OK No B/S Question

[Gunfighter14e2]

Tomorrow is the end of the 50 year petro dollar agreement. It was all over the news a year ago then quickly dropped like a hot potato.
Hearing rumors it will not be renewed, anyone on the inside know for sure?

 

[armorpl8chikn]

If we are taking bets ill put a sawbuck on not renewed.

 

[Gunfighter14e2]

I have heard roamers S/A is not inking it tomorrow, as they want to get away from the collapsing dollar?

 

[Bender]

Yes. It will happen. The evidence of momentum isn’t on our side.

Man will not save you.

 

[eca7891]

Here is the deal…..

If you are going to end it you will have to replace it with something.

That something will have to be what the rest of the world will accept as well.

So if you have something name it.

 

[Aftermath]

The Yuan is going to be the currency of nearly all international trade very very soon, including petroleum

 

[W54/XM-388]

That whole turning the dollar into a weapon didn't go unnoticed by the world.
Sure our stooges went along with it, but even they probably understood it might be them next.

 

[chevy_man]

The Yuan is going to be the currency of nearly all international trade very very soon, including petroleum

This.


It's going to end very poorly when the CCP screws up, but I can't blame every other country for wanting to get away from the dollar

 

[DarnYankeeUSMC]

We won't have to redesign the hundred dollar bill again for a while. Nobody will try to fake monopoly money

 

[wvfarrier]

Its going to be the Yuan. The potato has totally destroyed faith in the dollar

 

[eca7891]

The Yuan is going to be the currency of nearly all international trade very very soon, including petroleum

Define your time frame?

Keep in mind this BRICS currency will have to get pushed to the wayside and get all the US allies to go along with it too.

I’m not saying it isn’t going to happen but it you think it’s less than 10 years especially anything under 5 I would be doubtful.

As bad of shape the US is in we are still the best bet by far.

 

[Gunfighter14e2]

Looking back at the agreement, and dating M/E conflicts with those automatic extensions, those puzzle pieces are fitting nicely.

The 50 Year Saudi “PetroDollar” Ends Today, June 9, 2024 * 100PercentFedUp.com * by Noah

This is a BFD…. And that stands for Big Freaking Deal. Not just “boring economics” … the PetroDollar is what […]

100percentfedup.com

 

[lariat]

I did a little research on OPEC+ (including former members) vs BRICS to see the eventual/potential direction of the petrodollar. Food for thought.

OPEC+	BRICS Status
Alegria	applied
Angola (former member)	strategically cooperating, expressed interest
Azerbaijan
Congo	expressed interest
Equador (former member)
Equitorial Guinea	expressed interest
Gabon	expressed interest
Indonesia (former member)	applied
Iran	applied
Iraq	Seeking membership
Kazakhstan	applied
Libya	expressed interest
Mexico	Seeking membership
Nigeria	Seeking membership
Oman
Qatar (former member)
Russia	Member
Saudi Arabia	entry in 2024
UAE	entry in 2024
Venezuela	applied

 

[eca7891]

I did a little research on OPEC+ (including former members) vs BRICS to see the eventual/potential direction of the petrodollar. Food for thought.

OPEC+	BRICS Status
Alegria	applied
Angola (former member)	strategically cooperating, expressed interest
Azerbaijan
Congo	expressed interest
Equador (former member)
Equitorial Guinea	expressed interest
Gabon	expressed interest
Indonesia (former member)	applied
Iran	applied
Iraq	Seeking membership
Kazakhstan	applied
Libya	expressed interest
Mexico	Seeking membership
Nigeria	Seeking membership
Oman
Qatar (former member)
Russia	Member
Saudi Arabia	entry in 2024
UAE	entry in 2024
Venezuela	applied

You may be better served to look at the economic output of those countries and compare them to something like nato maybe.

 

[lariat]

You may be better served to look at the economic output of those countries and compare them to something like nato maybe.

I did that too.

So far, BRICS account for 27% of the world's land surface and 42% of the global population. IT accounts for at about 32 percent of global GDP, and 41% of the world’s population, 31.5% of global gross domestic product and 16% of global trade. The GDP of BRICS nations accounts for 31.5% of global GDP, compared to 30.7% of the G7 nations. This is in 2021 numbers IIRC

NATO accounts for around 65% of global GDP. The issue is that there are over 35 countries that want to join BRICS, so their percentage and influence will be increasing and a certain percentage of that will continue to go away from the dollar as the currency of trade. To overlook BRICS is a myopic move as will put a dent in dollar hegemony going forward. OPEC as a whole moving largely toward BRICS speaks to that. If we keep foolishly moving away from hydrocarbons then they will move to where their resources are wanted. That speak not only to the dollar's influence, but the US and NATO power projection (since we pay so much of NATO's budget), and the further rise of China and Russian abilities to project power. Like in Africa, the ME and South America for example. Turkey desiring to join BRICS could prove to be a serious issue for a number of reasons. And BRICS+ will become not only an economic block but a military one as well - one follows the other.

https://www.visualcapitalist.com/visualizing-the-brics-expansion-in-4-charts/#google_vignette

All of these events are intertwined.

 

[theLBC]

 

[Fig]

 

[lariat]

https://www.livemint.com/companies/news/moscow-exchange-halts-dollar-euro-trading-on-new-us-sanctions-11718213594150.html

 

[lariat]

 

[Longshot231]

 

[Inifinty]

You may be better served to look at the economic output of those countries and compare them to something like nato maybe.

Major economies can be shut off like a light switch as needed. History tells this tale.

The petrodollar arrangement was originally put in place in trade for the protection of Saudi Arabia was it not? Seems old Saud is saddling up to a new boyfriend to insure its well being.

 

[Short-bus]

The Yuan is going to be the currency of nearly all international trade very very soon, including petroleum

I don't have any sort of factual basis to support my theory, and I don't claim to be smarter than anybody, but I don't think it will. I think the Yuan is a paper dragon of sorts, looks good now, but won't have the staying power of the dollar due to a collapsing population demographics in China, and anybody who seriously looks at the long term stability of China can see that when Ching CHing ping dies, there's nobody to take his place. There will be a serious power vacuum when he dies, and that will lead to a lot of problems in china.

Again, just my theory and opinion on the matter.

Branden

 

[Short-bus]

Major economies can be shut off like a light switch as needed. History tells this tale.

The petrodollar arrangement was originally put in place in trade for the protection of Saudi Arabia was it not? Seems old Saud is saddling up to a new boyfriend to insure its well being.

US and SA are about to sign a security treaty whereas the US would provide protection.

https://www.reuters.com/world/us-saudi-arabia-close-finalizing-draft-security-treaty-wsj-reports-2024-06-09/

US is pretty much the only nation on the earth that would be able to do this. China doesn't have any real means of projecting power militarily beyond it's borders and waters.

Branden

 

[eca7891]

Major economies can be shut off like a light switch as needed. History tells this tale.

The petrodollar arrangement was originally put in place in trade for the protection of Saudi Arabia was it not? Seems old Saud is saddling up to a new boyfriend to insure its well being.

Perhaps.

Which of those economies can produce everything they need internally for a year and keep moving if they have to.

If you like you can even include adjacent countries in helping them.


The dollar will be fine for the near future. The best the anti-petro dollar can hope for is to displace some of its usage. T.I.N.A. Currently