The article is a little sloppy.
The petro dollar concept was a quid pro quo.
The Saudis will only accept dollars for their oil.
In exchange the US provides for their security.
Has the US abandoned Saudi security officially?—or are the Saudis just hedging their bets so they have the option to void the agreement.
It sounds like it is the latter.
The Saudis cannot defend themselves, so they need an absolute guarantor of their security.
Ambiguity over who has that responsibility could be a fatal error on their part.
Well, I’ve been saying for years that when the Petro Dollar falls that so too will the ability to “sovereignty” spend money into existence. When no one abroad actually needs your fiat currency for anything you’re just a step away from no one wanting it.
Of course expect the spendthrift so-called “progressives” to blame people who actually made useful things in the course of their lives for any woes and not their useless, unproductive and counterproductive elites as they double down on stupidity.
The governing elites will certainly continue to eat first even if no one else is eating.
“Way To Go Joe!” and his elite buddies in CONgress seem unaware there is rampant inflation going on. Then again, when someone else if footing the bills, why worry? Right? Bueller? Bueller?
China and Russia are both net exporters, so they aren’t buying much oil from each other, so this is mostly symbolic.
“The agreement likely removes the two countries from their relationship with the dollar.”
Making crap up. Bad journalism.
I fear the greedy politicians have pulled one too many $trillion out of their a$$. When the USD is no longer the world reserve currency it won’t be worth the paper it’s printed on. Buckle up, folks.
NO MORE AID TO SAUDI.
Effers are on their own now...
US government will need to shift to backing more criminal activities such as drugs arm and human trafficking because they are largely still transacted in dollars.
DEA is the major criminal organization managing drug trade.
What’s the point of having a debt ceiling if all you are going to do is increase it all the time?
Just eliminate the ‘ceiling’ and have an unfettered spending free for all and lets get this over with.