Saudi Arabia ends petrodollar agreement: What it means for the USD, Bitcoin, and Gold | Crypto Craft

  • Saudi Arabia ends petrodollar agreement: What it means for the USD, Bitcoin, and Gold

    From kitco.com

    The established financial world order of the past 50 years is now transitioning to a new and unknown paradigm as the petrodollar agreement between the U.S. and Saudi Arabia was allowed to expire this past Sunday. The term ‘petrodollar’ described the U.S. dollar’s (USD) role as the currency used for crude oil transactions on the world market. It traces back to the early 1970s when the United States and Saudi Arabia struck a deal shortly after the U.S. went off the gold standard – and the agreement has had far-reaching consequences for the global economy. The petrodollar agreement came about following the 1973 ... (full story)

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Mitiblotch
Jun 14, 2024 4:42am
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Quoting Guest
US is now world's largest oil producer but SA is still largest oil exporter. US needs to ramp up production and exports to take OPEC+ Russia right out of the market. Canada can also help out. Time to get rid of OPEC+ Russia for good.
Not that easy, mate. I'm sure OPEC considered all this. The US cannot serve the whole world. Even production has been taken over by China, unfortunately.
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Mitiblotch
Jun 14, 2024 6:39am — Edited
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Quoting axecap
{quote} absolute nonsense, china is 4th or 5th at best
I was referring to manufacturing, as in product manufacturing. Wrong choice of words by me. Almost everything used in the US these days is produced, or rather manufactured, in China. They steal techs, bla bla bla, but nobody cares. In the end they are raking in the money. There are projections from many quarters that there economy will effectively get bigger than that of the US in a few years.

Are you from the US, because you are some angry, grumpy fellow. Lol.. calm down and see Western leaders shoving it in your face. Hardly your fault, it's the truth.
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ocd
Jun 14, 2024 7:54am
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So, Nixon takes the US off gold backed dollar and forces a deal with Saudi Arabia so the dollar is then backed exclusively by oil. Now the only thing propping up the dollar is hopes, dreams, unicorns and lies.

"Then in 1973, Nixon and secretary of state Henry Kissinger made a secret deal with Saudi Arabia to trade oil only in US dollars, thus pegging the US dollar to oil and giving rise to the petrodollar.[5]" Reference "Nixon Shock" on that fancy Wikipedia website.
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FXWish
Jun 14, 2024 12:42am
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Quoting rashadali
good for dollar? ) USD keeps rising )
lol
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Trader#F500
Jun 14, 2024 12:59am
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https://www.investopedia.com/article...-exporters.asp

https://investingnews.com/daily/reso...ing-countries/
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Mitiblotch
Jun 14, 2024 8:43am
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Quoting FXWish
Now dollar is backed by weapons
Lol...
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mae4206
Jun 14, 2024 9:50am
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Gold 3k coming
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axecap
Jun 14, 2024 5:00am
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Quoting Mitiblotch
{quote} . Even production has been taken over by China, unfortunately.
absolute nonsense, china is 4th or 5th at best
axecap
Jun 14, 2024 5:06am
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Quoting axecap
{quote} absolute nonsense, china is 4th or 5th at best
https://www.worldometers.info/oil/oi...on-by-country/
rashadali
Jun 14, 2024 12:15am
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good for dollar? ) USD keeps rising )
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BillyIdol
Jun 14, 2024 8:53am
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Means nothing. Saudis want to save putin ass and forcing agenda of non-dollar world, Brics, etc. Not gonna work.
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FXWish
Jun 14, 2024 9:40am
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Dollar is not going any where without third world war and if there is third world war than we won't even need any currency any more. Whole World will be reset. There won't be any banks left there won't be any gov. No debt.
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Trader#F500
Jun 14, 2024 12:56am
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US is now world's largest oil producer but SA is still largest oil exporter. US needs to ramp up production and exports to take OPEC+ Russia right out of the market. Canada can also help out. Time to get rid of OPEC+ Russia for good.
Reply
FXWish
Jun 14, 2024 8:40am
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Now dollar is backed by weapons
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FXWish
Jun 14, 2024 10:17am
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Dollar is backed by world war 3 now
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Baumgart
Jun 14, 2024 7:30pm
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Quoting BillyIdol
Means nothing. Saudis want to save putin ass and forcing agenda of non-dollar world, Brics, etc. Not gonna work.
Saudi is not member of brics (yet)
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