The first day of trading saw the Chinese sell 20 MILLION barrels of crude oil, Spet contacts for around $68.78 and even as high as $70. BUT, sold in their YUAN currency.
So…
20,000,000 barrels x $68.78 (sold in Yuan, but USD equivalent) = 1,375,600,000 or about 1.4 BILLION USD now went through a Yuan crude market instead of a USD one…
All In ONE DAY, the first day they opened.
What does it mean?
The US knew this was coming. They must have plans in place. For instance, the US has a few major things still going for it;
* Economic Freedom, worlds leading “Market Economy” (a great place to freely run your corporation)
* Economy of Scale (a huge market largely all speaking the same language)
* US Stock Exchanges (still the best of breed)
* Large land masses, plenty of natural resources
* Limited government intervention (even better with Trump)
But I am interested in the unknown…
Is the US planning a gold backed crypto currency ?
Does the US have new technology that will make crude oil obsolete or hardly needed? (like coal)
What does the USA have up their sleeve, besides debt?
h/t 2012Portal