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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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[–] • 2 pts

Never mind that when Iraq/Afghanistan tried to open a oil exchange that would trade in Euro and not Dollars that the US invaded and bombed the fuck out of the country(s) about 2 weeks before it was to open.. It never opened after that.

[–] • 1 pt

Yep, typically when someone threatens to stop using US Dollars for oil sales, there's a big war or military action. Be on the lookout for that too. They'll likely pick Russia via more proxy wars in the middle east.