The latest nail in the coffin for the US$ stems from India's oil deal
with the UAE, to be paid in Rupees. Worth about US$80 million, it is a
small step for India/UAE oil trade, but a giant leap for mankind, to
mirror the gloating quote following the moon landing by the USA.
More
is expected to follow, with India trying very hard to promote the use
of the Rupee. India's attempt to pay for Russian oil in Rupees hit a
roadblock earlier on, so this is somewhat India's response to the
Russian stance. But whether India can buy oil at the same level of
discount given by the Russians is uncertain. Undoubtedly this deal is
not going to go down well with the USA. Other oil producers are watching
with bated breath and will follow sooner or later.
Actually,
touching back on the moon landing, what has it done to benefit mankind,
other than boosting the ego of the USA to be ahead of the Soviet Union
in the moon race. At that time the USA already found itself behind the
Soviets in space tecnology, and had to come up with the moon landing to
salvage its humbled pride. Moreover, many still believe that it was just
a moon landing stunt fabricated in a Hollywood studio. The controversy
is still being debated.
Why is the UAE's move to accept Indian
rupees for oil significant? It shows that despite the hesitant stance
adopted by the Saudis, UAE is already walking the talk, showing that it
is brave enough to do the oil trade outside the US$. Maybe I am not that
well informed, but searching for confirmation, I could not find any
source to show that Saudi Arabia is already accepting Yuan payments for
oil sold to China so far. If the Saudis are already doing it, why is Joe
Biden still coercing MBS about accepting Yuan payments from China, even
offering concessions to prevent the Saudis from carrying it out. It
would have been big news if Saudi Arabia and China are already doing oil
in Yuan. Can anyone help?
In the light of the above situation,
what message is the UAE's move going to tell the Saudis, that despite
its repeated intention pronouncing its readiness to do the oil trade in
other currencies, particularly in Yuan, its implemention is still
hanging in the balance. China is the Saudis biggest oil importer and the
money involved will indeed be substantial. Perhaps MBS is playing both
sides to extract maximum advantage and concessions from the USA.
Much is expected from the BRICS summit in South Africa a week from now. Hold on tight!
Anonymous
UAE is asking for trouble in allowing India to pay for its oil in rupees.
ReplyDeleteJust yesterday, the Indian rupee tumbled to an all-time low of 84.92 against the U.S. dollar!
UAE should have insisted on accepting the Chinese yuan instead of rupees for Indian purchases of its oil!
Trouble or not, it is a step in the right direction for de-dollarisation. Using any currency outside of the US$ for any trade, big or small, is one more nail in the de-dollarisation coffin.
ReplyDeleteThe whole world is fighting against the US$ hegemony, UAE's move to accept Indian Rupess must be appreciated.
The whole world must now realise how screwed up is the US$ hegemony system, allowing the USA the privilege to print money to spread inflations all around the world, and forcing countries to produce and provide things to give the USA a good life at the expense of every living soul outside its borders.
ReplyDeleteMore than that, the USA is enjoying that privilege and yet is misusing the US$ hegemony, not to make the world a better place, but punishing anyone not to its liking with sanctions. How could that go down well with the rest of the world?
And how hypocritical are those countries in the UN now condemning Kim Jong Un of firing missiles instead of preventing hunger and starvation in North Korea? Why did the UN not also be condemning the sanctions on North Korea by the USA, which is causing even greater harm to the people?
On a seperate topic, I came across this article on Global Research by John Summers about the biggest Vietnam War story that Americans don't talk about. In fact the whole world never talks about it. It concerns the part played by South Korean Marines, called the 'Blue Dragons' and the war crimes they committed in Vietnam. South Korea contributed more than 327,000 combatants that took part in the Vietnam War, the second biggest behind the USA itself. All in all, there were almost a million combatants on the side of the USA, and yet they could not win the war against the North Vietnamese. I believe that really makes the USA paranoid about sending troops officially on the ground in Ukraine. We know they have done so discreetly already, orchestrating the conduct of the war in Ukraine behind the scene.
Today, the two leaders of the two attack dogs reared by the USA, Yoon Suk Yeol and Fumio Kishida, are at Camp David talking about cementing ties. Perhaps the dogs will be coaxed to sing again (I mean bark), not Korean or Japanese songs, but American Pie, leaving out the bad ending.