USD’S UNCERTAIN FUTURE! China’s Oil Deals, Petrogold & EuroOil’s Challenge to the USD｜AsianQuickTake

Welcome to Asian QuickTake with Jacob. In this latest episode, we dive deep into a matter of global significance. As of November 1, 2023, the world’s economic dashboard is flashing warning signals, and these alarms are hard to ignore. The United States has witnessed an unprecedented surge in its federal debt, surpassing a staggering $33.7 trillion. What’s even more concerning is the absence of a clear strategy to address this colossal debt. We explore the implications of this debt surge, especially against the backdrop of the Federal Reserve’s ongoing interest rate hikes and the rising risk to the U.S. dollar’s stability. A significant part of the story lies in the increasing number of Americans turning to U.S. gold coins as a hedge against inflation and the devaluation of the U.S. dollar. This signals a shift in trust and a growing unease about the long-term prospects of the dollar. But the concerns go beyond U.S. borders. Prominent economists within the Federal Reserve themselves are sounding alarms about the future of the U.S. dollar. They highlight that the dollar’s dominance, tied to the petrodollar system, might not be an eternal truth and could be challenged. We delve into the changing landscape, where the U.S. dollar’s share of global foreign exchange reserves has dropped, while the Chinese Renminbi’s influence is on the rise. Goldman Sachs analysts even predict a diminishing role for the U.S. dollar in international transactions, which could have global repercussions. The use of Renminbi in crude oil trading and China’s extensive importation of oil in Renminbi tell a story of shifting dynamics. It’s clear that the Renminbi is making its mark, and investors are seeking alternatives to U.S. dollar-denominated oil futures. But it’s not just China; other global players are challenging the dollar. The Bank of Japan is developing a cross-border digital currency payment network, and the European Union is looking to introduce euro-denominated crude oil futures contracts. The gold standard, which the U.S. abandoned years ago, is rearing its head once more. OPEC nations are developing gold-backed digital oil currencies, potentially shifting from the ’Petrodollar’ to ’Petrogold’ for oil settlements. We explore the vulnerabilities in the U.S. dollar-based financial structure and the potential for a dollar reset, as central banks consider tethering their currencies to gold or decentralized digital currencies. The rules of the global oil game are in flux, aligning with the declining dominance of the U.S. dollar and the resurgence of the gold standard. To conclude, on November 1, 2023, U.S. Congressman Alex Mooney submitted a bill to the Federal Reserve, suggesting a return to the gold standard. This represents a pivotal moment in the reassessment of monetary policy and the global monetary system. Stay informed on these crucial developments by liking, subscribing, and activating the notification bell. We cover topics in business, economic history, international relations, geopolitics, and global affairs that shape our world. Thank you for watching, and look forward to more enlightening videos in the future. 💯TOP 3 Video China Shocks Yellen With Massive Selling of U.S. Bonds and Buying of Gold ▶ China to Accelerate Dumping of Up to $800bn U.S. Debt ▶ Swiss Sells $36.4 billion U.S. Treasuries ▶ ━━━━━━━━━━━━━━━━━━━━━ ✅ COPYRIGHT DISCLAIMER Asian Quicktake Doesn’t Fully Own Some of the Materials Compiled in Its Videos. It Belongs to People or Organizations Who Ought to Be Respected. If Used, It Falls Under the Following Provisions: Copyright Disclaimer Section 107 of the Copyright Act 1976. “Fair Use“ is Allowed for Purposes Such As Criticism, Comment, News Reporting, Teaching, Scholarships, and Research. ━━━━━━━━━━━━━━━━━━━━━ ✅ If You Are the Owner of the Materials Used in This Video, Let us Know in the Comments or Send a Email to me. We Will Follow Your Request Immediately. ━━━━━━━━━━━━━━━━━━━━━ ✅ FINANCIAL DISCLAIMER This Channel’s Content Should Not Be Interpreted or Construed As Financial Advice. We Are Not, and Do Not Claim to Be, an Attorney, Accountant, or Financial Advisor. This Channel’s Content is Not a Substitute for Financial Advice and is Solely for Entertainment Purposes.