Replies to post #80 on Awesome Stocks

[gfp927z]

Bigworld, >> Saudis are making deals to enable their existence in a post American world. They will start taking other currencies for oil <<


Just curious if you have a link? Thanks.


This would essentially be the end the Petrodollar system, which has underpinned the global dollar reserve system for over 40 years.

Rickards said that when the Petrodollar system was first set up in the 1970s by Kissinger/Rockefellers, it was done under the threat of a US invasion to seize the Saudi oilfields. The Saudis agreed to the deal, and would only accept dollars for their oil, and agreed to recycle a % of the money back into US Treasury bonds and US banks, and also to purchase military equipment from the US. In return the US would guarantee that the House of Saud stayed in power. The dollar would in effect be backed by oil, and this system worked extremely well for over 40 years.

But the Russians have been selling their oil to China for renminbi for some years, and use the euro for other sales, and Iran also uses the euro. There have been cracks in the Petrodollar system/monopoly for some time, but when the Saudis stop requiring dollars, that should precipitate a dollar crisis. Countries will no longer need to stockpile dollars to buy oil, and global demand for dollars collapses.

World trade in general is also becoming 'de-dollarized', and the dollar reserve system's days are clearly numbered. Reportedly, the plan has been to transition to the SDR as the world's reserve currency for central bank reserves, and to various CBDC/Central Bank Digital Currencies for domestic use. Catherine Fitts says we are in the transition period, and calls the new digital CBDC approach as much a social control system as it is a currency system.

The US could still follow through on the threat to seize control of the Saudi oilfields, and thus prolong the Petrodollar. Or the globalist schemers could just use the Saudi decision as an excuse to accelerate the already planned global move to the SDR and CBDCs. Either way, the purchasing power of the US dollar looks destined to crumble over time.