2 years ago, Saudi Arabia quietly canceled the ‘petrodollar’ deal with America that wired the world economy for 50 years. Then war broke out in Iran
https://finance.yahoo.com/economy/policy/articles/2-years-ago-saudi-arabia-202826559.html
Posted by Positive_Owl_2024
3 Comments
In years to come Americans will look back on this period as the greatest act of self vandalism of America power and influence to occur. And America will be left behind and poorer for it.
Bloomberg did a thing on how this was bullshit the other day – the petrodollar died ages ago, it was never a formal agreement but an arrangement of convenience for both parties, and contracts have been designated in a lot of different currencies since the mid-2000s. It actually died 20 years ago and no one noticed
Such a bad article generated just to have a sensational headline. The main point is just a sentence, rewording the headline and then they talk about the 1974 agreement.