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As Inflation Skyrockets in the US, Russia and Saudi Arabia Sign Agreement Ending the ‘Petrol Dollar’, Putting the US Dollar and Economy at Even Higher Risk
Gateway Pundit ^ | August 30, 2021 | Joe Hoft

Posted on 08/30/2021 8:02:49 AM PDT by Perseverando

Snip:

Yellen also warned that not raising the debt limit would injure the economy in July. This issue was not addressed in the $5 trillion of spending pushed through last week. Newsweek reported in July:

Treasury Secretary Janet Yellen warned members of Congress on Friday that if the debt ceiling is not raised, it will risk “irreparable harm to the U.S. economy and the livelihoods of all Americans,” according to the Daily Caller.

In a letter to House Speaker Nancy Pelosi, Yellen expressed that she did not know how long the Treasury Department could keep the United States from defaulting on its obligations, which could result in catastrophic economic consequences. The debt ceiling will expire August 1.

“In recent years Congress has addressed the debt limit through regular order, with broad bipartisan support,” Yellen writes. “I respectfully urge Congress to protect the full faith and credit of the United States by acting as soon as possible.”

With all these risks and issues, the Biden/Obama Administration did not ensure that the debt limit was addressed in these massive bills, nor did they appear to be concerned with countries like Russia and Saudi Arabia deciding not to transact in the US dollar anymore.

For the last 50 years, the petrodollar was in place. Big oil made its transactions in USD. Then a couple of days ago, Russia and Saudi Arabia signed an agreement that likely went beyond the military and defense cooperation it claims. The agreement likely removes the two countries from their relationship with the dollar.

Met with Russian Defense Minister Sergey Shoygu to explore ways to strengthen the military and defense cooperation between our two countries. We discussed our common endeavor to preserve stability and security in the region, and reviewed shared challenges facing our countries. pic.twitter.com/T7lVdITZPt

(Excerpt) Read more at thegatewaypundit.com ...


TOPICS:
KEYWORDS: afghanistan; armenia; azerbaijan; bahrain; biden; bidenlegacy; bloggers; california; china; egypt; erdogan; europeanunion; hyperinflation; inflation; iran; iraq; israel; jamalkhashoggi; kurdistan; lebanon; muslimbrotherhood; nancypelosi; ntsa; opec; petrodollar; preppers; putinsbuttboys; receptayyiperdogan; russia; saudiarabia; shtf; stolenelection; syria; turkey; waronterror; yemen
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To: Chgogal

And there are actually Freepers who criticized me for saying I am glad we were energy independent and could tell OPEC to go pound sand.

Well, I suppose this outcome in Afghanistan may have contributed to the Saudi’s decision to sign an agreement with Russia.


21 posted on 08/30/2021 12:25:28 PM PDT by rlmorel (Leftists are The Droplet of Sewage in a gallon of ultra-pure clean water.)
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To: cgbg
True.

But you can see where people are going with this... they're tired of us sliding out from under our debt using inflation as a tool...

There's reasons we can 'just print more money' and little hellholes like Haiti can't...

22 posted on 08/30/2021 2:40:59 PM PDT by GOPJ
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To: PGR88

Yes, the nanny state is doomed, but big government will persist as long as the government elites can feed at other people’s expense, with the quality of perks and food getting better the higher up the food chain you go.

That’s why I wrote “The governing elites will certainly continue to eat first even if no one else is eating.”

A classic example of this is North Korea.

It is not the unproductive leeches at the bottom of the economic ladder that threaten the nation but the counterproductive (actually far worse than unproductive) leeches in the government.


23 posted on 08/30/2021 3:10:11 PM PDT by Rurudyne (Standup Philosopher)
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