6/26/2024
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Nothing new here – started with Bush I and the One World Order (Soros).
It’s not over until the “fat” lady sings.
During the Iran-Iraq war, US military presence kept open the Straits of Hormuz—a strategic choke point connecting the Persian Gulf to the Indian Ocean—and that promise has continued to this day. The height of the Carter Doctrine was the 1991 Gulf war, when US troops defended Saudi oil fields and Saudi Arabia provided funds and fuel.
Now we can let them fend for themselves.
America’s Decline: The Petrodollar’s End and Its Implications
By
Published on 5 hours ago
The termination of the petrodollar system signifies a profound shift in global economic dynamics, signaling the decline of American supremacy on the world stage.
Established in 1974, the petrodollar agreement between the United States and Saudi Arabia cemented the U.S. dollar as the dominant global currency.
This system required countries to trade oil exclusively in U.S. dollars, thus ensuring a steady demand for the American currency and bolstering the United States’ geopolitical influence.
However, recent developments under President Joe Biden’s administration have unraveled this critical economic pillar. Saudi Arabia, the world’s second-largest oil producer, has announced its intention to move away from the U.S. dollar in its oil transactions, opting instead for its own currency, the Saudi riyal.
This monumental shift is largely attributed to the Biden administration’s policies, which have been perceived as antagonistic towards the oil industry.
The administration’s aggressive push towards green energy, coupled with punitive measures against fossil fuels, has alienated key oil-producing nations.
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The implications of this shift are far-reaching. The petrodollar system not only facilitated the United States’ dominance in the global oil market but also reinforced its broader economic and political hegemony.
The conversion of global currencies into U.S. dollars for oil transactions created a stabilizing effect, ensuring that America remained at the center of the global financial system. This dominance is now under threat.
One of the primary factors driving Saudi Arabia’s decision is the increasing unreliability of the U.S. dollar as a stable reserve currency.
Under Biden’s leadership, the United States has witnessed unprecedented levels of national debt, now standing at $35 trillion, with $9 trillion added in the past three years alone. Inflation has soared to 19 percent higher than when Biden took office, further eroding confidence in the American economy.
Saudi Arabia’s pivot away from the petrodollar is also influenced by geopolitical tensions. Biden’s adversarial stance towards Crown Prince Mohammed bin Salman, whom he labeled a “pariah” during his campaign, has strained U.S.-Saudi relations.t
The administration’s inconsistent foreign policy, particularly its handling of the 2018 killing of journalist Jamal Khashoggi, has exacerbated these tensions. As a result, Saudi Arabia is increasingly looking towards alternative partners, such as China and India, to bolster its economic security.
China, in particular, stands to benefit significantly from the decline of the petrodollar. As the world’s largest importer of oil, China has long sought to diminish the U.S. dollar’s dominance in global trade.
The Biden administration’s policies have inadvertently accelerated this process, as China positions its currency, the yuan, as a viable alternative for international oil transactions. This shift not only enhances China’s economic clout but also undermines the United States’ strategic influence in the Asia-Pacific region and beyond.
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The end of the petrodollar system has profound implications for global financial stability. The U.S. dollar’s role as the primary reserve currency has provided a level of predictability and security in international markets.
The shift towards a multipolar currency system introduces new uncertainties, potentially destabilizing global trade and investment flows. Furthermore, the erosion of the petrodollar diminishes America’s ability to project power through economic means, weakening its overall geopolitical standing.
According to The federalist:
‘Biden wants to forgo the oil industry and replace it with the Chinese green industry for something climate change existential crisis … as he himself would say “you know, the thing.” It is only a matter of time until America is hooked on Chinese green the way Americans are poisoned by Chinese fentanyl, and then China asks us to convert our currency to theirs for ongoing purchases. As America built the Saudi and Russian oil industries, we are now building the Chinese green industry.’
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The decline of the petrodollar represents a failure of leadership and a betrayal of American economic interests. The Biden administration’s policies have not only weakened the domestic oil industry but also compromised the United States’ strategic alliances. By prioritizing a radical green agenda over pragmatic energy policies, the administration has undermined the very foundations of American prosperity and security.
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The collapse of the petrodollar should serve as a wake-up call for policymakers. It underscores the need for a balanced approach that recognizes the enduring importance of fossil fuels in the global economy while pursuing sustainable energy solutions. A renewed focus on energy independence, coupled with a commitment to maintaining strong international partnerships, is essential to restoring America’s position as a global leader.
The end of the petrodollar is a watershed moment in global economic history. It marks the end of an era in which the United States wielded unparalleled influence over the world’s financial and geopolitical landscape. As the global order realigns, America must navigate this new reality with strategic foresight and a renewed commitment to its core economic principles. The path forward will require a careful balance of innovation, resilience, and leadership to secure a prosperous and stable future.
And to think that people still want to vote for Biden. He and Obama have been working for years to destroy the U.S. and return to cave dwellings and walk to where we want to go.
kommonsentsjane
Fox Business
