg their currencies to a basket of commodities. Importing countries would need these currencies to settle payments for energy and agricultural imports, leading to appreciating currencies in commodity-exporting regions due to supply deficits. This shift could mark the beginning of a multipolar world with bilateral trade agreements replacing the petrodollar-centered order. Regions heavily reliant on raw material imports, such as Europe and Japan, may face challenges, while countries like Russia, India, and China could strengthen economic and geopolitical ties through bilateral agreements. The impact on the United States might be less severe due to its domestic-focused economy and potential self-sufficiency in raw materials. However, the decline of the petrodollar could still result in increased inflation and interest rates. CA Harshad Shah, Mumbai
Starmer doesn't seem to believe socialist policies will get him elected, so who does he actually represent?
Imagine using gold to back up your currency instead of a private Jewish company the Federal reserve to print money out of thin air . ****ing fascists. Forcing the World to buy oil in US dollars or something bad may happen to you is a classic mafia shakedown technique. Ironically the sanctions against Russia actually accelerated the death of the pet dollar. Biden on day one destroyed US oil production & now begs Iran Venezuela & Saudi Arabia to sell them oil .
Yeah I saw the President of Venezuela was the President of Venezuela again It's growing https://x.com/MyLordBebo/status/1797921248485560648?t=kl8Ndr5OYzaNv_fQ3UeQ9g&s=19
I'm surprised the "far right " extremist with an irrational fear of Islam that got stabbed hasn't been locked up for upsetting Muslims .
The in-house magazine of the Tufton St mafioso that actually runs the country and gave us the Truss budget.
Masters and servants mentality mate. The likes of Kustard and Duncs love being ordered about by honking poshos.
