by Grace on Really Graceful
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Saudi Arabia's Shift: The End of the Petrodollar Era
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Saudi Arabia's choice not to renew this deal and instead work more closely with the BRICS countries like China and Russia This all points to a possible break from this long-standing system dollar less important in international trade and banking which would put the U ' 's economic power that it's had for decades on the back burner After all if the dollar isn't backed by gold or oil or anything tangible What's it backed by What value does it have The end of the petrodollar agreement with Saudi Arabia is a big change in the world's politics because it could lead to a new age of trading oil
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