{"id":32637,"date":"2018-03-22T06:14:14","date_gmt":"2018-03-22T11:14:14","guid":{"rendered":"http:\/\/olduvai.ca\/?p=32637"},"modified":"2018-03-22T06:14:25","modified_gmt":"2018-03-22T11:14:25","slug":"china-is-days-away-from-killing-the-petrodollar","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=32637","title":{"rendered":"China Is Days Away From Killing the Petrodollar"},"content":{"rendered":"

China Is Days Away From Killing the Petrodollar<\/a><\/h3>\n
\"China<\/div>\n
\n

Not long ago, there was a popular joke in China that went something like, \u201cWho is Xi Jinping?\u201d<\/p>\n

The answer was, \u201cThe husband of Peng Liyuan,\u201d the famous singer Xi is married to.<\/p>\n

Today, Xi is China\u2019s president. He leads 1.4 billion people. And he\u2019ll likely be the most powerful person in the world soon.<\/p>\n

As I mentioned last Wednesday<\/a>, Trump\u2019s new steel and aluminum tariffs are part of a larger, escalating battle between the US and China.<\/p>\n

China is rapidly displacing the US as the dominant global power. This shift is inevitable. China\u2019s economy will be twice as large as the US economy by 2030.<\/p>\n

This leaves the US with limited options\u2026<\/p>\n

    \n
  1. It could kick back and let China displace it as the most powerful country in the world.<\/li>\n
  2. It could start a military war with China.<\/li>\n
  3. And it could push the current trade battle into an all-out economic war against China.<\/li>\n<\/ol>\n

    I think a full-blown economic war is the most likely. Under President Trump, it\u2019s all but certain.<\/p>\n

    That said, the Trump administration seems to underestimate China\u2019s position\u2014in both the short and long term.<\/p>\n<\/div>\n

    For decades, the US has been able to exclude virtually any country it wants from international trade. Right now, if one country wants to trade with another, it basically needs US permission first.<\/p>\n

    That\u2019s because (for a short while longer) the US dollar is the world\u2019s most important currency. The US Navy also dominates the world\u2019s oceans, controlling most major shipping lanes.<\/p>\n

    But China is building a new international system. Eventually, it will let China and its trading partners totally bypass the US.<\/p>\n

    And, as I\u2019ll explain shortly, a key piece is set to fall into place on March 26\u2026<\/p>\n

    …click on the above link to read the rest of the article…<\/p>\n","protected":false},"excerpt":{"rendered":"

    China Is Days Away From Killing the Petrodollar Not long ago, there was a popular joke in China that went something like, \u201cWho is Xi Jinping?\u201d The answer was, \u201cThe husband of Peng Liyuan,\u201d the famous singer Xi is married to. Today, Xi is China\u2019s president. He leads 1.4 billion people. And he\u2019ll likely be […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,5],"tags":[130,7844,6228,19378,11725,626,827,839,862,5482,6392],"class_list":["post-32637","post","type-post","status-publish","format-standard","hentry","category-economics","category-geopolitics","tag-china","tag-donald-trump","tag-international-man","tag-new-silk-road","tag-nick-giambruno","tag-petrodollar","tag-united-states","tag-us-dollar","tag-war","tag-world-reserve-currency","tag-xi-jinping"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/32637","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=32637"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/32637\/revisions"}],"predecessor-version":[{"id":32638,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/32637\/revisions\/32638"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=32637"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=32637"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=32637"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}