China trying to benefit from US withdraw of Paris accord, while also working to eliminate the ‘petrodollar’


The Associated Press reported the following:

June 2, 2017

BEIJING (AP) — By backing off the U.S. commitment to address climate change, President Donald Trump leaves an opening for a chief economic rival, China, to expand its increasing dominance in the renewable energy industry. In reacting to Trump’s announcement that he was withdrawing the U.S. from the Paris climate accord, China reaffirmed its commitment to the landmark agreement and is poised to spend heavily in coming years on renewables.

Yet the world’s most populous country remains heavily reliant on coal to generate electricity and power its steel mills – a habit that could be hard to break without stifling its economic aspirations. …

In January, China announced the suspension or cancellation of plans to build an additional 100 coal-fueled power plants. Yet dozens more are still expected to be built and China’s also bankrolling plants in other countries. It’s by far the largest consumer of coal worldwide, producing 3.41 billion tons of the fuel last year – more than four times the volume in the U.S., the second largest coal consumer. Largely as a result, China is also the top emitter of greenhouse gasses blamed for worsening climate change.

June 2, 2017

Anticipating a possible U.S. pullout, officials from China and the European Union – two of the world’s major polluters – had prepared a declaration reaffirming their commitment to the 2015 Paris Agreement, which is widely considered a landmark deal for bringing together almost all countries under a common goal.

Climate issues were expected to dominate discussions Friday between Chinese Premier Li Keqiang, who is leading a large delegation of ministers to Brussels, and EU Council President Donald Tusk and European Commission President Jean-Claude Juncker.

Speaking to European business leaders alongside Li, Juncker said EU-China ties are underpinned by “a rules-based international system.”

Brussels and Beijing believe in “the full implementation, without nuances, of the Paris climate agreement,” Juncker said, and underlined that there can be “no backsliding.”

European heavyweights France, Germany and Italy said in a joint statement on Thursday that they regretted Trump’s decision to withdraw from the accord, while affirming their “strongest commitment” to implement its measures.

Both Europe and China want to dominate the world. Currently, on certain matters, they are working together and with other countries, to dethrone the dominance of the USA and its Anglo-Saxon descended allies, like the UK.

As far as the Paris accord goes, many in the mainstream media are pushing the idea that China wants to lead the world in ‘clean’ energy and wants what is best for the environment. And while China certainly would like to dominate more industries and be less polluted, notice also the following:

China is currently modifying the terms of its oil trade with Saudi Arabia. Specifically, China is working on a deal to pay for Saudi oil using Chinese yuan. This effort poses a direct threat to the security of the dollar.

If this China-Saudi deal happens — yuan for oil — it’s another step closer to the grave for the petrodollar, which has dominated global finance since 1974. You can revisit Jim Rickards article about the Assault on the Dollar, here.

To recap, the petrodollar is weakening because the dollar is losing power as the world’s reserve currency. This is similar to the way pounds sterling gradually fell out of favor during the decline of the British Empire. The decline may take a long time, but what we’re seeing today is another step in the death march of the dollar.

Since 1974, Saudi has accepted payment for almost all of its oil exports — to all countries — in dollars. This is due to an agreement between Saudi and the U.S., dating back to the days of President Nixon.

Beginning about 15 years ago, China ceased being self-sufficient in oil, and began buying Saudi oil. As per all Saudi customers, China had to pay in dollars. Even today, China still pays for Saudi oil in U.S. dollars and not yuan, which perturbs China’s leaders.

Since 2010, China’s total oil imports have nearly doubled. According to Bloomberg News, China has surpassed the U.S. as the world’s largest oil importing nation.

If Saudi begins accepting yuan for oil, all bets are off on the petrodollar. Yuan-for-oil will entirely change the monetary dynamics of global energy flows. I expect the U.S. dollar to weaken severely when that news breaks.

