from Rogue Money:
“That PetroDollar deal held until last week…. China has now assumed the role that the U.S. abandoned in 1971.”
— Jim Rickards on the Keiser Report, September 2017
It was Pepe Escobar who gave us four simple words to explain the great monetary earthquake that took place this past month of September 2017: the Oil/Yuan/Gold Triad. Lone prophets in the wilderness like Jim Willie, London Paul, and Rob Kirby have been warning us for years that it was coming. And then it happened. In what will surely induce a fit of hysterical irony among you baby-boomers who remember the historic visit that President Nixon made to China in 1972, only six months after taking America off the gold standard, China has effectively picked up where Nixon left off. President Xi now stands on the threshold of finally reversing the “temporary” loss of the Dollar Gold standard back in 1971.
— BANKSTER SLAYER (@banksterslayer) September 21, 2017
Yes, on that summer’s evening of August 15, 1971, television news broke into America’s living rooms on a Sunday and abruptly announced that, to protect the Dollar’s stability, the nation would now “temporarily” abandon its gold standard, a move that was in total violation of the Bretton Woods agreement. But, alas, we must defend the dollar against the “international money speculators” who create crises on which they thrive. Well, Nixon was certainly right about that. Sadly, the American public was not informed at that moment of how those “international money speculators” were really just the modern incarnation of that ancient Babylonian priesthood that has been moving the football down the field for a couple of thousand years.
Pepe Escobar didn’t mention the “Nixon Shock” within the context of his discussion of the impending Yuan-denominated Shanghai oil benchmark coming in the next few months or even weeks. Neither did the Nikkei Asian Review who appears to be the source of the advent of the new oil contract.
China sees new world order with oil benchmark backed by gold https://t.co/QD6sH9odMt
— Nikkei Asian Review (@NAR) September 1, 2017
But Jim Rickards was quick to appreciate the historical context of what is really going on here. The video clip below from Keiser Report Episode #1125 is set to begin at the 17-minute mark. Rickards reminds us of that moment in time back in 1974 when Kissinger went to the Saudis and laid out the new Rockefeller plan whereby Saudi would sell its oil only in dollars and thus the U.S. currency switched its backing from gold to oil. Rickards concludes:
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