{"id":22930,"date":"2017-02-22T21:09:36","date_gmt":"2017-02-23T02:09:36","guid":{"rendered":"http:\/\/olduvai.ca\/?p=22930"},"modified":"2017-02-22T21:09:36","modified_gmt":"2017-02-23T02:09:36","slug":"donald-trump-saudi-arabia-and-the-petrodollar","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=22930","title":{"rendered":"Donald Trump, Saudi Arabia, and the Petrodollar"},"content":{"rendered":"<h3><a href=\"http:\/\/www.internationalman.com\/articles\/donald-trump-saudi-arabia-and-the-petrodollar\">Donald Trump, Saudi Arabia, and the Petrodollar<\/a><\/h3>\n<p class=\"by-line\"><img decoding=\"async\" src=\"https:\/\/d24g2nq85gnwal.cloudfront.net\/images\/authors\/petrodollar3.jpg\" alt=\"Donald Trump, Saudi Arabia, and the Petrodollar\" \/><\/p>\n<p>&nbsp;<\/p>\n<div id=\"article-body\" class=\"margin_top_25\">\n<p>Obama pulled out his veto pen 12 times during his presidency.<\/p>\n<p>Congress only overrode him once\u2026<\/p>\n<p>In late 2016, Obama vetoed the Justice Against Sponsors of Terrorism Act (JASTA). The bill would allow 9\/11 victims to sue Saudi Arabia in US courts.<\/p>\n<p>With only months left in office, Obama wasn\u2019t worried about the political price of opposing the bill. It was worth protecting Saudi Arabia and the petrodollar system, which underpins the US dollar\u2019s role as the world\u2019s premier currency.<\/p>\n<p>Congress didn\u2019t see it that way though. Those up for reelection couldn\u2019t afford to side with Saudi Arabia over US victims. So Congress voted to override Obama\u2019s veto, and JASTA became the law of the land.<\/p>\n<p>The Saudis, quite correctly, see this as a huge threat. If they can be sued in US courts, their vast holdings of US assets are at risk of being frozen or seized.<\/p>\n<p>The Saudi foreign minister promptly threatened to sell all of the country\u2019s US assets.<\/p>\n<p>Basically, Saudi Arabia was threatening to rip up the petrodollar arrangement, which underpins the US dollar\u2019s role as the world\u2019s premier currency.<\/p>\n<p><strong>Donald Trump and the Saudis<\/strong><\/p>\n<p>Unlike every president since the petrodollar\u2019s birth, Donald Trump is openly hostile to Saudi Arabia.<\/p>\n<p>Recently he put this out on Twitter:<\/p>\n<p>Dopey Prince @Alwaleed_Talal wants to control our U.S. politicians with daddy\u2019s money. Can\u2019t do it when I get elected.<\/p>\n<p>The dopey prince that Trump is referring to is Al-Waleed bin Talal, a prominent member of the Saudi royal family. He\u2019s also one of the largest foreign investors in the US economy, particularly in media and financial companies.<\/p>\n<p>The Saudis openly backed Hillary during the election. In fact, they \u201cdonated\u201d an estimated $10 million\u2013$25 million to the Clinton Foundation, making them the most generous foreign donors.<\/p>\n<p>Besides Hillary Clinton, the single biggest loser from the US presidential election was Saudi Arabia.<\/p>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Donald Trump, Saudi Arabia, and the Petrodollar &nbsp; Obama pulled out his veto pen 12 times during his presidency. Congress only overrode him once\u2026 In late 2016, Obama vetoed the Justice Against Sponsors of Terrorism Act (JASTA). The bill would allow 9\/11 victims to sue Saudi Arabia in US courts. With only months left in [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,5],"tags":[11725,584,626,701,10522,827,1796,2476],"class_list":["post-22930","post","type-post","status-publish","format-standard","hentry","category-economics","category-geopolitics","tag-nick-giambruno","tag-obama","tag-petrodollar","tag-saudi-arabia","tag-trump","tag-united-states","tag-us-congress","tag-veto"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/22930","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=22930"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/22930\/revisions"}],"predecessor-version":[{"id":22931,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/22930\/revisions\/22931"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=22930"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=22930"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=22930"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}