Socio-Economics History Blog

Socio-Economics History Blog

Death Blow to the US Financial System: Saudi Arabia Abandons the Petrodollar And Joins the mBridge Currency

by mosesman

  • Death Blow to the US Financial System: Saudi Arabia Abandons the Petrodollar And Joins the mBridge Currency
    by https://warnews247.gr
    Confirm War News 24/7
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    Saudi Arabia abandoned the petrodollar as War News 24/7 had been announcing for at least 1.5 years. The development will irreparably damage the US financial system, which took advantage of the dollar’s reserve character to print as many dollars as it needed to finance its government spending.
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    One of the key constants of the past 50 years and a pillar supporting the dollar’s character as a global reserve currency has been the existence of a global financial system based on the petrodollar.
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    The dollar has dominated 80% of global oil sales, and the Kingdom has pegged the dollar for oil sales since 1974, in an agreement under President Richard Nixon that in turn included security guarantees for the kingdom.
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    Saudi Arabia’s entry into BRICS signaled that Riyadh would end the 1974 agreement with the US.
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    End of the petrodollar!
    On June 9, 2024, the 50-year security agreement between Saudi Arabia and the United States, signed on June 8, 1974, expired. One of the rules of this agreement was to sell oil and other goods exclusively in US dollars.
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    read more.

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