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Jim Rickards: No, the Saudis didn't just kill the dollar
By James G. Rickards
The Daily Reckoning, Baltimore
Monday, June 17, 2024
There has been a lot of talk over the past several days that Saudi Arabia is ending the petrodollar deal it has had with the United States for 50 years. This story has been highly exaggerated. Today I want to address the misinformation you're seeing and show you what really happened.
News services of dubious accuracy reported that Saudi Arabia had ended the petrodollar deal on June 9, after 50 years. This report was quickly followed by claims that oil would now be priced in everything from Chinese yuan to Indian rupees, Russian rubles, and other currencies without strong claims to being reserve currencies.
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The implication of these stories was that the U.S. dollar's long reign as the leading global reserve currency was over. New reserve currencies would come to the fore, most prominently the BRICS planned currency.
The crypto crowd wasn't far behind shouting that the demise of the dollar proved that cryptocurrencies were the way of the future. The internet was on fire with these and other histrionic claims.
In fact, almost everything you just read is nonsense. ...
... For the remainder of the analysis:
https://dailyreckoning.com/did-the-saudis-just-kill-the-dollar/
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