Saudi Arabia ditches US dollar and will NOT renew the 50 year 'petro-dollar' agreement with the United States.

[justoffal]

Just another Biden junta moment.

The worst President ever. The one and only POTATUS.

Price of oil and gas will now skyrocket

 

[Blisterfinger]

Lol..This thread coming from Trumpists who constantly rant about a return to isolationism and that the US should withdraw from its treaty obligations. Nothing would please Trumpists more than to see the dollar dropped as the world’s reserve currency. It would be in line with their world view.

Keep lying, soon you'll convince yourself

 

[The Duke]

Really not that big of a thing. The dollar is still part of the LIBOR mix as are the Euro and Yen.

Lol..This thread coming from Trumpists who constantly rant about a return to isolationism and that the US should withdraw from its treaty obligations. Nothing would please Trumpists more than to see the dollar dropped as the world’s reserve currency. It would be in line with their world view.

Chill out. Saudi Arabia doesn't sell much oil to the US. They do sell lots to China and India. This decision has nothing to do with Biden. You're an idiot.

There is no threat to this being resolved easily,

Why is excalibur so anti US?

But countries will not need to buy or keep $US to purchase Saudi oil. I'm very happy to see this day.

Lolol.. Don't be stupid. 40,000 Americans live in Saudi Arabia and like it just fine.

Nothing lasts forever, neither cold November rain nor the artificial petrodollar.

You fucking retards! Everyone in the US just lost over 10% of their wealth.

Hold onto your asses, because that's what just happened. Add that thing into Bidenflation.

 

[Burgermeister]

This is a huge deal. That some are denying it is not a surprise, though. Same folks are wrong about everything.

 

[DudleySmith]

They're bailing out of tech stocks, probably because of the crash that's coming; check out bank failures as well. They're still leaving behind over 3 times the money they had here in 2020, so all the conspiracy theorists shouldn't dance in the streets just yet. We don't do a lot of business with Saudi oil.

Frequently Asked Questions (FAQs) - U.S. Energy Information Administration (EIA)

www.eia.gov

With U.S. stock grossly over-priced they're moving on to other investments with better returns. Nvidia is paying dividend of one cent per share now, at a price of over $420 per share or something. It's even more stupid than bitcoin and other currencies morons are flocking into.

 

[lennypartiv]

This was why we needed to invade Iraq. These oil countries need to respect the US dollar.

 

[DudleySmith]

This is a huge deal. That some are denying it is not a surprise, though. Same folks are wrong about everything.

The U.S. doesn't produce much any more, so there is nothing to invest in here. Keep off-shoring, and watch it fade even more.

 

[DudleySmith]

This was why we needed to invade Iraq. These oil countries need to respect the US dollar.

We get almost as much oil from Iraq as we do Saudi. Their reserves are dwindling and they get less important by the month. 63% comes from Canada and Mexico, 5% from Saudi, 4% from Iraq.

 

[my2¢]

I'm against the U.S. developing a CBDC (central bank digital currency) which Saudi Arabia and China are pursuing.

May 23, 2024​

Washington, D.C. - Today, the House of Representatives considered and passed Congressman and Majority Whip Tom Emmer’s (MN-06) flagship legislation, the CBDC Anti-Surveillance State Act.
In a vote of 216 - 192, the House of Representatives passed Emmer’s bill that would prohibit the Federal Reserve from issuing a surveillance-style central bank digital currency (CBDC) that could give the federal government the ability to monitor and control individual Americans’ spending habits.

Unlike decentralized cryptocurrencies, like Bitcoin, a CBDC is a digital form of sovereign currency that is designed and issued by a central government and transacts on a digital ledger that is controlled by that government. In short, a CBDC is government-controlled, programmable money, that if not designed to emulate the privacy protections of cash, could give the federal government the ability to surveil Americans’ transactions and suppress politically unpopular activity.

In 2022, the Biden Administration issued Executive Order 14067, which placed urgency on the research and development of a central bank digital currency. The Federal Reserve’s 2022 CBDC report, as well as other agency reports pursuant to the Executive Order, outlined the Biden Administration’s interest in researching and developing a surveillance-style CBDC.
Article

Saudi Arabia has joined a China-dominated central bank digital currency cross-border trial, in what could be another step towards less of the world's oil trade being done in U.S. dollars.
The move, announced by the Bank for International Settlements on Wednesday, will see Saudi's central bank become a "full participant" of Project mBridge, a collaboration launched in 2021 between the central banks of China, Hong Kong, Thailand and the United Arab Emirates.
Article

 

[DudleySmith]

I'm against the U.S. developing a CBDC (central bank digital currency) which Saudi Arabia and China are pursuing.

May 23, 2024​

Washington, D.C. - Today, the House of Representatives considered and passed Congressman and Majority Whip Tom Emmer’s (MN-06) flagship legislation, the CBDC Anti-Surveillance State Act.
In a vote of 216 - 192, the House of Representatives passed Emmer’s bill that would prohibit the Federal Reserve from issuing a surveillance-style central bank digital currency (CBDC) that could give the federal government the ability to monitor and control individual Americans’ spending habits.

