WriterNig:


🇸🇦 Saudi Arabia has decided not to renew its 80-year petrodollar deal with the 🇺🇸 United States, which expired on Sunday, June 9, as per media reports.

This agreement, originally signed on June 8, 1974, had been a key part of US global economic influence and power.

The deal set up joint commissions for economic cooperation and Saudi Arabia's military needs. Back then, American officials hoped it would encourage Saudi Arabia to produce more oil and strengthen economic ties with Arab countries.

By choosing not to extend this contract, Saudi Arabia can now sell oil and other goods using different currencies, such as the Chinese RMB, Euros, Yen, and Yuan, instead of only US dollars. There's also talk of exploring digital currencies like Bitcoin for transactions.

This decision marks a significant move away from the petrodollar system established in 1972 when the US stopped linking its currency directly to gold.

It's expected to accelerate the global trend of using currencies other than the US dollar in international trade.

Additionally, Saudi Arabia has joined Project mBridge, a collaborative effort exploring a digital currency platform shared among central banks and commercial banks.

This project aims to facilitate instant cross-border payments and foreign-exchange transactions using distributed ledger technology.

Project mBridge began in 2021 and involves several prominent central banks and institutions worldwide. It recently reached the stage of Minimum Viable Product (MVP), inviting private-sector firms to propose innovations and use cases to further develop the platform.

This move by Saudi Arabia marks the beginning of a major shift in global economic dynamics, though its full implications on international trade and finance remain to be seen.

ShinnBet:


That's because the stock markets in the west now operate solely on faith .

Give it some time, all that USD is going to find its way back to the US and with US basically a service economy wholly reliant on imports that are paid by printed USD, all that is soon to end.

The fact that mainstream western media are playing the ostrich about this black swan event shows that they are complicit in keeping the shell game going.

Give it a few more weeks when Saudis begin to sign deals with EU and Asian countries in their equivalent currencies .


We are in the frog in boiling water stage.

WriteerNg:


You overrate yourselves in Africa.


Where's the infrastructure to deliver the crude? Lol

Putindbutt:

Nigeria-Morroco is laying gas pipe to europe. nothing is stopping US anytime soon.

WriteerNg:


Lol okay.


There's nothing wrong in living in an alternate reality. Enjoy!!

helinues:
USD in the mud

Recession is coming

Putindbutt:

Which Asia country would look US in the eyes when US is protecting them from the sharks (China) at their tails.

Putindbutt:

Bro, the fact is US is still the boss. the only country that can veto UN security council and sanction the ICC. wake up bro.

Putindbutt:

Bro, the fact is US is still the boss. the only country that can veto UN security council and sanction the ICC. wake up bro.

WriteerNg:


Russia and China and other permanent members of the UN Security Council have veto rights too and have used it countless times, even up until last week Russia vetoed the UN resolution on Palestine.

US cannot sanction the ICC, just the prosecutors and judges.

You aren't thinking straight, too much Hollywood and CNN have clouded your senses.

ShinnBet:


And you think another parallel league of nations wot be floated ?

The US has threatened ICC Prosecutors and even went as far as saying they will defund the UN and kick out of New York if they go on to admit Palestine as a member state.

America has lost it completely in the eyes of the international community.

Putindbutt:

You think an alternate league of nations would stand without the US?, you think they can pull out of NATO?. pipe dream.

Konquest:

That's a major tectonic shift in international trade and global economic dynamics.

The gravitation to more baskets of currencies will mean the U.S. has to restrategize economically as well in terms of stabilizing the USD.

What time is it again?

Slytiger:
I have been looking at hybrids and electric vehicles anyway. The world is moving past petrol.

ShinnBet:


You see this America as some form of ominipotent force without realising that as far as Empires go, America only got on the word stage after WW2 with the weakening of the European powers.

America has squandered most of their time at the top and their glutinous and selfish society shows they are now in the decaying phase of empires.

America flew to fast and close to the sun.
As per empires, their reign has been infinitesimally brief comparing to that of the British , Austro-Hungarian and Roman empire.

A lot will be learnt from America's great rise and it's even faster plunge to obscurity .

OkpaNsukkaisBae:
Now Washington will remember that the Saudi leadership is not a democracy if they fail to renew the petrol dollar deal

Lindlady:
They should start dealing in naira.

helinues:
USD in the mud

Recession is coming

WriterNig:
Change is APC

helinues:


Bro, global recession is coming, smart countries are already preparing ahead.

US election is just what is delaying the announcement. Anytime from next year, it should be declared

helinues:
USD in the mud

Recession is coming

helinues:
USD in the mud

Recession is coming

WriterNig:



That one na ur country problem oh.

Martinsmine:
Change is constatnt... dis news no go make dollars come down in naira