Saudia Arabia Offers a Major Win for De-Dollarization!

WELL, WELL, WELL, the financial world is poised for a significant upheaval following Saudi Arabia's decision not to renew its 50-year Petro-dollar agreement with the United States, which expired on June 9, 2024. This monumental decision marks a pivotal shift away from the petrodollar system, established in 1972 when the U.S. decoupled its currency from gold. The original security agreement, signed on June 8, 1974, created two joint commissions (1) focused on economic cooperation and (2) on Saudi Arabia's military needs, fostering close ties between the two nations. The lapse of this agreement signals a major transformation in global economic dynamics, with far-reaching implications.

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