FALL OF THE DOLLAR? How PetroDollar Gets People Killed and Keeps the USA dependent on Oil

Written by on March 20, 2022

FALL OF THE DOLLAR? How PetroDollar Gets People Killed and Keeps the USA dependent on Oil

Shared By Peter Boykin – American Political Commentator / Citizen Journalist

 

Note: eyes open for this is the reason why we cannot move towards energy independence. We have a system built on the continued use of oil and our and other countries’ dependence on this. Otherwise, the world’s economy and especially the United States economic system would crash so ultimately as I talk about how we have the technology to go green in ways that over time we don’t have to kill the oil industry but also think future-forward to humans energy independence, none of this can happen until the dependence on the PetroDollar is transformed as well!

This is probably the most important story happening today that the media isn’t covering.

Saudi Arabia is considering selling a portion of its oil in Chinese yuan instead of the U.S. dollar – an unprecedented move that threatens the dollar’s position as the world’s prime reserve currency.
Saudi Arabia produces 6.2 million barrels of oil per day.

China buys more than 25% of their oil

Back up: Since 1974, Saudi Arabia sold their oil exclusively in U.S. dollars. In exchange, the U.S. provides military security for the kingdom.

What is a prime reserve currency? In a global world, it makes life easier for nations to conduct financial transactions in one currency. That currency is chosen for its stability and strength. In other words, the real value of the dollar is you, the American worker. Your reliability to work hard, pay taxes, and continue to grow our economy.

Since the 1940s, the U.S. dollar has been the world’s prime reserve currency.

Today 60% of the $12.8 trillion in global currency reserves are dollars.

Why now? The Saudis are reportedly unhappy with the Biden regime for multiple reasons:
Biden’s desire to re-enter a nuclear deal with Iran discomfort with Biden’s weak withdrawal from Afghanistan insufficient support for their intervention in Yemen’s civil war.

This is also directly related to the way Biden and western allies essentially removed Russia from the financial system in order to crush their economy – revoking their access to SWIFT, and giant global companies like Visa, Mastercard, and American Express. This action made counties around the world aware that at any point the U.S. could weaponize the dollar against them.

This matters to you because being the prime reserve currency allows the United States to borrow money at lower interest rates [see our $30 trillion national debt] because all major financial transactions around the world happen in dollars. If this move by Saudi Arabia is followed by China, Russia, India, and other counties we have testy relationships with… the inflation you’re seeing today will look like a rounding error compared to what comes next.

[Source: WSJ]

https://www.wsj.com/articles/saudi-arabia-considers-accepting-yuan-instead-of-dollars-for-chinese-oil-sales-11647351541

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