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  1. This is my first post on this forum, so I'd like to take this opportunity to express my gratitude to the members of this great community and my privilege to be part of the XRP army. At the outset, I generally do not condone baseless speculation. However, 1. I don't consider the facts below as "baseless", and 2. I'm merely raising a question to anyone in the forum with macroeconomic insight. With the advent of the Petro-Yuan futures a few days ago, the efforts and intentions by China are clear: to internationalize its currency and force its trading partners to accept Yuan for its oil purchases. What's more, since some of the oil exporting nations are hesitant to sell their product in Yuan, China is making gold convertible to Yuan as source liquidity for the oil purchase. Some economist say it is the beginning of the end of the petrodollar, others say the price of Gold will skyrocket. I'm not an economist so I wouldn't know, but the purchasing mechanics of this revelation in oil commerce sounded all too familiar to me when I first read about it; i.e. Fiat -> gold -> Fiat for oil. An increasing gold value will not only come naturally, but "a higher price/liquidity also means we can target higher value payments" - to use the words of the great @JoelKatz At the same time, we know that Ripple is progressively pursuing a position in China. From the latest @Hodor blog: "..understand that China just decided to opt for a licensing approach for fintech firms wishing to enter the payments space in China". A move that would legitimize/institutionalize the Chinese adopted fintech infrastructure of the future. Hodor continues: "I think this move by China’s regulatory bodies is a direct result of momentum that has clearly been building behind Ripple’s strategy of closely advising the worlds’ central banks", "[Ripple] has also hosted a delegation from China’s central bank" For those that don't know, China is the world's largest importer of oil with not nearly enough gold to back up their oil demand. To continue listing of relevant facts, Saudi Arabia (incidentally the world's largest exporter of oil) and its central bank, SAMA, have signed a deal with Ripple back in February to manage cross-boarder payments. The Arab Exchange Market Secretary General, Fadi Khalaf, said that United Arab Emirate banks are aiming for a similar agreement. (UAE is the 5th largest exporter of oil). Im not trying to prove what is probably a non-existent connection. My questions are the following: Are we witnessing a blockchain-backed, oil commerce infrastructure in the making? (Does that even make sense?) Knowing that China might soon no longer buy oil in any currency except its own, and for the oil exporting nations that will shy away from accepting Yuan as a payment, would China lose out or benefit from utilizing a digital asset to source liquidity for oil trade in lieu of gold? What role could XRP play and what impact would it have on the exporting States? China is responsible for 8 out of 45 millions barrels a day of global oil imports, with oil futures trade being 30x the physical oil trade. At 65$ a barrel, what would that daily volume do to the XRP price? Hope to get some insightful feedback and good discussion. In the meantime (3 days later) this: https://cryptodaily.co.uk/2018/04/ripple-partners-bpg-emetal-digital-stock-exchange-metal/ #justsaying
  2. Gold Backed Russian Ruble, Chinese Yuan Primed To Destroy U.S. Dollar As Global Reserve Currency DECEMBER 12, 2015 NOT ENOUGH GOLD TO COVER THE DOLLAR QUOTE “By the 1960s, a surplus of U.S. dollars caused by foreign aid, military spending, and foreign investment threatened this system, as the U.S. did not have enough gold to cover the volume of dollars in worldwide circulation at the rate of $35 per ounce; as a result, the dollar was overvalued. CREATION OF THE PETRODOLLAR QUOTE “America temporarily embraced a new paradigm in 1971, as the dollar became a pure fiat currency (decoupled from any physical store of value), until the petrodollar agreement was concluded by President Nixon in 1973. The quid pro quo was that Saudi Arabia would denominate all oil trades in U.S. dollars, and in return, the U.S. would agree to sell Saudi Arabia military hardware and guarantee the defense of the Kingdom.” END OF GOLD STANDARD According to a report that appeared in the Huffington Post: QUOTE “As a result of this agreement, the dollar then became the only medium in which energy exchange could be transacted. This underpinned its reserve currency status through the need for foreign governments to hold dollars; recirculated the dollar costs of oil back into the U.S. financial system and — crucially — made the dollar effectively convertible into barrels of oil. The dollar was moved from a gold standard onto a crude oil standard.” RUSSIA AND CHINA HAVE HAD ENOUGH - First Countries to trade oil without the US DOLLAR QUOTE “In 2014 Russia and China signed two mammoth 30-year contracts for Russian gas to China. The contracts specified that the exchange would be done in Renminbi [yuan] and Russian rubles, not in dollars. That was the beginning of an accelerating process of de-dollarization that is underway today, strategic risk consultant F. William Engdahl writes in his article for New Eastern Outlook. Russia and China are now creating a new paradigm for the world economy and paving the way for a global de-dollarization. QUOTE “A Russian-Chinese alternative to the dollar in the form of a gold-backed ruble and gold-backed Renminbi or yuan, could start a snowball exit from the US dollar, and with it, a severe decline in America’s ability to use the reserve dollar role to finance her wars with other peoples’ money,” Engdahl concludes. http://www.activistpost.com/2015/12/gold-backed-russian-ruble-chinese-yuan-primed-to-destroy-u-s-dollar-as-global-reserve-currency.html
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