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Death of petrodollar is a Biden legacy
(www.indianpunchline.com)
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this post was submitted on 15 Jun 2024
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I think people are reading too much into this, Not much has changed really, especially since the Saudis and US were considering a defense treaty in return for recognizing Israel, which was only interrupted by the war on Gaza. Once the Israelis are done with the genocide they will get back to it. Some in the US foreign policy establishment may think the world trading in Yuan makes the Chinese economy more susceptible. All I am saying is If this was a big blow to the US economic dominance they would have done something stupid about it. Idk it could be the doomer in me.
It might not be an immediate blow, but I do think this is impactful. Saudis are also very clearly drifting towards BRICS now, and I doubt they want to keep being subordinate to US long term. It's also not at all clear Israel will survive what they started in Gaza. The war is not going well for them at all.