150 sats \ 5 replies \ @Undisciplined OP 15 Jun \ parent \ on: The US - Saudi Petro Dollar Agreement Has Official Ended news
Yeah, it sounds like it mostly just means that Saudi Arabia can sell oil in other currencies.
Part of the agreement, though, was that America would defend Saudi Arabia militarily as long as they transacted exclusively in dollars. I could imagine that being significant, at some point.
I don't know if it's not being covered because modern corporate press personalities are too dumb to recognize the significance or if they are trying to avoid spooking the market. It's not like Saudi Arabia is ditching the dollar, so the impact will probably be pretty mild in the near term.
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42 sats \ 1 reply \ @wingalt 15 Jun
How widespread is the knowledge of the petrodollar agreement in the first place in the US? That global hegemony post-gold was maintained by backing the military ambitions of another rogue state?
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0 sats \ 0 replies \ @Undisciplined OP 15 Jun
That's a good question. A lot of people don't even know we're off the gold standard and of course most don't have the slightest clue about anything.
Maybe 10% know about the Petrodollar agreement.
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42 sats \ 2 replies \ @jakoyoh629 15 Jun
Probably a bit of both. In fact, Saudi Arabia is likely swimming in dollars and has little interest in getting rid of them too quickly.
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50 sats \ 1 reply \ @Undisciplined OP 15 Jun
Exactly, plus most of their trade partners are still going to be using dollars.
It's another bit added to the gradually pile.
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42 sats \ 0 replies \ @jakoyoh629 15 Jun
Sure, it doesn't hurt as much if you do it gradually. It was interesting to see Saudi Arabia expanding oil sales for Bitcoin. Who knows what the future holds?
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