What will happen if China anounces a gold backed currency (which they did already)?

What will happen if China anounces a gold backed currency (which they did already)?

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asia.nikkei.com/Markets/Commodities/China-sees-new-world-order-with-oil-benchmark-backed-by-gold
twitter.com/AnonBabble

We can wreck their economy by opening up new gold mines and/or getting an asteroid.

The gold standard is a ridiculously dated concept especially in the age of global internet transactions

>gold isn't money
>muh jew monopoly paper printed by the FED is
????

American currency is backed by oil, indirectly.

BUY THE DIP

We don't need the chinks. Fuck em.

even shale oil returns on investment is 5 to 1.
oil will hit 12USD in 2020.

most oil companies will go bankrupt next year and are in RED.

lel niggers can't into kissing

Apparently nothing

...

>dip
you mean crash?

china just anounced a oil ETF backed by gold.

bye petrodollar.

Notice how the girl has to take a picture of this in order to make the white man jealous. It's hilarious the lengths women will go to in order to get attention and feel 'wanted'.

On topic - nothing will happen as long as the Middle East keeps trading oil in dollars.

Lel Niggers can't even kiss properly.

how do you explain the Aramco deal between china and saudies?

do pol even talk about politics and not nigger bait?

>implying petrodollar and Yuan can't exist simultaneously

Get rekt third-worlder.

Rothschilds have so much gold it aint a problem at all. Thing needed to topple the banks is debt-free currency issued by a state, like Lincoln and Hitler did.

>this dumb gringo doesn't know the power of the petrodollar is because foreign reserves of other nations need to be in dollars to buy oil
really made me think this dumb american about it's own currency.

American currency is backed by its GDP as well as any other fiat currencies you fucking retards

>What is the PETRO dollar?

70% of american GDP is consumption.
only 8-9% of american GDP is producing anything.

>wow, mcdonalds are GDP

and oil is collapsing because of lower energy investment returns.

>but resources are infinite

You idiots don't even know what petrodollar means.

It means revenue made from oil exports. Nothing to do with USD.

Fucking ignorant idiots.

>believing China has enough gold to back the Yuan
>believing the Federal Reserve bank will fall to the likes of China

Have you learned nothing of white supremacy? Enjoy your mudhut, Pablo.

They just like bad boys!

Petrodollars mean other countries need dollars to buy oil.

what happens when other countries do not need dollars?

>he thinks China wont anounce a much higher amount of gold in october 1rst
wow, I love to talk about blacked memes rather than real politics.

That's not what petrodollar means you dumb fuck.

Iran for example is selling oil for Euro, no usd needed.

You people are so fucking ignorant it hurts.

Educate yourself.

IT

petrodollar was an aliance between the US to protect saudi interest in exchange of the saudies forcing OPEC to sell oil only in dollars.

>muh iran
which was something new relativelly speaking.

US don't produce nothing of value except printing dollars.

what will happen if other countries refuse to sell their goods in dollars?

>but it wont happen

China will have a gold-backed currency. And their country will still be largely full of peasants and pollution.

Are you fucking listening you dumb fuck?

That is not what petrodollar means.

You cannot just redefine words as it suits you.

70% of american GDP is mcdonalds garbage.
China owns 30% of global manufacturing.
US owns 9% of global manufacturing.

50 million americans are on food stamps.
70% of americans are overweight or obese.
20 trillion debt
1 trillion college debt

75% of americans have less than 500 dollars in savings.
baby boomers in less than five years to start retirement.

wow, I love being a fat american being feeded GMO satanic food.

What's the definition then?

I'm giving you the historical reason of the petrodollar.

America went bankrupt in 1971, and then nixon removed the gold standart to be able to print infinite money.

dumbass.

>What will happen
>If they did
>if
>if
>if
>they already did
>already did

We're living that world user. No need to frame that question as a hypothetical scenario.

>It means revenue made from oil exports

I already told you, fucking clown. Playing dumb now?

and what will happen if countries en masse decides to sell their oil in yuan gold contracts?

Nothing will happen.

Oil is priced in US dollars. That's the important fact. It doesn't matter in what currency it's sold as long as it is priced in USD.

But idiots like you are too fucking ignorant to understand what that means.

God I hate these conversations

asia.nikkei.com/Markets/Commodities/China-sees-new-world-order-with-oil-benchmark-backed-by-gold

wow, I love to be a bluepilled faggot.

>Crude oil is usually priced in relation to Brent or West Texas Intermediate futures, both denominated in U.S. dollars.

Thank you for confirming that I am right and you are wrong you dumb fuck.

Do you still think that petrodollar has anything to do with USD?

>countries that would rather have their oil sold in gold wont prefer that to FED monopoly money.

wow, you're a clueless faggot.

if other nations start using the chinese gold contract rather than dollars, why countries should use dollars in the first place?

is basic math.

>gold backed currency
>monopoly paper
???

How are labor and goods transported?

the we have gold standard to implement world trading currency and give it up later scam works only one time in history. usa was first. i doubt anybody would fall a secound time for this.

It is mathematically impossible to back a modern economy on gold.

You people are delusional.

It's not if gold is valued at 50k or 100k per ounce.

Oh great. Hyperdeflation.

The last time they tried that, the Great Depression happened.

You people have no clue about economics.

>he thinks 40 years of debt bubble expansion can be solved without an economic collapse.
I love to be a bluepilled retard.

20 Trillion dollars of debt only in US.
500 Quadrillion derivative bubble.

most countries with debt that are double their GDP like japan.

>the system can continue

and you don't know what is an exponential curve on debt.

go back to high school math.

There was also a large drought involved, and the FDIC did not exist, but your point is taken.

You have no idea what I am talking about do you?

Do you realize the current system will collapse soon?

China can get whatever amount of gold they want. Tibet has lots of gold mines.

it's the added economic value that counts