Much of this oil-for-yuan news is public information. Yet, for some strange reason, there’s a form of blindness within western policymaking and media circles concerning the implications of yuan-for-oil. The idea is so “off-the-wall” that many policy leaders simply ignore it.

What is the petrodollar?

Essentially, it is the fact that although the US dollar is no longer backed by gold, since most oil is priced in US dollars, that gives the US dollar a backing in through a needed commodity, hence always insuring that the US dollar will have value. So it is sometimes called a petrodollar–which is broader than the term’s original intent.

Here is more about that:

After the collapse of the Bretton Woods gold standard in the early 1970s, the U.S. struck a deal with Saudi Arabia to standardize oil prices in dollar terms. Through this deal, the petrodollar system was born, along with a paradigm shift away from pegged exchanged rates and gold-backed currencies to non-backed, floating rate regimes.

The petrodollar system elevated the U.S. dollar to the world’s reserve currency and through this status, the U.S. is able to enjoy persistent trade deficits, and become a global economic hegemony. The petrodollar system also provides the United States’ financial markets with a source of liquidity and foreign capital inflows through petrodollar “recycling.” However, before the effects of the petrodollars on the U.S. dollar can be examined, a brief history lesson is in order. …

Since the most sought after commodity in the world–oil–is priced in U.S. dollars, the petrodollar helped elevated the greenback as the world’s dominant currency. In fact, according to the Bank for International Settlements (BIS) triennial survey, 87 percent of all foreign exchanges deals initiated in April 2013, involved the USD on one side. With this status, the U.S. dollar was able to enjoy, what some have asserted to be an “exorbitant privilege” of perpetually financing its current account deficit by issuing dollar denominated assets at very low rates of interest, as well as, becoming a global economic hegemony.

For instance, countries like China, who hold vast quantities of U.S. debt have voiced their concerns in the past about the possible dilutive effects to their asset holdings should the dollar depreciate. However, the privileges associated with being able to run persistent current account deficits come at a price. As the reserve currency, the U.S. is obligated to run these deficits to fulfill reserve requirements in an ever in an ever-expanding global economy. If the United States were to stop running these deficits, the resulting shortage of liquidity can pull the world into an economic contraction. However, if the persistent deficits continued ad infinitum, eventually foreign countries will begin to doubt the valuation of the dollar and the greenback may lose its role as the reserve currency; this is known as the Triffin Dilemma. accessed 06/02/17

If enough oil producing nations stop pricing oil in US dollars, the theory is that the US dollar will drop, or even collapse.

Someone said this could happen as early as 2015:

Market Collapse then New World Order in 2015? A long-time financial adviser named Harvey Organ claims that claims that because of insufficient gold in the central banks of USA and UK, that Shanghai would bring about exposing this and that this would lead to a massive, overnight, rise in the price of gold and silver, diminished value of their currencies. He states a market collapse will occur before the end of 2014, that the petroyuan will replace the petrodollar, and that a Chinese led New World Order will be in place for 2015. Is this possible? Where does the leader of the ‘New World Order’ come from? What does the Bible teach? This is a video.

Although I did not believe such a collapse could have happened in 2015 (nor do I believe such for 2017), the reality is that the Bible tells of a time when the US will be taken over (Daniel 11:39) and its massive debts will be a reason that many will be opposed to it (cf. Habakkuk 2:2-8).

The existence of the ‘petrodollar’ seems to have helped the USA be in a position to increase its debt and that will not end well (cf. Habakkuk 2:2-8; Daniel 11:39).

As far as China goes, it wants more world influence and ultimately domination (watch Is China paving roads to Armageddon?), but the Bible shows that while China will be prosperous for a time, it will be a power from Europe that will essentially dominate the world for the last 3 1/2 years before Jesus returns.

The Bible also shows that neither China nor Europe will solve the environmental problems facing the world as it teaches it will take the return of Jesus to do this (see also The Bible, Christians, and the Environment).

Some items of possibly related interest may include:

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