By Ryan McMaken
Saudi Arabia considers de-dollarization as closer relations with Russia, Iran, and China create new incentives to break with old alliances and deals with Washington.
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By Ryan McMaken
Saudi Arabia considers de-dollarization as closer relations with Russia, Iran, and China create new incentives to break with old alliances and deals with Washington.
Oil will be traded in Bitcoin eventually but they will try everything else first.
This is a variant of your model B, I think. The rulers of these countries don't want their people to have access, but it's very useful to them as an international settlement system.
Sounds about right.
But also, the article refutes the idea of a petro dollar contract. This reminds me of another rumour that announced the adoption of a gold backed currency by the BRICS and turned out to be completely false.
I'm still a little uncertain about what the reality is surrounding all of this. Kim Iversen had a segment talking about what the exact agreement was.
I guess it doesn't have to be a formal contract or treaty. A credible assurance of military protection under petrodollar stipulations is effectively the same thing, but then it's odd that people are talking about the agreement "expiring".