Breaking News: The Dollar Will No Longer Be Tied to Oil
The Saudi Crown Prince has decided not to renew the US-Saudi Security Agreement, which was set to expire on the 9th. This significant decision means Saudi Arabia's oil exports will no longer only be traded in US dollars. Instead, they can now be traded in RMB, euros, and other currencies. This marks a major change and challenge to the petrodollar system since the US dollar stopped being linked to gold in 1972 with the collapse of the Bretton Woods system. This move is expected to speed up the process of using the dollar less in global transactions.
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