Saudi Disdains Renewal of Petro-Dollar Privilege for the U.S.A.

 Perhaps heralding the beginning of the end of a stable U.S. dollar, Saudi Arabia cancelled a 50 year old agreement to sell oil just with U.S. dollars. people talked about that for a long time as an indicator of instability of the global value of the dollar. People could have more trust in Chinese currency or bitcoin.

I am not sure how dumping the dollar as the global de facto currency works. People want to sell their dollars I suppose and that deflates their value. In turn inflation would rise domestically. If people feel the dollar isn’t the best denomination to park their investment in and select others that may bring substantial changes.

The Biden administration’s war on Russia is the proximal cause for the lack of trust in the U.S. currency. Those on a fixed income won’t appreciate the lunacy of war and the cascade of planetary economic challenges flowing downhill .

Peace with Russia with a fair settlement of the Cold War land distribution fiasco was called for, rather than the path of ignorance. Ukrainian leader Zelinsky went to Saudi to ask for cash and weapons apparently and Saudi responded by eschewing the exclusivity of the U.S. dollar. The BRIC nations are rising and the old west (primarily the U.S.A. because Europe is neighbors with Russia and eventually will resume lose relations even if illicitly) is led by Joe Biden with the tunnel vision of war sometime in the 1980s.

https://www.nasdaq.com/articles/us-saudi-petrodollar-pact-ends-after-50-years#:~:text=The%20petrodollar%20agreement%2C%20formalized%20after,and%20protection%20to%20the%20kingdom