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Who is selling oil in gold? I'm curious how Ghana plans to pull this off; such a move would typically result in being cut off from world bank + WTO, if not inva

by Stevvo 4y ago

Who is selling oil in gold? I'm curious how Ghana plans to pull this off; such a move would typically result in being cut off from world bank + WTO, if not invasion.

reactspa 4y ago
Today, lots of U.S. State Dept officials will be calling up pet editors (worldwide) to talk about Ghana. Today, lots of editors will be looking up maps to see where Ghana is located. And reading the Wikipedia entries on Ghana, its economy, and its ruling elite. Today, lots of news editors will be calling up their pet journalists today to seed negative articles about Ghana, its economy, and its ruling elite.
- nine_k 4y ago
  It would be interesting to track recent changes in various Ghana-related Wikipedia articles.
unmole 4y ago
> Who is selling oil in gold? India might be willing to trade refined products for gold. > such a move would typically result in being cut off from world bank + WTO, if not invasion. Typically? Has this happened enough times before that there's a discernible pattern?
MerelyMortal 4y ago
I keep hearing about a BRICS+ commodity-backed currency, but I haven't seen any documentation on it. Where do people find out about these things? And could it be that Ghana will just use that and that settlement system? Do they have dollar-denominated debt?
- InTheArena 4y ago
  Ghanna is getting crushed by their debtload right now. A different currency wouldn’t really make a difference. They also announced this morning that they will be asking their debtors to accept a mandatory 30% reduction in value of foreign bonds.
- sfusato 4y ago
  Perhaps try looking over the wall since almost none of established media companies seem interested in reporting the story?
JumpCrisscross 4y ago
> such a move would typically result in being cut off from world bank + WTO, if not invasion The dollar depends to almost no extent on foreign oil sales. Global oil demand is 100 million barrels per month [1]. At $80/barrel that’s about $100 billion a year. We import over $300 billion a month [2]. That’s $3.6 trillion in foreign wallets a year looking for a way to be spent or invested. That’s why the dollar is dominant. Not how Ghana buys oil. [1] https://www.mckinsey.com/industries/oil-and-gas/our-insights/petroleum-blog/snapshot-of-global-oil-supply-and-demand https://www.mckinsey.com/industries/oil-and-gas/our-insights... [2] https://tradingeconomics.com/united-states/imports https://tradingeconomics.com/united-states/imports
- philipkglass 4y ago
  I don't buy the more elaborate version of "petrodollar" theories myself, but your first link says "Global liquids demand declined in October to 99.6 MMb/d". That's per day, not per month, so at $80/barrel it would be about $2.9 trillion per year in global oil sales.
  - JumpCrisscross 4y ago
    Yup, sorry. Excluding America’s shared it’s about $2.5tn. Substantial. But not a concern for dollar hegemony.
- silisili 4y ago
  > 100 million barrels per month Isn't that 100 million per day?
chickenimprint 4y ago
Why would the WTO and World Bank stop working with Ghana? Who would invade Ghana and why?
- nine_k 4y ago
  If you don't want to trade in dollars, it's likely because you want to trade with states that have hard time handling dollars, that is, have bad relationships with the US and the West in general. They can as well be sanctioned, like Russia or Iran or Venezuela; by trading with them, you yourself may end up sanctioned. No wonder WTO won't work with you after that. Usually a state in such a position is not very democratic or otherwise nice, but neither Venezuela, nor Iran, nor North Korea, let alone Russia, got invaded (for Russia, it's the other way around). Iraq was invaded, but Saddam's regime was the first to attack a US ally (the second invasion was poorly reasoned though).
  - reducesuffering 4y ago
    > Iraq was invaded Caveat being, this was to destroy the scud missiles launched at Kuwait, and then the US left. Agree about the second one though...
InTheArena 4y ago
Didn’t take long for the words oil or dollars to invoke the usual dog whistles. What’s happening here is that a small country is destroying its own currency via spending and corruption which yields the inevitable inflation or hyper inflation as the government decides that this whole economics thing is overrated. They have gold reserves which may or may not be worth anything, so they’re trying to use that because they are currency is in the middle of a quite predictable crush. There is no secret New World order that is forcing yhr United States military to go to war anytime anyone thinks about not using the dollar.
- mardifoufs 4y ago
  Dog whistles to what? Petrodollar conspiracies are linked with american imperialism, not new world orders. If you want to poison the conversation with accusations of dog whistles that only you seem to be hearing, at least get them right.
  - InTheArena 4y ago
    Different heads, same tin foil.

