from Bombard’s Body Language:
from Bombard’s Body Language:
from Russia Insider:
China to launch crude oil futures denominated in yuan before the year is over
China has successfully completed its fifth round of yuan-backed oil futures testing may officially begin the contract by the end of this year. It seeks to challenge the dominance of the petrodollar.
Last week the Shanghai International Energy Exchange said the system has met all the listing requirements after rehearsals for futures trading denominated in the Chinese currency.
“An official launch during Christmas would be appropriate. The Western market would be quiet and allow the Shanghai exchange as well as Chinese investors to adjust in the early days,” Chinese trader Yuan Quwei told Bloomberg.
According to Wang Xiao, an oil analyst at Guotai Junan Futures “The Chinese oil industry wants to have a local hedging tool while institutional investors look at Shanghai crude futures as an important product in their portfolios.”
“Shanghai oil will be the first Chinese product that allows foreign investors to trade directly and such involvement will surely bring more volumes,” said Wang.
As the largest energy consumer China is interested in having oil contracts in yuan. Beijing plans to introduce its own oil benchmark which will rival Brent or West Texas Intermediate. Experts say Chinese authorities will need to first convince large oil producers and consumers to use the yuan and invest in the Shanghai benchmark.
The Chinese government announced plans to start a crude oil futures contract priced in yuan and convertible into gold earlier this year. The contract enables the country’s trading partners to pay with gold or to convert yuan into gold without the necessity to keep money in Chinese assets or turn it into US dollars.
— RT (@RT_com) October 29, 2017
It has the potential to help China’s push for yuan internationalization significantly, analysts claim. Beijing plans to promote the use of its currency in the global commodity markets, according to Pan Hongsheng, the deputy secretary general of the People’s Bank of China’s monetary policy committee.
He said the countries within the Belt and Road initiative, which are exporting a significant amount of commodity products to China, should start using yuan-denominated crude oil futures as a benchmark for pricing.
The official added China will push forward the formation of pricing systems for yuan-denominated commodity products and encourage local commercial banks to launch innovative financial services to support these developments.
Read More @ Russia-Insider.com
by Wolf Richter, Wolf Street:
Ironically, after having lamented the flattening yield curve for a year, soothsayers now lament the steepening yield curve.
On Friday, capping a rough week in the US Treasury market, the 10-year yield closed at 3.23%, the highest since May 10, 2011, and stocks fell for the second day in a row. This is an unnerving experience for pampered equity investors who’ve come to take endless stock-price inflation for granted, who’d figured for years that interest rates would never rise, and as short-term interest rates began rising, figured that long-term interest rates would never rise – and now they’re rising too.
by Patrick Henningsen, 21st Century Wire:
The United States may have just worn out its welcome in Iraq. Whatever comes next will be laid at the feet of the Trump Presidency.
As a result of a series of disastrous moves by US central command, the region now faces the very real prospect of another multinational conflagration in the Middle East, which could include a direct military confrontation between the US and Iran.
by Kyle Morris, Breitbart:
Democrat presidential hopeful Sen. Cory Booker (D-NJ) vowed Thursday to create an office which would combat the “problem of white supremacy” during the third round of Democrat presidential debates in Houston, Texas.
“Racism exists. The question isn’t who is racist, it’s who is and isn’t doing something about racism,” Booker said. “This isn’t an issue that just started yesterday. It’s not just an issue that we hear a president that can’t condemn white supremacy.”
by F. William Engdahl, New Eastern Outlook:
Over the past decades the organization of the entire world food supply from farm to consumers has been reorganized into a globalized distribution known as agribusiness. With most of the world in lockdown over the fears of spread of the coronavirus disease, COVID-19, that global food supply chain is in danger of catastrophic breakdown. The consequences of that would dwarf deaths by coronavirus by orders of magnitude. Yet governments seem oblivious.
by Katherine Rodriguez, Breitbart:
Eighteen House Republicans signed a letter sent to the Norwegian Nobel Committee Wednesday formally nominating President Trump for the 2019 Nobel Peace Prize.
Rep. Luke Messer (R-IN) and 17 other House members agreed to nominate Trump last week for his efforts to end the decades-long conflict between North and South Korea by attempting to denuclearize the Korean Peninsula.
Messer and his colleagues praised Trump’s strong leadership in nominating him for the award.
Maciej Swirski, president of the Polish League Against Defamation, has complained that Facebook suspended multiple accounts that posted information about a 2016 Independence Day march sponsored by nationalist groups, even though nothing about the event or the posts appeared to violate the site’s rules.
by Paul Joseph Watson, Infowars:
Paul Manafort had a residence in Trump Tower
After the revelation that former Trump campaign chairman Paul Manafort was wiretapped both before and after the election, CNN was forced to acknowledge that President Trump may have been right when he accused Obama of wiretapping Trump Tower.
“Terrible! Just found out that Obama had my ‘wires tapped’ in Trump Tower just before the victory. Nothing found. This is McCarthyism!” Trump tweeted on March 4.
Terrible! Just found out that Obama had my "wires tapped" in Trump Tower just before the victory. Nothing found. This is McCarthyism!
— Donald J. Trump (@realDonaldTrump) March 4, 2017
This set off a firestorm of criticism with CNN amongst others accusing Trump of having no evidence to verify the claim.
How the tables have turned.
After it emerged that US investigators were wiretapping Manafort under a secret court order both before and after the election, CNN was forced to concede that Trump’s original claim may have been correct.
— Paul Joseph Watson (@PrisonPlanet) September 19, 2017
CNN correspondent Pamela Brown said last night, “What is possible, Don, is that [Trump] was picked up on the Manafort surveillance and we should note that Manafort does have a residence in Trump Tower.”
In making this admission, CNN is merely replicating what the New York Times reported back on January 20, that Paul Manafort and anyone else potentially residing in Trump Tower was “wiretapped” by the Obama-controlled federal government.
It’s also ironic that CNN is now suggesting Trump could have been right given that the network blamed Infowars for Trump claiming that he had been wiretapped in the first place.
Read More @ Infowars.com
by Michael Snyder, The Economic Collapse Blog:
We just witnessed one of the most monumental events of the entire decade, and yet most Americans still don’t understand what has happened. In recent months, the global economy and stock markets around the world have been buoyed by the hope that the U.S. and China would soon sign a new trade agreement. Unfortunately, there is no way that is going to happen now. On Tuesday, the Senate unanimously passed the “Hong Kong Human Rights and Democracy Act of 2019”, and the House of Representatives passed the same bill by a 417 to 1 vote on Wednesday. Needless to say, the Chinese are beyond angry that Congress has done this. In part one of this article, I showed that China is warning the U.S. to “rein in the horse at the edge of the precipice” and that there will be “revenge” if this bill is allowed to become law. And it looks like this bill will actually become law, because Bloomberg is reporting that President Trump is fully expected to sign it…