alt Hacker NewsWhy is this not being stopped by us jurisdiction? Or at least why does the rest of the world does not decouple from those markets?
Replies
jasonjayr • today at 1:19 PM
Hint: You will never see the folks enforcing action against this platform and the folks using and posting on the platform in the same room.
owebmaster • today at 1:29 PM
The answer is simple: the US is corrupt.
bamboozled • today at 1:21 PM
They are decoupling, it's just if you just do it quietly.
A video has been going around pointing out one of the consequences of the Strait of Hormuz closure.
Over the past few years, China has quietly purchased more than a billion barrels of oil from Russia and Iran at a discount in CNY rather than USD, pushing it into newly created strategic stockpiles that would be necessary for closure of a different Strait. After putting a strategic foot on the neck of refined product exports, they are now functionally acting as the largest part of the world's crude reserves, smoothing demand so that the global price does not spike and crash the global economy & global trade. If China was to keep up its normal buying cycle over the past few months, we would have easily seen >$200 oil. Instead, oil is a third that, and it's not even the limiting factor - refinery output drops on diesel from Ukraine's Kinetic Sanctions campaign are having a more significant bottleneck on petrochemicals right now than Hormuz.
https://www.youtube.com/watch?v=BkA0bkb6ZO0
Say what you like about the motivation, this is a form of global leadership of the sort that America used to specialize in, and every drop of oil traded in CNY rather than "The Petrodollar" weakens the USD as the anchor currency.