CHINA PLANS TO BREAK PETRODOLLAR STRANGLEHOLD

Sourced : Asia Times

By Pepe Escobar

Petrodollars have dominated the global energy markets for more than 40 years. But now, China is looking to change that by replacing the word dollars for yuan.

Nations, of course, have tried this before since the system was set up by former US Secretary of State Henry Kissinger in tandem with the House of Saud back in 1974

Vast populations across the Middle East and Northern Africa quickly felt the consequences when Iraq’s Saddam Hussein decided to sell oil in euros. Then there was Libya’s Muammar Gaddafi’s pan-African gold dinar blueprint, which failed to create a splash in an oil barrel.

Read more at : http://www.atimes.com/article/china-plans-break-petrodollar-stranglehold//

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