{"id":64558,"date":"2022-12-29T12:48:20","date_gmt":"2022-12-29T17:48:20","guid":{"rendered":"https:\/\/olduvai.ca\/?p=64558"},"modified":"2022-12-29T12:48:20","modified_gmt":"2022-12-29T17:48:20","slug":"zoltan-pozsar-g7-investors-should-worry-about-gold-backed-renminbi-eclipsing-dollars-commodity-encumbrance","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=64558","title":{"rendered":"Zoltan Pozsar: G7 Investors Should Worry About Gold-Backed Renminbi Eclipsing Dollars, Commodity Encumbrance"},"content":{"rendered":"<div class=\"featured-image\">\n<div class=\"featured-image\"><img loading=\"lazy\" decoding=\"async\" class=\"attachment-colormag-featured-image size-colormag-featured-image wp-post-image\" src=\"https:\/\/thedeepdive.ca\/wp-content\/uploads\/2022\/12\/1-80-800x445.jpg\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" srcset=\"https:\/\/thedeepdive.ca\/wp-content\/uploads\/2022\/12\/1-80-800x445.jpg 800w, https:\/\/thedeepdive.ca\/wp-content\/uploads\/2022\/12\/1-80-150x84.jpg 150w\" alt=\"\" width=\"800\" height=\"445\" \/><\/div>\n<div class=\"article-content clearfix\">\n<h3 class=\"above-entry-meta\"><a href=\"https:\/\/thedeepdive.ca\/zoltan-pozsar-g7-investors-should-worry-about-gold-backed-renminbi-eclipsing-dollars-commodity-encumbrance\/\"><span style=\"color: #222222;\">Zoltan Pozsar: G7 Investors Should Worry About Gold-Backed Renminbi Eclipsing Dollars, Commodity Encumbrance<\/span><\/a><\/h3>\n<div class=\"entry-content clearfix\">\n<p>Credit Suisse contributor Zoltan Pozsar has continued his ongoing series about\u00a0<a href=\"https:\/\/thedeepdive.ca\/commodities-and-the-new-world-order-what-you-need-to-know-from-zoltan-pozsars-bretton-woods-iii\/\">Bretton Woods III<\/a>\u00a0where commodities will dictate the new world order. For his last dispatch of the year, he described how the world is now shifting to a multipolar order \u201cbeing built not by G7 heads of state but by the \u2018G7 of the East\u2019 (the BRICS heads of state).\u201d<\/p>\n<p>BRICS stands for the group of five nations: Brazil, Russia, India, China, and South Africa. But Pozsar said that with the poised expansion via rumored applications for Saudi Arabia, Turkey, or Egypt, he took the liberty to round up the current \u201cG5.\u201d<\/p>\n<p>The author focused on Chinese President Xi Jinping\u2019s speech at the recent summit in the Arab states, which for Pozsar is very telling on how Beijing plans to outmaneuver the West in global economy.<\/p>\n<p>\u201cFixed income investors should care \u2013 not just because the invoicing of oil in renminbi will hurt the dollar\u2019s might, but also because commodity encumbrance means more inflation for the West,\u201d Pozsar said.<\/p>\n<blockquote class=\"wp-block-quote\"><p>In the next three to five years, China is ready to work with GCC [Gulf Cooperation Council] countries in the following priority areas: first, setting up a new paradigm of all-dimensional energy cooperation, where China will continue to import large quantities of crude oil on a long-term basis from GCC countries, and purchase more LNG. We will strengthen our cooperation in the upstream sector, engineering services, as well as [downstream] storage, transportation, and refinery. The Shanghai Petroleum and Natural Gas Exchange platform will be fully utilized for RMB settlement in oil and gas trade, [\u2026] and we could start currency swap cooperation and advance the m-CBDC Bridge project.<\/p>\n<p><cite>Pozsar quoted Xi\u2019s speech<\/cite><\/p><\/blockquote>\n<p>\u2026click on the above link to read the rest\u2026<\/p>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Zoltan Pozsar: G7 Investors Should Worry About Gold-Backed Renminbi Eclipsing Dollars, Commodity Encumbrance Credit Suisse contributor Zoltan Pozsar has continued his ongoing series about\u00a0Bretton Woods III\u00a0where commodities will dictate the new world order. For his last dispatch of the year, he described how the world is now shifting to a multipolar order \u201cbeing built not [&hellip;]<\/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":[33504,130,33506,675,33505,6392,1031,32688],"class_list":["post-64558","post","type-post","status-publish","format-standard","hentry","category-economics","category-geopolitics","tag-bretton-woods-iii","tag-china","tag-er-velasco","tag-renminbi","tag-the-deep-dive","tag-xi-jinping","tag-yuan","tag-zoltan-pozsar"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/64558","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=64558"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/64558\/revisions"}],"predecessor-version":[{"id":64559,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/64558\/revisions\/64559"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=64558"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=64558"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=64558"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}