The petro-dollar is no more

The BIS is urging nations to join China's CBDC project and align themselves with the BRICS mission to ditch the US Dollar

The Bank for International Settlements is urging nations to join China’s CBDC project and align themselves with the BRICS mission to ditch the US Dollar. The BIS bridge project is backed by Chinese, Asian, and Arabic central banks. According to a press release, the project is now open for commercial banks to join and perform real transactions. “Private companies are also invited to participate and propose enhancements,” the release adds.

“Various aspects of the platform will continue to be enhanced, and the participation of both the public and private sectors will be further widened,” the Hong Kong Monetary Authority said in their own release. The Hong Kong central banking institution also announced a new BRICS nation tagging into the project. “Against this backdrop, the HKMA, alongside the project team, welcomes the Saudi Central Bank as the next full participant of the mBridge MVP platform.”

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Saudi Arabia

June 14, 2024

By Neenah Payne

The Birth of the Petrodollar 1974-1975 explains:

The 1973 oil crisis further fixed the value of the dollar as a result of this oil shock, bringing Saudi Arabia and the OPEC countries to make a secret agreement with Washington….. This agreement provided that in exchange for Washington’s political and military protection, the OPEC countries would be required to sell oil only in dollars. The petrodollar was thus born, being a replacement for the gold-linked standard that existed prior to Nixon. Once this system was supported by OPEC members, the global demand for US petrodollars hit an all-time high.

The video below explains that Saudi Arabia’s agreement to sell oil exclusively in dollars ended on June 9, 2024 – ending the backing for the petrodollar as the world’s reserve currency. The Crown Prince of Saudi Arabia has decided to open up its lucrative oil trade to other countries and currencies. Saudi Arabia has now joined a China-led digital currency project.

The video explains that the BRICS (Brazil, Russia, India, China, and South Africa) nations have announced a new BRICS payment system as the World Bank challenged the status of the US dollar in international transactions. Saudi Arabia is considering a full BRICS membership this year.

What Is The Petrodollar System? — Biggest Weapon Of US Imperialism 2/3/24

Saudi Arabia Just Shocked the Dollar! Future with BRICS and China 6/13/24

Saudi Arabia just changed the entire future of the US dollar when it decided to end it’s 50-year agreement with the US and the Petrodollar. Saudi Arabia is now looking to BRICS and China for their future in this new multipolar world. What happens next for the US dollar and BRICS? Let’s break it down!
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