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IPFS News Link • Economy - International

Why The Petrodollar Is Finished Now!

•, By Neenah Payne

The 1973 oil crisis further fixed the value of the dollar as a result of this oil shock, bringing Saudi Arabia and the OPEC countries to make a secret agreement with Washington….. This agreement provided that in exchange for Washington's political and military protection, the OPEC countries would be required to sell oil only in dollars. The petrodollar was thus born, being a replacement for the gold-linked standard that existed prior to Nixon. Once this system was supported by OPEC members, the global demand for US petrodollars hit an all-time high.

The video below explains that Saudi Arabia's agreement to sell oil exclusively in dollars ended on June 9, 2024 – ending the backing for the petrodollar as the world's reserve currency. The Crown Prince of Saudi Arabia has decided to open up its lucrative oil trade to other countries and currencies. Saudi Arabia has now joined a China-led digital currency project.

The video explains that the BRICS (Brazil, Russia, India, China, and South Africa) nations have announced a new BRICS payment system as the World Bank challenged the status of the US dollar in international transactions.  Saudi Arabia is considering a full BRICS membership this year.

What Is The Petrodollar System? — Biggest Weapon Of US Imperialism 2/3/24

Saudi Arabia Just Shocked the Dollar! Future with BRICS and China 6/13/24

Saudi Arabia just changed the entire future of the US dollar when it decided to end it's 50-year agreement with the US and the Petrodollar. Saudi Arabia is now looking to BRICS and China for their future in this new multipolar world. What happens next for the US dollar and BRICS? Let's break it down!

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