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Saudi Arabia not renewing Petrodollar agreement…..
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<blockquote data-quote="brianbonner" data-source="post: 5962447" data-attributes="member: 110435"><p>The petrodollar, a 50-year-old agreement between the US and Saudi Arabia, has been in the spotlight recently. While it has not officially “expired,” significant changes are underway.</p><p></p><p><strong>Recent Events:</strong></p><p></p><ul> <li data-xf-list-type="ul">Saudi Arabia has decided not to renew its petrodollar deal with the US, allowing it to sell oil and other goods in various currencies, including the Chinese RMB, Euros, Yen, and Yuan, instead of solely in US dollars.</li> <li data-xf-list-type="ul">The longstanding security agreement between the US and Saudi Arabia expired on June 9, 2024, marking a significant shift in their relationship.</li> </ul><p><strong>Historical Context:</strong></p><p></p><ul> <li data-xf-list-type="ul">The petrodollar was established in the early 1970s, when the US provided economic aid to Saudi Arabia in exchange for pricing its crude exports exclusively in US dollars.</li> <li data-xf-list-type="ul">By 1975, other OPEC members followed suit, solidifying the petrodollar’s dominance.</li> </ul><p><strong>Current Trends:</strong></p><p></p><ul> <li data-xf-list-type="ul">China and Russia are increasingly making settlements in currencies other than the US dollar, potentially weakening the petrodollar’s grip on global trade.</li> <li data-xf-list-type="ul">The Gulf nations are using their petrodollar wealth to wield influence on the world stage, investing in strategic goals and playing a role in war-torn regions.</li> </ul><p><strong>Implications:</strong></p><p></p><ul> <li data-xf-list-type="ul">The end of the petrodollar deal with Saudi Arabia may lead to a decline in the US dollar’s dominance in global trade and finance.</li> <li data-xf-list-type="ul">Alternative currencies, such as the Chinese RMB, may gain prominence in international transactions.</li> <li data-xf-list-type="ul">The shift may also impact the global economy, potentially leading to changes in investment patterns and economic diplomacy.</li> </ul><p>While the petrodollar has not officially expired, these recent developments signal a significant shift in the global financial landscape, with potential benefits for Bitcoin and other digital currencies.</p></blockquote><p></p>
[QUOTE="brianbonner, post: 5962447, member: 110435"] The petrodollar, a 50-year-old agreement between the US and Saudi Arabia, has been in the spotlight recently. While it has not officially “expired,” significant changes are underway. [B]Recent Events:[/B] [LIST] [*]Saudi Arabia has decided not to renew its petrodollar deal with the US, allowing it to sell oil and other goods in various currencies, including the Chinese RMB, Euros, Yen, and Yuan, instead of solely in US dollars. [*]The longstanding security agreement between the US and Saudi Arabia expired on June 9, 2024, marking a significant shift in their relationship. [/LIST] [B]Historical Context:[/B] [LIST] [*]The petrodollar was established in the early 1970s, when the US provided economic aid to Saudi Arabia in exchange for pricing its crude exports exclusively in US dollars. [*]By 1975, other OPEC members followed suit, solidifying the petrodollar’s dominance. [/LIST] [B]Current Trends:[/B] [LIST] [*]China and Russia are increasingly making settlements in currencies other than the US dollar, potentially weakening the petrodollar’s grip on global trade. [*]The Gulf nations are using their petrodollar wealth to wield influence on the world stage, investing in strategic goals and playing a role in war-torn regions. [/LIST] [B]Implications:[/B] [LIST] [*]The end of the petrodollar deal with Saudi Arabia may lead to a decline in the US dollar’s dominance in global trade and finance. [*]Alternative currencies, such as the Chinese RMB, may gain prominence in international transactions. [*]The shift may also impact the global economy, potentially leading to changes in investment patterns and economic diplomacy. [/LIST] While the petrodollar has not officially expired, these recent developments signal a significant shift in the global financial landscape, with potential benefits for Bitcoin and other digital currencies. [/QUOTE]
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