6/9/2024 - Expiration of Petrodollar

[ManualF150]

Not much on the media regarding this.

Anyone hear anything about this?

Did some Googling and I don't see much about it.

 

[ManualF150]

Here's an update: Saudi Arabia's petro-dollar exit: A global finance paradigm shift

Looks like our shitty pants president doesn't give a rats ass......

 

[RedBreast21]

Well this is just the formal termination of it. Don't hold your breath waiting on the WH press secretary to either mention it or anyone in the press pool to question her on why negotiations broke down or if there were any at all.

 

[FP1201]

Here's an update: Saudi Arabia's petro-dollar exit: A global finance paradigm shift

Looks like our shitty pants president doesn't give a rats ass......

Money is not any problem, his pending appointment with God is.

 

[spat]

If the petro dollar ends, so does the USA.

Our entire economy is more dependent on it than a heroine addict.

I wonder if they're willing to let Trump win just to use him as a scapegoat for the implosion they have already set in motion.

If the end of the petrodollar is imminent, it won't matter much who is in the white house.

 

[Bozo]

Exactly. Waging war on the fossil fuel industry while your monetary policy is dependent on being the world's reserve currency, especially in the trading of said fuels, is economic suicide. We are governed by the evil and the imbeciles.

 

[FP1201]

There aren't many Countries that won't take, let alone don't prefer the American Dollar....WHY do you think we send Billions all over the World?
I've listened to "the impending collapse of the Dollar" since the 70's and it ain't happened yet....and a LOT of things have happened and changed in the last 50 years....Different topic, same scare tactics.

 

[spat]

There aren't many Countries that won't take, let alone don't prefer the American Dollar....WHY do you think we send Billions all over the World?
I've listened to "the impending collapse of the Dollar" since the 70's and it ain't happened yet....and a LOT of things have happened and changed in the last 50 years....Different topic, same scare tactics.

In the past we would overthrow the governments of countries that threatened to destabilize that.

We are no longer willing to defend the petro dollar.

That's what's changed.

 

[Truebeliever]

Guys, relax. The reason that it’s not as big a deal as it would have been is that the United States isn’t dependent on foreign oil as it once was.

U.S. Energy Independence Soars To Highest Level In Over 70 Years

Newly released data from the Energy Information Administration provides a clear picture of U.S. energy independence in 2022.

www.forbes.com

Yes, it might become an issue , but it isn’t now .

 

[Drinkthekoolaid]

I wonder if they're willing to let Trump win just to use him as a scapegoat for the implosion they have already set in motion.

If the end of the petrodollar is imminent, it won't matter much who is in the white house.

So true.

If they know it's inevitable they'll make damn sure it's blamed on our guy and they will non stop wall to wall 24/7/365 remind the world who to blame.

Let no crisis go to waste. Its the old adage to blame your enemy of what you are intending to do.

Blame your opponent political party for the destruction of the US economy if it's convenient.

 

[Drinkthekoolaid]

Guys, relax. The reason that it’s not as big a deal as it would have been is that the United States isn’t dependent on foreign oil as it once was.

U.S. Energy Independence Soars To Highest Level In Over 70 Years

Newly released data from the Energy Information Administration provides a clear picture of U.S. energy independence in 2022.

www.forbes.com

Yes, it might become an issue , but it isn’t now .

You're being sarcastic right? I genuinely can't tell.

The usd is the global reserve currency for oil trading which controls global commerce. Once this happens and the usd can be circumvented then it's game over.

 

[spat]

Guys, relax. The reason that it’s not as big a deal as it would have been is that the United States isn’t dependent on foreign oil as it once was.

U.S. Energy Independence Soars To Highest Level In Over 70 Years

Newly released data from the Energy Information Administration provides a clear picture of U.S. energy independence in 2022.

www.forbes.com

Yes, it might become an issue , but it isn’t now .

It's not about our oil supply.

It's about our dollar supply.

If oil stops being traded in dollars, then countries will stop holding dollars as a reserve.

When that happens the value of the dollar will plummet.

As soon as there is a hint that it's actually happening, everyone will be trying to get rid of dollars as fast as they can, nobody will want to be left holding the bag.