by Stevvo 4y ago

Who is selling oil in gold? I'm curious how Ghana plans to pull this off; such a move would typically result in being cut off from world bank + WTO, if not invasion.

reactspa 4y ago

Today, lots of U.S. State Dept officials will be calling up pet editors (worldwide) to talk about Ghana. Today, lots of editors will be looking up maps to see where Ghana is located. And reading the Wikipedia entries on Ghana, its economy, and its ruling elite. Today, lots of news editors will be calling up their pet journalists today to seed negative articles about Ghana, its economy, and its ruling elite.

nine_k 4y ago
It would be interesting to track recent changes in various Ghana-related Wikipedia articles.

unmole 4y ago

> Who is selling oil in gold? India might be willing to trade refined products for gold. > such a move would typically result in being cut off from world bank + WTO, if not invasion. Typically? Has this happened enough times before that there's a discernible pattern?

MerelyMortal 4y ago

I keep hearing about a BRICS+ commodity-backed currency, but I haven't seen any documentation on it. Where do people find out about these things? And could it be that Ghana will just use that and that settlement system? Do they have dollar-denominated debt?

InTheArena 4y ago
Ghanna is getting crushed by their debtload right now. A different currency wouldn’t really make a difference. They also announced this morning that they will be asking their debtors to accept a mandatory 30% reduction in value of foreign bonds.
sfusato 4y ago
Perhaps try looking over the wall since almost none of established media companies seem interested in reporting the story?

JumpCrisscross 4y ago

> such a move would typically result in being cut off from world bank + WTO, if not invasion The dollar depends to almost no extent on foreign oil sales. Global oil demand is 100 million barrels per month [1]. At $80/barrel that’s about $100 billion a year. We import over $300 billion a month [2]. That’s $3.6 trillion in foreign wallets a year looking for a way to be spent or invested. That’s why the dollar is dominant. Not how Ghana buys oil. [1] https://www.mckinsey.com/industries/oil-and-gas/our-insights/petroleum-blog/snapshot-of-global-oil-supply-and-demand https://www.mckinsey.com/industries/oil-and-gas/our-insights... [2] https://tradingeconomics.com/united-states/imports https://tradingeconomics.com/united-states/imports

philipkglass 4y ago
I don't buy the more elaborate version of "petrodollar" theories myself, but your first link says "Global liquids demand declined in October to 99.6 MMb/d". That's per day, not per month, so at $80/barrel it would be about $2.9 trillion per year in global oil sales.
- JumpCrisscross 4y ago
  Yup, sorry. Excluding America’s shared it’s about $2.5tn. Substantial. But not a concern for dollar hegemony.
silisili 4y ago
> 100 million barrels per month Isn't that 100 million per day?

chickenimprint 4y ago

Why would the WTO and World Bank stop working with Ghana? Who would invade Ghana and why?

nine_k 4y ago
If you don't want to trade in dollars, it's likely because you want to trade with states that have hard time handling dollars, that is, have bad relationships with the US and the West in general. They can as well be sanctioned, like Russia or Iran or Venezuela; by trading with them, you yourself may end up sanctioned. No wonder WTO won't work with you after that. Usually a state in such a position is not very democratic or otherwise nice, but neither Venezuela, nor Iran, nor North Korea, let alone Russia, got invaded (for Russia, it's the other way around). Iraq was invaded, but Saddam's regime was the first to attack a US ally (the second invasion was poorly reasoned though).
- reducesuffering 4y ago
  > Iraq was invaded Caveat being, this was to destroy the scud missiles launched at Kuwait, and then the US left. Agree about the second one though...

InTheArena 4y ago

Didn’t take long for the words oil or dollars to invoke the usual dog whistles. What’s happening here is that a small country is destroying its own currency via spending and corruption which yields the inevitable inflation or hyper inflation as the government decides that this whole economics thing is overrated. They have gold reserves which may or may not be worth anything, so they’re trying to use that because they are currency is in the middle of a quite predictable crush. There is no secret New World order that is forcing yhr United States military to go to war anytime anyone thinks about not using the dollar.

mardifoufs 4y ago
Dog whistles to what? Petrodollar conspiracies are linked with american imperialism, not new world orders. If you want to poison the conversation with accusations of dog whistles that only you seem to be hearing, at least get them right.
- InTheArena 4y ago
  Different heads, same tin foil.