What this article really said, if you have the eyes to see it, is that China has a system in place to offset the effect of being shut out of the SWIFT system, the economic nuclear weapon of the West. That proves that the premature threat and use of the SWIFT system against Iran will have rendered this economic weapon useless in the future. The mistake the West made prematurely using the economic weapon, the SWIFT system, will come back to haunt the West as extremely expensive. Had this not been used prematurely, it could have shut down major nation’s economic processes by electronically deleting the enemy from the SWIFT system. Therefore the taking and making of settlement on international transaction would have fallen back on only the gold a nation had. Everyone had gotten lazy so both enemies and friends were settling international transactions on SWIFT. History will see this as the mistake of the century. Now all opposed to each other have or are developing their own electronic payment system free of SWIFT.
Dollar no longer primary oil currency – China begins to sell oil using Yuan
Kenneth Schortgen Jr.
Wed, 12 Sep 2012 22:00 CDT
On Sept. 11, Pastor Lindsey Williams, former minister to the global oil companies during the building of the Alaskan pipeline, announced the most significant event to affect the U.S. dollar since its inception as a currency. For the first time since the 1970′s, when Henry Kissenger forged a trade agreement with the Royal house of Saud to sell oil using only U.S. dollars, China announced its intention to bypass the dollar for global oil customers and began selling the commodity using their own currency.
Comment: Lindsey Williams: “The most significant day in the history of the American dollar, since its inception, happened on Thursday, Sept. 6. On that day, something took place that is going to affect your life, your family, your dinner table more than you can possibly imagine.”
“On Thursday, Sept. 6… just a few days ago, China made the official announcement. China said on that day, our banking system is ready, all of our communication systems are ready, all of the transfer systems are ready, and as of that day, Thursday, Sept. 6, any nation in the world that wishes from this point on, to buy, sell, or trade crude oil, can do using the Chinese currency, not the American dollar. – Interview with Natty Bumpo on the Just Measures Radio network, Sept. 11
This announcement by China is one of the most significant sea changes in the global economic and monetary systems, but was barely reported on due to its announcement taking place during the Democratic convention last week. The ramifications of this new action are vast, and could very well be the catalyst that brings down the dollar as the global reserve currency, and change the entire landscape of how the world purchases energy.
Ironically, since Sept. 6, the U.S. dollar has fallen from 81.467 on the index to today’s price of 79.73. While analysts will focus on actions taking place in the Eurozone, and expected easing signals from the Federal Reserve on Thursday regarding the fall of the dollar, it is not coincidence that the dollar began to lose strength on the very day of China’s announcement.