I wouldn’t be surprised if the US suddely remembered where the 9/11 perpetrators were from if this is true.
it would be incredibly moronic for saudis to pull something like this. they rely on us army for their own defense against regional rivals, most importantly iran. have you seen saudi army? they need to hire mercenaries from sudan because saudis are too lazy and corrupt. if they annoy uncle sam too much, they can kiss all and any defence agreements and western weapons sales goodbye.
fortunately you don’t have to worry too hard about this one, because it’s a made up story coming from crypto people, spread over some shitty “journals” and repeated on tiktok and twitter
https://www.reddit.com/r/Economics/comments/1ddvuhd/ussaudi_petrodollar_pact_ends_after_50_years/
Reddit has shit analysis: “why does the end of the petrodollar not mean that oil is priced in Bitcoin or tulip bulbs?”
Motherfucker the petrodollar was a matter of convenience. The USD was already gloablly-accepted and a large component of foreign reserves, which made it sensible to make it the petrodollar, which served as a self-fulfilling prophecy of sorts. Even if the petrodollar ended, you wouldn’t see significant impacts on the price of oil, the value of the USD, or the oil trade in general for years.
Rather important news if true.
That’s one load bearing if
earlier source still indexed by startpage had the same article copied verbatim but it’s removed now https://www.bizcommunity.com/article/saudi-arabias-petro-dollar-exit-a-global-finance-paradigm-shift-670911a
you won’t find it on reuters or anywhere reputable for that matter, only tiktok freaks and twitter schizos repeat it. that’s because it’s fake
I thought it sounded too good to be true lol
it doesn’t even sound good, it sounds like delusional BRICS fan wet dream lol
Hahahaha!
The petrodollar was their yoke on the United States! We couldn’t develop a green energy sector under the toxic corruption of the petrodollar and those morons just… turned away?
HAHAHAHAHAHAHA
I hope this article holds up. Interesting times just got a little more interesting.
Additionally, the potential use of digital currencies like Bitcoin may also be considered
Ah, so that’s why Trump is now touting Bitcoin.
trump is touting bitcoin because a cryptobro got close to him and or because he wants to grab that cultist libertarian vote
That may be a part of it, but he’s also very tight with the Saudi royals, hence Kushner’s multi-billion dollar deal with them.
You are correct that it appeals to libertarians as well though. It was one of the few times he didn’t get boos when he spoke at their convention.
MBS high on his own farts, more news at 11
I had heard about the petro-dollar exit but the new digital currency they want to implement is news to me. They have quite a few central banks are involved. I wonder what this will do to US finances?
