Hmm, big if true. I can't find a source I trust reporting on this.
this post was submitted on 15 Jun 2024
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Here is an archived link of the article Jimmy mentions: https://web.archive.org/web/20240612000529/https://www.bizcommunity.com/article/saudi-arabias-petro-dollar-exit-a-global-finance-paradigm-shift-670911a
India Today also realeased an article, Jun 14 24: https://www.indiatoday.in/business/story/us-saudi-arabia-petrodollar-deal-history-significance-what-is-it-2553088-2024-06-14
Early days on talking about this, not too sure if legacy media and the status quo would talk openly about this.
Feel free to share any information you find, I would greatly appreciate it!
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The Petrodollar, which is probably the most important economic concept that the vast majority of Americans are completely ignorant of, is on its way out. Saudi Prince Mohammed bin Salman has refused to renew his nation’s agreement to sell oil in dollars with the United States, and the potential repercussions on the U.S. economy could be catastrophic.
Jimmy discusses how the petrodollar allows the United States to sanction other nations, which serves only to drive other countries to want to abandon the dollar.
Summary:
- Saudi Arabia has decided not to renew its 50-year Petro dollar deal with the United States, causing a global financial paradigm shift.
- The Petro dollar is a device invented by Kissinger and Nixon in the 1970s to secure a reliable foreign source of oil for the US.
- The US agreed to defend Saudi Arabia and make sure the house Assad would stay in power if Saudi Arabia sold oil in US dollars.
- All other oil-producing nations adopted the dollar as the de facto medium of exchange, causing demand for it to increase exponentially.
- The Petro dollar causes a demand for the US dollar, as oil is bought and sold using the greenback.
- If oil starts trading in non-Petro dollars, such as gold or a basket of currencies, or if China and Russia start trading in their currencies, the demand for the US dollar will decrease.
- Many countries, including Russia, resent the current Petro dollar system, and the US dollar as the reserve currency of the world is going away within 10 years.