It won't matter if we're self sufficient on oil, if the price of a gallon of milk is $2.5M.

We're not self sufficient on *everything* and you won't be able to buy anything with any imported parts or ingredients for any price you can afford.

So, have fun with that.

 

[Shadow rider]

I think it's time to get your ducks in a row if you haven't already!

 

[Shadow rider]

In the past we would overthrow the governments of countries that threatened to destabilize that.

We are no longer willing to defend the petro dollar.

That's what's changed.

Case in point...

 

[FP1201]

Guys, relax. The reason that it’s not as big a deal as it would have been is that the United States isn’t dependent on foreign oil as it once was.

U.S. Energy Independence Soars To Highest Level In Over 70 Years

Newly released data from the Energy Information Administration provides a clear picture of U.S. energy independence in 2022.

www.forbes.com

Yes, it might become an issue , but it isn’t now .

now I didn't take time to read Forbes, but the immediate question to mind is "what about all those Leases, that were canceled, work stop on the Pipeline, and the depletion of our Strategic Oil Reserves?"
Forbes is no friend to the Right...Election year gaslighting?
If we're so goddamn independent, why is gasoline double in price from the Trump Administration?
Why is the Current Leadership trying to destroy the Oil Industry and make us "go green" when Electricity generation in its most reliable and productive means requires oil/gas?

 

[Drinkthekoolaid]

now I didn't take time to read Forbes, but the immediate question to mind is "what about all those Leases, that were canceled, work stop on the Pipeline, and the depletion of our Strategic Oil Reserves?"
Forbes is no friend to the Right...Election year gaslighting?
If we're so goddamn independent, why is gasoline double in price from the Trump Administration?
Why is the Current Leadership trying to destroy the Oil Industry and make us "go green" when Electricity generation in its most reliable and productive means requires oil/gas?

Being oil independent is an entirely separate conversation from discussing the implications of losing the USD as the petrodollar.

They are both important issues but they are different.

We have no reason not to be energy independent and if we put our interests first we would be.

However we have fought wars over keeping the USD as the dominant global currency and the minute the USD is replaced by something like a BRICS Plus currency, or the Euro or the Yuan, then all hell will break loose we will have massive instant hyper inflation and our absurd national debt that is physically impossible to payoff that politicians and Lefty's laugh about as not being important and is being used as the sole mechanism to keep our service based economy growing will become an instant boat anchor around our collective necks.

Right now our 34.8TRILLION dollar debt is obscure and theoretical, the minute the world stops trading for oil in USD it will be all people talk about.

 

[Truebeliever]

You're being sarcastic right? I genuinely can't tell.

The usd is the global reserve currency for oil trading which controls global commerce. Once this happens and the usd can be circumvented then it's game over.

Yes, he did to lower the price. Shale oil requires more work therefore is more expensive than oil already pumped out
I said, it’s not a big deal yet. The word is yet.
What’s the other currency they are going to switch to? Brics? If OPEC switched to it, what are they going to buy with it? They need US and French weapons to protect themselves from each other and Iran. Not like they are rushing to buy Russian weapons anymore.
The euro has a chance but it’s hard to change what is already established and same problems with purchasing. US weapons and food . Sure France is there but really ? France . Not yet. One day but not today.
China? Nope . For all of the above reasons and more.
Bitcoin is more of a threat than all of the above .

 

[Truebeliever]

now I didn't take time to read Forbes, but the immediate question to mind is "what about all those Leases, that were canceled, work stop on the Pipeline, and the depletion of our Strategic Oil Reserves?"
Forbes is no friend to the Right...Election year gaslighting?
If we're so goddamn independent, why is gasoline double in price from the Trump Administration?
Why is the Current Leadership trying to destroy the Oil Industry and make us "go green" when Electricity generation in its most reliable and productive means requires oil/gas?

The leases are future oil, not current. Oil prices are a commodities market and it’s often based on future supply and demand, not necessarily the current situation.
Yes, Biden cutting the leases caused a massive spike in oil prices but we still produce enough energy to export it. Energy as opposed to just oil. Yes, some oil is imported and some is exported. Different grades of petroleum.
Both Biden decisions were just plain stupid and dangerous. But the US position on being the petroleum currency is not going to stop being the petroleum currency yet. Yet.

