Did they not end the Petrodollar agreement?
I haven't seen conclusive coverage of this, one way or the other.
Discussion
Personally I think the story is a convoluted mix and match of catch phrases and half-truths cobbled together into the disenchanted western male/Brics taking over/gold bug(and seemingly now many bitcoiners) view of the world that, frankly, is fueled by online psycho-paranoia psyop aimed at the "west".
IMO click bait engagement had become the mainstay of mainstream media and, ironically, the very "new" influencers, who seemingly offered, quite vocally, to provide an alternative to msm on social media, are proving no better.
TLDR......so what?
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I'm no fan of UBS but a pov that isn't the hysterical.......
Here's a non-hysterical segment from The Kim Iversen Show:
There's nothing secret about the petrodollar deal.
Who cares?.......only western disenchanted males.
Apparently, you care enough to keep commenting about how we shouldn't care?
Chairman Mao died when I was 6. I've lived with "trajectory" rhetoric my whole life. Apologise if I sound harsh but watching the youthful west engulfed by the same psychology is frustrating to me.
I guess I'm not understanding where you're coming from. Text isnt the best medium for exchanging ideas but are you saying that de-dollarization shouldn't matter to those that are dependent on the dollar?
I think the de-dollarisation idea has become a genre of online entertainment. I'm sure that at some point in time we will move away from that dollar system, ideally bitcoin, but much of the supposed headlines and trajectory claims being thrown around in the last few years are nothing more than psyops, imo. In particular this recent Saudi news may well be just another passing fad news, with the reality being that it is somewhat true but being blown out of proportion to "prove" the end of the west narrative. The "why is nobody talking about this?" type framing of a supposed story, to me, appears out of the online business model of catering to a particular demographic of followers online. It's engagement farming/click bait and depending on demographic could be anything from climate, migration, religious, finance or geopolitical etc related, depending on what genre we are drawn to online.
I agree wholeheartedly with you that text is not ideal, certainly for me I struggle.
TLDR.....My issue with that Saudi story is that I personally think it's not worth giving too much credence to as it doesn't represent another nail in the US dollar coffin.
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gotcha. I feel similarly. I do think it's another nail in the US dollar coffin, but other currencies are so much more broken that I don't think it will make an impact any time soon... hence trajectory. 🤷♂️
All currencies are falling in value, but USD is still falling slower than everyone else. For those creators of goods and services, they won't notice because the currency isn't as important as the value they create. They'll exchange for whatever currency makes sense.
The ones that suffer are the ones that are locked into wages. Inflation will continue. Things will get more expensive. Those that can't adjust their wages, will get hurt.
Doesnt mean the end of western civilization, though. I agree.
Apparently, you care. You keep commenting on it.
they definitely ended it and are finally talking about this in mainstream. Does it mean we hit hyper inflation this year? no.
It's about the trend. The trend is away from the dollar and with it, the importance of the US dominance. And yes, oil has been traded in other currencies but OPEC, the largest producer of oil, had it priced in dollars. That's the difference.
The less we can offshore our debt, the faster we see the era of cheap and stable currency go away. With it, the purchasing power of the US.
it's not that simple though, and will take possibly decades to play out. Most nation's currencies are in worse shape than USD. It'll be a while before the world transitions into a new winner.
For most on here, the clear winner is Bitcoin.