LIVE🌍💱 BREAKING: SAUDI ARABIA ENDS 80-YEAR PETRODOLLAR DEAL WITH U.S. 🌍
📢 Breaking News:
- Saudi Arabia terminates 80-year petrodollar agreement with the US
- Original deal restricted Saudi oil sales to US dollars only
- Saudi now exploring transactions in RMB, Euros, and more
💡 Saudi Arabia has chosen not to renew its 80-year petrodollar agreement with the United States, which officially expired on June 9, according to recent reports. This landmark pact, initiated on June 8, 1974, was pivotal in solidifying US global economic dominance.
🔍 Historical Context:
The original agreement established joint commissions for economic collaboration and addressed Saudi Arabia's military requirements. It aimed to incentivize increased oil production and strengthen economic ties with Arab nations.
🔄 Policy Shift:
By opting out of extending this contract, Saudi Arabia gains flexibility to conduct oil and other transactions using diverse currencies such as the Chinese RMB, Euros, Yen, and Yuan, rather than exclusively in US dollars. There's also speculation about potential use of digital currencies like Bitcoin for transactions.
🌐 Global Impact:
This decision marks a significant departure from the petrodollar system, established in 1972 when the US severed its currency from the gold standard.
🔗 Project mBridge:
Additionally, Saudi Arabia has joined Project #mBridge, a collaborative effort exploring a digital currency platform shared among central and commercial banks. This initiative aims to streamline cross-border payments and foreign-exchange transactions using blockchain technology.
💭 In Conclusion:
Saudi Arabia's move to end the petrodollar agreement signals a profound shift in global economic dynamics, potentially reshaping the landscape of global economic influence.
👇 What are your thoughts on Saudi Arabia's shift away from the Dollar? How exciting would it be if Saudi adopts #bitcoin?
Your,
@Professor Mende - Founder of BONUZ Project - in Dubai UAE
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