i don’t know how it works… but it is an unwritten law that oil is only allowed to be sold in US Dollars.

This is probably because the value of FIAT currencies such as the US Dollars, Euro and others is not backed by any commodities (gold, silver, wood, potatoes) – it is only backed by people that work harder and harder for less and less pay.

So after the gold standard (Nixon 1970s Vietnam) there came the “oil standard” to keep the value of the US Dollar high.

I have heard many tried to challenge it (it is said that Lybia, Gaddafi tried that) and payed the ultimate price.

Challenging the US Dollar as lead currency means declaring (unofficial) war – can the US restore it’s global dominance?

Venezuelan opposition declares Petro cryptocurrency illegal

#cryptocurrency #declares #illegal #opposition #petro #venezuelan

“Venezuelan opposition declares Petro cryptocurrency illegal”

“One of two opposition lawmaking groups in Venezuela has ruled that the country’s domestic laws do not allow President Nicolas Maduro to issue a national virtual currency.”

“In response to #sanctions from #Washington, #Venezuela has started reporting its oil prices in #Chinese #yuan, going against the international trend of listing prices in #US #dollars. The decision to move to Chinese currency was made last week as a way to get around the sanctions imposed on Venezuela by the #US government in August, which froze some #Venezuelan assets and prohibited #American citizens from doing business with the country.”

“Venezuela’s decision follows plans announced by China to start a #crude #oil futures contract priced in yuan and convertible into #gold, which could lead to the emergence of a new Asia-based crude oil benchmark. In 2012, #Iran began to accept yuan for its #oil and #gas payments, followed by #Russia in 2015.”

US regulators have fined Deutsche Bank, Germany’s largest lender, $70 million for attempted manipulation of a global benchmark for interest-rate derivatives and other financial instruments, AFP reports. The Commodity Futures Trading Commission (CFTC) said late on Thursday that the German bank’s subsidiary, Deutsche Bank Securities, “made false reports and through the acts of multiple traders attempted to manipulate the US Dollar International Swaps and Derivatives Association Fix.” The attempted manipulation took place between January 2007 and May 2012, the CFTC said, adding that traders “knew their conduct was illegal.”

… and who was CEO in this time at Deutsche Bank?

According to the Financial Times Deutschland Ackerman earned €9.4 million in 2009 and €8.8 million in 2010.[6] His included bonus in 2009 was €8.2 million and €7.1 million in 2010. He is a member of the Steering Committee of the Bilderberg Group.[7]

Employer Deutsche Bank (CEO, 2002-2012)

what is also interesting to know… Goldman Sachs might have some influence at Deutsche Bank.

Morning Coffee: Goldman Sachs’ stealth takeover of Deutsche Bank could soon be complete. ‘Banker neck’ a recognized thing

… while Bank of America hired in plenty of ex-Goldman staff to its markets business …, it’s never actually been run by someone from Goldman Sachs (John Thain was ejected three weeks after the Merrill Lynch merger).
Deutsche may yet have this pleasure by the end of 2018.