Unlike decentralized cryptocurrencies, like Bitcoin, a CBDC is a digital form of sovereign currency that is designed and issued by a central government and transacts on a digital ledger that is controlled by that government. In short, a CBDC is government-controlled, programmable money, that if not designed to emulate the privacy protections of cash, could give the federal government the ability to surveil Americans’ transactions and suppress politically unpopular activity.

In 2022, the Biden Administration issued Executive Order 14067, which placed urgency on the research and development of a central bank digital currency. The Federal Reserve’s 2022 CBDC report, as well as other agency reports pursuant to the Executive Order, outlined the Biden Administration’s interest in researching and developing a surveillance-style CBDC.

Article

BRICS is about going back to a gold standard.

 

[The Duke]

They're bailing out of tech stocks, probably because of the crash that's coming; check out bank failures as well. They're still leaving behind over 3 times the money they had here in 2020, so all the conspiracy theorists shouldn't dance in the streets just yet. We don't do a lot of business with Saudi oil.

Frequently Asked Questions (FAQs) - U.S. Energy Information Administration (EIA)

www.eia.gov

With U.S. stock grossly over-priced they're moving on to other investments with better returns. Nvidia is paying dividend of one cent per share now, at a price of over $420 per share or something. It's even more stupid than bitcoin and other currencies morons are flocking into.

You posted that 1 minute ago, but last I saw Nvidia was up over $900.

Da fuq's going on with you? Oh! There was a multisplit a few days ago.

 

[DudleySmith]

You posted that 1 minute ago, but last I saw Nvidia was up over $900.

Da fuq's going on with you?

So the returns got even worse. What is wrong with your math? A 1 cent dividend on a $900 stock is even worse than when the 10-1 split went through. lol $7.92 per share in revenue? That's less than a 1% return on capital. Yeah nothing wrong there ... lol

 

[drudge X]

So the returns got even worse. What is wrong with your math? A 1 cent dividend on a $900 stock is even worse than when the 10-1 split went through. lol $7.92 per share in revenue? That's less than a 1% return on capital. Yeah nothing wrong there ... lol

You do know that Nvidia earns a fraction of what Apple earns per quarter, right?

 

[DudleySmith]

You do know that Nvidia earns a fraction of what Apple earns per quarter, right?

And? Is there something you're not getting? Apple is grossly over-priced as well. It's earnings per share are even slightly smaller than Nvidia's revenue per share as a percentage of stock price. At 1.53 EPS and a share price of $214 or so it's less than .8 % per share. These aren't investment grade anything, they're strictly gambling bets.

You do know what the inflation rate is, right?

 

[The Duke]

And? Is there something you're not getting? Apple is grossly over-priced as well. It's earnings per share are even slightly smaller than Nvidia's revenue per share as a percentage of stock price. At 1.53 EPS and a share price of $214 or so it's less than .8 % per share. These aren't investment grade anything, they're strictly gambling bets.

You do know what the inflation rate is, right?

That will have to be recalculated in the next day or 2.

It was 19%, but Americans just lost 10%+ of all their wealth so adjustminsk are necessary.

 

[surada]

Again. If you live them so much move to Saudi Arabia and spew your leftist nonsense there. Let’s see how warm and hospitable they really are.

I lived there two decades, dunce. Lots of Americans work and raise families there. It's great.

 

[pknopp]

You don't seem to understand. Other countries trading our dollar, especially exclusively, is what gives the dollar it's value and power. The less it's traded in the lower the value of our dollar becomes. Being in a mix lowers our value and power because we aren't exclusive anymore.

It also shows other countries our dollar is weakening which will lead to other countries deciding if they want to trade exclusively to or not.

It isn't a immediate right now concern, but it's going to be an issue in the long-term. Especially considering Saudi oil is a major contributor to the value of the dollar.

If trump begins domestic oil production then that can offset the damage done here.

We don't have domestic oil production?

United States produces more crude oil than any country, ever - U.S. Energy Information Administration (EIA).

 

[Harpy Eagle]

How do you figure?

Now that we don’t have the insurance that all countries must buy and sell oil/gas using the dollar

We lose a lot of control

This is a bigger deal than you think

It really is not. The world is tired of the US tying to control it.

Can anyone blame SA for being tired of our bull shit. During COVID we threaten them to force them cut oil production and then after COVID we try to force them to increase it again.

People are tired of us, with good reason.

 

[Harpy Eagle]

You fucking retards! Everyone in the US just lost over 10% of their wealth.

you keep saying that, but never back it up....why is that?

 

[DudleySmith]

It really is not. The world is tired of the US tying to control it.

Can anyone blame SA for being tired of our bull shit. During COVID we threaten them to force them cut oil production and then after COVID we try to force them to increase it again.

People are tired of us, with good reason.

They're tired of vermin like Obama and Biden, true. Their words mean nothing and they run extortion rackets.