Mohammed Al-Jadaan, Saudi Arabia's finance minister says he is open to discussing how to settle trade arrangements, whether it is in the US dollar, euro or whether it is the Saudi riyal. PHOTO: BLOOMBERG
Bloomberg: Saudi Arabia Says Open to Settling Trade in Other Currencies
Saudi Arabia is open to discussions about trade in currencies other than the US dollar, according to the kingdom’s finance minister.
“There are no issues with discussing how we settle our trade arrangements, whether it is in the US dollar, whether it is the euro, whether it is the Saudi riyal,” Mohammed Al-Jadaan told Bloomberg TV on Tuesday in an interview in Davos.
“I don’t think we are waving away or ruling out any discussion that will help improve the trade around the world,” Al-Jadaan said.
The world’s largest oil exporter, which has maintained a currency peg to the dollar for decades, is seeking to strengthen its relations with crucial trade partners including China. The kingdom is a pillar a petrodollar system established in the 1970s that relies on pricing crude exports in the US currency.
Read more ....
WNU editor: I can hear the alarm bells ringing in Washington over this. Another sign that the era of the Petro-Dollar is coming to an end.
Saudi Finance Minister Mohammed Al-Jadaan's complete Bloomberg interview is here .... Watch Saudi Finance Minister Talks Global Trade.
Saudi Arabia's Finance Minister Says Riyadh Is Open To Discussions About Conducting Trade In Currencies Other Than The US Dollar
Saudi Arabia Is Open To Discuss Non-Dollar Oil Trade Settlements -- OilPrice.com
Saudi Arabia open to non-dollar trade -- Arabian Business
Davos 2023: Saudi Arabia 'open' to discuss trading in non-dollar currencies -- Al-Monitor
Saudi Arabia open to trading in currencies besides the US dollar -- Middle East Monitor
8 comments:
Of course there are alarm bells. The petro-dollar and the dollar as a reserve currency have enable mother fuckers in DC to print money. The printed money does not cause instability like it would in Latin America until about now.
Bernie sanders can pretend to be a populist, when all he is a jacked-up, failed carpenter. He got into politics the same way AOC did. they asked for volunteers to run and neither one had anything to lose.
Deficit spending also produces putrid mo's like Biden, who BTW put his tax returns back online. They were taken down quietly and when it was notice they were put back online. It seems as though the number do not add up.
People are still confused if Joe rented from Hunter or Hunter rented from Joe. Also something fishy about 50k rent per month or something like that. It is a good way to transfer money to the Big One.
Anyway people will be picking at that and it will unravel.
But importantly not being able to print money will hopefully see to it that we do not get much more deficit spending or swamp creatures like Joe.
If we do get much more deficit spending we will get juntas like in South America.
This is the kiss of death for the American system.
Currently:
American governance, Civil engineering repair, Social, economic/industrial, and Foreign policy can be:
Sloppy
negligent,
ideologically driven and idiotic
and America gets away with it. Why? Because unlike Ecuador or Serbia we are Super Rich. When you are rich, you have a lot of slack for screw ups. Take away that money and you now have lost a lot of flexibility.
In its current state, our culture is not programed to act in a responsible, frugal, self denial mode.
It will be ugly.
The ukie bots simply don't have the bandwidth to understand how their beloved sanctions lead to this.
WHAT EXACTLY are they going to replace the dollar with? The yuan? LOLOLOL The ruble? LOLOLOL Pound sterling? LOLOLOL Franc? LOLOLOL Looney? LOLOLOL Deutch mark? LOLOLOL Yen? LOLOLOL Crypto? ROTFLMAO
Maybe in 10 or 20 years, but for now there is absolutely NOTHING out there that comes even CLOSE to replacing the US dollar. In times past, the US (government) chose to fuck over it's citizens in exchange for maintaining the old world order. But as that order continues to unravel, the US will have no choice but to again become oil independent and rebuild its manufacturing base. The dollar will remain king, and the next several years will only confirm this. It may suck or not, but that's the way things are.
Agree. As bad as things might be with the dollar, every other major currency is in even worse shape.
Shale drilling alone gives the US more oil and gas than it can possibly use. This "green energy" bullshit will come to a screeching halt when Americans are tired of getting screwed at the pump by OPEC. Politicians will either support more domestic oil production or they won't get elected.
1:19
Sincerely hope you are correct. And yes, what would the USD be replaced with? Total unknown. Hopefully the rest of the world will never figure that one out.
Any number of currencies that aren't depreciating 50% every year due to money printing.
Post a Comment