US-Saudi Arabia Petro Dollar Pact Ends – Joe Biden’s Failures Are Bringing an End to Global Dollar Dominance

Published June 13, 2024

Leaders from the BRICS Alliance meet in 2018 including Vladimir Putin and Xi Jinping. The original BRICs nations included – Brazil, Russia, India, and China and South Africa.

In March 2023, South Africa’s Foreign Minister Naledi Pandor announced that Saudia Arabia, United Arab Emirates, Egypt, Algeria, Argentina, Mexico, Nigeria, and other nations wanted to join BRICS Alliance. This was a direct threat to the West and US dollar dominance.

Via Kanekoa.

 

Was this always the plan for the Obama-Biden regime? To take down US dominance on the global stage? Because that is taking place on a rapid scale.

 

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SOURCE: www.thegatewaypundit.com

RELATED: Saudi Arabia Just Ditched The U.S. Dollar

Published June 12, 2024

Andrei Jikh explains the significant shift in global economics with the expiration of the long-standing Petro dollar agreement between Saudi Arabia and the US on June 9, 2024.

This system, in place for 75 years, marked the US dollar as the world’s reserve currency, granting economic stability and access to rising asset prices. The arrangement between the US and Saudi Arabia helped preserve the US dollar’s dominance over global trade.

However, this past Sunday, the Saudi Arabian prince announced that he would not renew the contract, signaling a major change in the global financial landscape. This agreement, initiated after World War II, allowed the US to control the world’s energy, and its impact on the standard of living for Americans is substantial. The Petro dollar system replaced gold as the standard of value and enabled the US to maintain dominance over international trade. The reasons behind Saudi Arabia’s decision not to renew the contract are part of a larger story, and its implications for us and future generations are yet to be fully understood.

Andrei discusses the trend of countries moving away from using the US dollar in international trade and oil transactions, with Saudi Arabia being the latest reported addition. The speaker argues that this could signal the end of America’s global financial dominance and raises the question of what the US is famous for exporting that the world is buying. The answer, according to the speaker, is US dollars. The speaker explains that the US economy benefits greatly from being able to export dollars and issuing debt in the form of treasury bonds, which creates a stable economy, lower interest rates, and financial market liquidity.

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SOURCE: www.islamicity.org

RELATED: Saudi Arabia’s petro-dollar exit: A global finance paradigm shift

The crucial decision to not renew the contract enables Saudi Arabia to sell oil and other goods in multiple currencies, including the Chinese RMB, Euros, Yen, and Yuan, instead of exclusively in US dollars. Additionally, the potential use of digital currencies like Bitcoin may also be considered

Published June 12, 2024

Significant financial upheaval is potentially ahead of the financial world as Saudi Arabia has decided not to renew its 80-year petro-dollar deal with the United States. The deal, which expired on Sunday 9 June, was a cornerstone of the United States global economic dominance.

Originally signed on 8 June 1974, the deal established two joint commissions, one based on economic cooperation and the other on Saudi Arabia’s military needs. At the time, it was said that it heralded an era of close cooperation between the two countries, says Katja Hamilton of BizCommunity.

American officials at the time expressed optimism that the deal would motivate Saudi Arabia to ramp up its oil production. They also envisioned it as a blueprint for fostering economic collaboration between Washington and other Arab countries.

The crucial decision to not renew the contract enables Saudi Arabia to sell oil and other goods in multiple currencies, including the Chinese RMB, Euros, Yen, and Yuan, instead of exclusively in US dollars. Additionally, the potential use of digital currencies like Bitcoin may also be considered.

This latest development signifies a major shift away from the petrodollar system established in 1972, when the US decoupled its currency from gold, and is anticipated to hasten the global shift away from the US dollar.

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SOURCE: www.tbsnews.net

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Cherry May Timbol – Independent Reporter
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