Death Of Petrodollar Is A Biden Legacy – OpEd
==========
The expiration of the 1974 US-Saudi 'oil-for-security' deal has far-reaching implications. It highlights the shifting power dynamics in the oil market with the emergence of alternative energy sources and new oil-producing countries challenging the traditional dominance of West Asia. The petrodollar's expiration could weaken the US dollar and the US financial markets, leading to higher inflation, higher interest rates, and a weaker bond market. Saudi Arabia has joined a China-dominated central bank digital currency cross-border trial, signaling a scaling up of commodity settlement outside of dollars. Russia also plans to create a new BRICS payments system bypassing the dollar altogether. The future of the dollar as the world's leading reserve currency is at stake, with coordinated moves by Moscow and Beijing to accelerate the 'de-dollarisation' process.
#Petrodollar #UssaudiOilforsecurityDeal #PowerDynamics #UsDollar #CentralBankDigitalCurrency #BricsPaymentsSystem #Dedollarisation
https://www.eurasiareview.com/15062024-death-of-petrodollar-is-a-biden-legacy-oped/
Eurasia Review /
npub1wc…jzsfw
2024-06-15 03:20:39
Author Public Key
npub1wc7d8ck45cw5jgdwx6du933w2eqtgpmyvxgk6wtmzdghtpwrx2cqejzsfwPublished at
2024-06-15 03:20:39Event JSON
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"content": "Death Of Petrodollar Is A Biden Legacy – OpEd\n==========\n\nThe expiration of the 1974 US-Saudi 'oil-for-security' deal has far-reaching implications. It highlights the shifting power dynamics in the oil market with the emergence of alternative energy sources and new oil-producing countries challenging the traditional dominance of West Asia. The petrodollar's expiration could weaken the US dollar and the US financial markets, leading to higher inflation, higher interest rates, and a weaker bond market. Saudi Arabia has joined a China-dominated central bank digital currency cross-border trial, signaling a scaling up of commodity settlement outside of dollars. Russia also plans to create a new BRICS payments system bypassing the dollar altogether. The future of the dollar as the world's leading reserve currency is at stake, with coordinated moves by Moscow and Beijing to accelerate the 'de-dollarisation' process.\n\n#Petrodollar #UssaudiOilforsecurityDeal #PowerDynamics #UsDollar #CentralBankDigitalCurrency #BricsPaymentsSystem #Dedollarisation\n\nhttps://www.eurasiareview.com/15062024-death-of-petrodollar-is-a-biden-legacy-oped/",
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