 

[FP1201]

Being oil independent is an entirely separate conversation from discussing the implications of losing the USD as the petrodollar.

They are both important issues but they are different.

We have no reason not to be energy independent and if we put our interests first we would be.

However we have fought wars over keeping the USD as the dominant global currency and the minute the USD is replaced by something like a BRICS Plus currency, or the Euro or the Yuan, then all hell will break loose we will have massive instant hyper inflation and our absurd national debt that is physically impossible to payoff that politicians and Lefty's laugh about as not being important and is being used as the sole mechanism to keep our service based economy growing will become an instant boat anchor around our collective necks.

Right now our 34.8TRILLION dollar debt is obscure and theoretical, the minute the world stops trading for oil in USD it will be all people talk about.

While overly simplistic, the US Debt is owed to the Federal Reserve Bank (a private institution) and there ARE ways to end it and the subsequent debt. All of this is wayyy above my pay grade, but yes, the petro-dollar and our energy independence are separate issues with the commonality being Oil....Oil is a measure of wealth; matters not the scale, if you have it you have energy, and without Energy you only have what you can scrounge.

 

[spat]

Yes, he did to lower the price. Shale oil requires more work therefore is more expensive than oil already pumped out
I said, it’s not a big deal yet. The word is yet.
What’s the other currency they are going to switch to? Brics? If OPEC switched to it, what are they going to buy with it? They need US and French weapons to protect themselves from each other and Iran. Not like they are rushing to buy Russian weapons anymore.
The euro has a chance but it’s hard to change what is already established and same problems with purchasing. US weapons and food . Sure France is there but really ? France . Not yet. One day but not today.
China? Nope . For all of the above reasons and more.
Bitcoin is more of a threat than all of the above .

The trick is inflation.

Inflation is a tax on all assets valued in dollars.

The world is subsidizing the US economy by *letting* us inflate our currency.

They have done this for a very long time, because the stability is worth the cost.

But, if we allow that tax rate (inflation) to rise too high, they will find an alternative.

We have already let it get high enough that they are looking.

It's like your cable TV bill. When it was $20/month, everybody paid it for the convenience.

But when they started asking $100/month, people started finding alternatives.

The problem is that once it becomes apparent that the shift is on, it is far too late to stop.

 

[Truebeliever]

The trick is inflation.

Inflation is a tax on all assets valued in dollars.

The world is subsidizing the US economy by *letting* us inflate our currency.

They have done this for a very long time, because the stability is worth the cost.

But, if we allow that tax rate (inflation) to rise too high, they will find an alternative.

We have already let it get high enough that they are looking.

It's like your cable TV bill. When it was $20/month, everybody paid it for the convenience.

But when they started asking $100/month, people started finding alternatives.

The problem is that once it becomes apparent that the shift is on, it is far too late to stop.

Start with the first part of what you wrote — stability.
If there was a reasonable alternative, yes, we would be in trouble. But there isn’t . And there won’t be for quite some time. The competition has their own issues that aren’t going away any time soon.

 

[Shadow rider]

Think of it this way...
for 50 years we (the dollar) have been the "middleman" in any oil deals around the world and now we (the dollar) are being circumvented. There doesn't necessarily have to be a new "petro dollar". It allows countries to "buy direct" with their own currencies. Our economy will suffer and consequently the world's economy will suffer (probably ahead of ours). But what do I know?

 

[Shadow rider]

 

[spat]

Start with the first part of what you wrote — stability.
If there was a reasonable alternative, yes, we would be in trouble. But there isn’t . And there won’t be for quite some time. The competition has their own issues that aren’t going away any time soon.

You're not wrong, but we're getting worse, and quickly.

We are absolutely on a collision course with the rest of the world deciding that the costs of subsidizing us outweigh the benefits.

And some countries absolutely do not appreciate the stability we provide.

China would love nothing more than some chaos in their region to allow themselves to seize some territory.

Russia is actively creating chaos.

Meanwhile our leaders are printing dollars like it's a never ending money supply.

This situation is not stable, and there are only 2 ways for it to end.

