The petrodollar gets a lump of coal for Christmas
Tom KirkmanIndependent Project Manager
The petrodollar will likely get a lump of coal instead of a present in its Christmas stocking this year.
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“… A major global oil producer, the United Arab Emirates, abruptly stopped selling its oil in U.S. dollars and is joining forces with the BRICS nations, of Brazil, Russia, India, China and South Africa to forge ahead into a de-dollarized world.
BRICS recently expanded its membership to include the UAE, along with Saudi Arabia, Egypt, Ethiopia, Iran, and Argentina.
What this means is the U.S. will no longer be able to benefit from a situation in which it continuously increases its military budgets and runs up huge debts financed by China, Saudi Arabia and other sovereign states.
In fact, China and Saudi Arabia, two of the biggest financiers of U.S. debt, have already started unloading U.S. treasuries like hot potatoes.
The two BRICS members have offloaded hundreds of billions of dollars worth of U.S. treasuries in recent months.
This is the beginning of the end for global dollar dominance and, unless the U.S. wins World War III and is able dictate the terms of the peace, it will mean the end of U.S. geopolitical dominance.
… The plan to upend the world order by ditching the petrodollar could still backfire on the BRICS.
But at the moment, things seem to be moving ahead, albeit slowly, in their favor.
As noted by the site QTR Fringe Finance, the BRICS nations now control most of the world’s nuclear arsenals, oil, precious metals, diamonds and rare-earth minerals.
It’s time to wake up, folks, and take note of what’s happening.
This transition to local currencies being used in global transactions will bring down the fiat currency known as the petrodollar and usher in a new global order. …”