by Grace on Really Graceful
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Saudi Arabia's Oil Gamble: Dollar Backed by Nothing?
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the Saudis have quit They haven't renewed the agreement So now the dollar which was backed by gold originally in the beginning then backed by oil is backed by nothing 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 They haven't renewed the agreement and there are no new rules in place I mean the agreement with Saudi Arabia has not been renewed by the Biden government And since there isn't a policy update yet Saudi Arabia can start selling oil in any currency they like any currency they want And it's been reported not by US media of course but it's been reported that the preferred currencies for this trade for the sale of oil are those from the BRICS countries like the Chinese you want What I'm trying to say here is this move could make the
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