One involves some discipline, and the other involves running up the debt until things implode.

We're currently have the financial discipline of a drunken sailor in Bangkok.

 

[Defilade]

View attachment VID_20240613_080836_368.mp4



Saudi Arabia has ditched the US dollar and WILL NOT renew the 50 Year 'Petro-Dollar' Agreement Established in 74’ with the United States.

SA will now sell oil in multiple currencies, instead of exclusively in US dollars, and potentially the use of digital currencies.

MY THOUGHTS
I’m gonna be real with everyone… I think things are going to start getting really expensive, really soon…

The normie reaction should be… this would never have happened under Trump. It will be felt…

My reaction is, it never would have collapsed if Trump was in office….

I believe whether good or bad, it’s coming down under Biden. Not Trump. By design, to bring a new rebuilt financial system.

Trump has said the dollar is collapsing and would no longer be the world standard… he’s been warning us.

 

[spat]

View attachment 237010



Saudi Arabia has ditched the US dollar and WILL NOT renew the 50 Year 'Petro-Dollar' Agreement Established in 74’ with the United States.

SA will now sell oil in multiple currencies, instead of exclusively in US dollars, and potentially the use of digital currencies.

MY THOUGHTS
I’m gonna be real with everyone… I think things are going to start getting really expensive, really soon…

The normie reaction should be… this would never have happened under Trump. It will be felt…

My reaction is, it never would have collapsed if Trump was in office….

I believe whether good or bad, it’s coming down under Biden. Not Trump. By design, to bring a new rebuilt financial system.

Trump has said the dollar is collapsing and would no longer be the world standard… he’s been warning us.

It won't hit by November.

That's why I think they aren't worried so much about Trump winning.

They are fine with the US economy crashing (they engineered it after all) and they need a scape goat. They planned in it being Biden, but Trump will take the blame just as well.

Pretty sure they think that nobody can change the course now. I'm afraid they're probably right.

 

[Truebeliever]

View attachment 237010



Saudi Arabia has ditched the US dollar and WILL NOT renew the 50 Year 'Petro-Dollar' Agreement Established in 74’ with the United States.

SA will now sell oil in multiple currencies, instead of exclusively in US dollars, and potentially the use of digital currencies.

MY THOUGHTS
I’m gonna be real with everyone… I think things are going to start getting really expensive, really soon…

The normie reaction should be… this would never have happened under Trump. It will be felt…

My reaction is, it never would have collapsed if Trump was in office….

I believe whether good or bad, it’s coming down under Biden. Not Trump. By design, to bring a new rebuilt financial system.

Trump has said the dollar is collapsing and would no longer be the world standard… he’s been warning us.

It will take time before any other currency would replace the US dollar with exception of Bitcoin or other block chain currency. No one trusts the Chinese government. The euro is just as bad with their economic policies .

 

[spat]

It will take time before any other currency would replace the US dollar with exception of Bitcoin or other block chain currency. No one trusts the Chinese government. The euro is just as bad with their economic policies .

There doesn't *need* to be a global reserve currency.

Historically gold and silver filled that role, but that's not even necessary.

Our economy can collapse without there being anything to replace it.

The most likely possibility is that the dollar is abandoned, and the entire global economy fragments and collapses and we enter a second "dark ages".

The BRICS bloc will try to make the yuan the standard, Europe will want the euro, it's quite possible for them to spend 50 years vying for dominance in a world with no clear leader.

 

[Drinkthekoolaid]

It won't hit by November.

That's why I think they aren't worried so much about Trump winning.

They are fine with the US economy crashing (they engineered it after all) and they need a scape goat. They planned in it being Biden, but Trump will take the blame just as well.

Pretty sure they think that nobody can change the course now. I'm afraid they're probably right.

Im convinced that if they actually let Trump assume office the only reason they will allow it is because they know the economy will certainly implode on his watch and he will be blamed for it and the Democrats will exploit the crisis and trump as the fall guy.

 

[spat]

Im convinced that if they actually let Trump assume office the only reason they will allow it is because they know the economy will certainly implode on his watch and he will be blamed for it and the Democrats will exploit the crisis and trump as the fall guy.

I am more afraid of that than I am even of a second term for Brandon.