China will ‘compel’ Saudis to trade oil in yuan — and that affects the US dollar

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CNBC: China will “compel” Saudi Arabia to trade oil in yuan and, when this happens, the rest of the oil market will follow suit and abandon the U.S. dollar as the world’s reserve currency, a leading economist told CNBC on Monday.

Carl Weinberg, chief economist and managing director at High Frequency Economics, said Beijing stands to become the most dominant global player in oil demand since China usurped the U.S. as the “biggest oil importer on the planet.”

Saudi Arabia has “to pay attention to this because even as much as one or two years from now, Chinese demand will dwarf U.S. demand,” Weinberg said. more …

Opinion: Does anyone doubt that China could stop the North Korean tyrant if it wanted to? Does anyone doubt that China wants to have the biggest economy in the world and knows that the only country standing in the way is the US?

In the fiction chapter of our book (page 179) “Antichrist: the Search For Amalek”, I speculated this to happen but I was a few years early:

As the top-secret meeting got under way, John Brennan had disturbing news to share. He informed the group that there was urgent intel from our people on the ground in the Far East. China was about to make a move with support from Japan, Russia, and the European Union to dump the dollar as the world reserve currency. They planned to institute the renminbi (yuan) either alone or as part of a basket of currencies called Special Drawing Rights (SDRs), which would include the euro and the yen.

The yuan became part of the SDR reserve currency in January 2015. Like I said I was a bit early. But that was not all:

The CNBC article says this: “Russia and China have sought to operate in a non-dollar environment when trading oil. Both countries have also increased their efforts to mine and acquire physical gold if, or perhaps when, the dollar collapses.”

The next paragraph in our book said this: Brennan told the cabinet that China had been buying large amounts of gold for the past five years in an effort to build global confidence in the Chinese currency. Their aim was to make the renminbi the de facto reserve currency and to increase global influence.

Like I said I was early, and I decided not to speculate as to timing any more.

(look for a revised and updated version of our book and video in the next few months)