Saudi Arabia isn't going to renew its 50-year petro-dollar deal with the United States. The deal expired on Sunday, 9 June, 2024.
This clears the way for SA to sell oil in RMB, Euros, Bitcoin, whatever the hell they want.
This is a disaster for the value of the US Dollar, as selling oil in US Dollars effectively forced governments and businesses to hold US Dollars.
TLDR: extra inflation and likely higher taxes are on the way, as there will be less demand for the US Dollar, which will cause its value to go down.
Saudi Arabia isn't going to renew its 50-year petro-dollar deal with the United States. The deal expired on Sunday, 9 June, 2024.
This clears the way for SA to sell oil in RMB, Euros, Bitcoin, whatever the hell they want.
This is a disaster for the value of the US Dollar, as selling oil in US Dollars effectively forced governments and businesses to hold US Dollars.
TLDR: extra inflation and likely higher taxes are on the way, as there will be less demand for the US Dollar, which will cause its value to go down.
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