The Crown Prince of Saudi Arabia has made a monumental decision not to renew the 50-year-old petrodollar agreement with the United States. This agreement, first established in 1974, required oil sales from Saudi Arabia to be conducted exclusively in US dollars. The expiration of this pact marks a significant shift in global financial dynamics, potentially impacting the dominance of the US dollar in the oil market.
Saudi Arabia鈥檚 move towards dedollarization aligns closely with its growing ties to BRICS, a coalition of emerging economies. By refusing to renew the petrodollar pact, Saudi Arabia signals its intention to diversify its economic partnerships and reduce reliance on the United States. This decision could lead to economic and political realignments on a global scale, affecting international trade and financial stability.
The end of the petrodollar agreement also introduces new challenges and opportunities for various stakeholders, from governments to financial institutions. Energy markets and geopolitical strategies may undergo substantial changes as the world adapts to this new reality. Observers are watching closely to see how this decision will reshape the economic landscape and influence future international relations.
I saw on the news that Saudi Arabia refused to renew a contract to pay for oil only in US dollars.
Some people have argued that the US dollar is losing its hegemony as the world's dominant reserve currency.
The biggest reason why the U.S. dollar dominated the world economy was because the oil-producing countries in the Gulf traded oil only in dollars.
However, if Saudi Arabia trades oil in China's yuan in the future, the dollar's presence in international trade will be further reduced.
Perhaps Saudi Arabia will trade its oil with cryptocurrencies, including Bitcoin.
By the way, I believe that China cannot become an internationally superior country than the United States!
There has been much ado recently over whether China will be able to hold out under the pressure of US tariffs on Chinese imports longer than US consumers will be able to bear the increase in prices. However, there is another factor putting far greater pressure on China, and it has little to do with their ongoing clash with the US. Simply put, China is in danger of mass starvation.
Spring of 2019 brought two back-to-back food crises, which have resulted in catastrophically rising food prices (Liu). This has caused some worry in China because, as Geopolitical Futures rightly pointed out, "this is particularly problematic because, perhaps more than any other economic pressure, a shock to food prices is the sort of thing that drives people to protest (GPF Staff)." Considering that Beijing is already dealing with civil unrest in Hong Kong in response to a separate issue (SCMP Staff), and this June marked an anniversary that already had Beijing on edge anyway, this was a worry that the Zhongnanhai Street Gang (more commonly known as 'the Communist Party of China') truly did not want.
The sexy man with shiny, beautiful hair in the picture is Robert.
I call Robert my genie of lamp !馃槃
Robert always wanders the world like a genie!
He has never forgotten the kindness, generosity and friendship shown to him by the Chinese people!
So, That's why he always calls the Chinese and China Hell!馃槅
I call his China-related articles China's Arabian Nightmares.
I have a hard time understanding his Texas style English, but I always read it because I agree with many of his arguments.
Even though 
So, I assumed that
The thoughts, feelings, and beliefs of the two people were so different!
So, I thought
Let me argue my point again!
Rob argued that it is realistically impossible for China to become a superpower that overwhelms the United States in the 21st century.
He argued that China's agriculture was so poor that it was always at risk of starvation.
I agree with his argument!
There is, in any discussion on the history of gender relations, an elephant whose presence in the room most feminists would be uncomfortable acknowledging. That is the fact that the notion of gender equality is a rather recent development in the grand scale of Human history (you'd be hard-pressed to find the idea even being discussed more than a century or two ago). Indeed, for most of recorded Human history, in most of the world, a woman's legal and social standing was very much akin to that of a horse or cow: the living property of the man in whose home she lived, typically purchased from her parents for a price, and whose value was measured largely on the basis of her utility. Yet lower still was the status of a woman from a conquered nation or race living among her conquerors. Such a woman was typically viewed as little more than a sexual object or breeding vessel (or both) and in most cases, such a woman had little to hope for other than to bear a son for her captor and thus gain a marginal degree of value.
In a former entry I gave a quick look at how China's history of misogyny, its ethnocentric superiority complex and the inherently corrupt nature of what passes for law here have given rise to a culture where being held as an enslaved concubine is commonplace, especially for foreign women unfortunate enough to live near the self-anointed "Central Nation's" border. Certainly this is the most infamous face of China's 21st century slave trade. However, it's far from the only form of slavery that China practices today. The practice of luring foreign workers in to fill jobs the Chinese cannot adequately perform and then holding those workers captive (by means of withholding their passports or confiscating such a large portion of their wage that they cannot afford a ticket out, for example) is perhaps the most common form of forced labor in China today.
Rob's articles highlight the most fundamental problems that China is currently trying to hide.
I agree with his opinion!
Having studied East Asian civilizations for a long time, I remember that Chinese civilization depended on slaves from the beginning.
The reason was well explained in my previous article Why is China afraid of the US?
Since the birth of Chinese civilization, there has always been a shortage of food, resources, and territory compared to the population, so countless wars were fought to reduce the population.
So, In mainland China, wars always occurred in cycles of 50 years.
I suspect that mainland China will soon face a serious food crisis, putting the country's existence at risk.
So, the Chinese government will try to reduce the population by starting wars abroad!
Thinking I was going back in time for my trip through old homestead ranch country along this very remote river valley, I was amazed to stumble on the magnificent Three Forks Ranch!
My revered spiritual elder brother Steve's article highlights the infinite abundance of America!馃槻
So, the Japanese and Koreans call America the world blessed by God!
I have never seen such a rich world in my life!
So, I have a dream to live in America!
By the way, my respected senior
He said he did not recommend such a life.馃槄
I foolishly imagine that Steve,
I want to live in such a vast, beautiful and bountiful land!馃槼
I believe that the outcome of the battle between the two countries is clear, because China is always short of food, resources, and territory, while the United States is infinitely rich!
Disclaimer: Because the above article is entirely the result of my personal research, there is a possibility of misunderstandings and mistakes.
In particular, Steve has always asked me not to post his photos, so I hope he gives me permission to post some of his photos!
I hope Steve understands that I am still at the level of an American elementary school student!
@patriamreminisci
@roleerob