A huge geopolitical event just occurred with virtually no mainstream/legacy media coverage: Saudi Arabia is not renewing the eighty year old petrodollar deal with the United States, which expired on June 9..
The June 8 1974 agreement had been a key part of US global economic influence and this greatly weakens the US dollar as the global reserve currency since oil will no longer be traded exclusively with the US currency.
Kind of late though. Think the Saudis will take roubles?
I don't mean to be flippant. The efforts by the Saudis, and all the BRICS, to replace the dollar in international trade are an important story.
A huge geopolitical event just occurred with virtually no mainstream/legacy media coverage: Saudi Arabia is not renewing the eighty year old petrodollar deal with the United States, which expired on June 9..
The June 8 1974 agreement had been a key part of US global economic influence and this greatly weakens the US dollar as the global reserve currency since oil will no longer be traded exclusively with the US currency.