The petrodollar — a term describing the post-WWII global system of trading in oil almost exclusively using the U.S. dollar — has literally built and buttressed the U.S. empire for decades.
Saudi Arabia has long been a stalwart supporter of the U.S. petrodollar, which it adopted in exchange for security provided by the dominant U.S. military.
But that arrangement may be about to change.
Via TVP World:
Saudi Arabia, the world’s largest crude oil exporter, is open to discussing oil trade settlements in currencies other than the U.S. dollar, Saudi Minister of Finance, Mohammed Al-Jadaan, told media outlet Bloomberg in Davos on Tuesday.
If the Saudis were to open to talks about oil trade arranged in non-dollar currencies it would represent a significant threat to the current dominance of the U.S. dollar in the global oil trade.
Saudi Arabia is just the latest rat to contemplate leaving the sinking ship. Ghana recently announced intentions to purchase oil in gold instead of U.S. dollars moving forward. Russia, China, Brazil, India, and South Africa (BRICS) are reportedly cooperating to develop a “new global reserve currency.”
A New World Order is in the birthing process, and it won’t look like the unipolar one the U.S. has enjoyed for the last 80 years. This is the culmination of natural forces and sincere engineering efforts by the multinational corporate technocrats at the WEF, the UN, and similar institutions.
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When the world stops trading in U.S. dollars, the piper will come to get paid for all that reckless money-printing by the Federal Reserve, and everyday Americans will feel the pain. The U.S. economy has thus far been artificially insulated from the effects of inflation due to the fact that the world continues to utilize the U.S. dollar as the reserve currency, and so demand has remained high.
Time will tell how long the U.S. dollar’s global hegemony will last, but the future’s not looking bright.