{"id":68762,"date":"2024-06-27T17:58:31","date_gmt":"2024-06-27T22:58:31","guid":{"rendered":"https:\/\/olduvai.ca\/?p=68762"},"modified":"2024-06-27T17:58:31","modified_gmt":"2024-06-27T22:58:31","slug":"dollar-doom-is-a-slow-burn","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=68762","title":{"rendered":"Dollar Doom Is a Slow Burn!"},"content":{"rendered":"
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Dollar Doom Is a Slow Burn!<\/a><\/h3>\n

It will be a LONG time coming.<\/strong><\/p>\n<\/div>\n

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Photo by\u00a0Jp Valery<\/a>\u00a0on\u00a0Unsplash<\/a><\/figcaption><\/figure>\n<\/div>\n

One article highlighted below brings out a point that I made two years ago when everyone in the alternative press was writing (as many still are) about how the BRICS nations were determined to replace the US dollar as a global currency:<\/p>\n

In early June, a rumour began to circulate \u2014 which was widely reported in the Indian press as true \u2014 that the government of Saudi Arabia had allowed its petro-dollar agreement with the United States to lapse.<\/p>\n

This non-exclusive arrangement between the two countries never required the Saudis to limit their oil sales to dollars or to recycle their oil profits exclusively in U.S. Treasury securities (of which it holds a considerable $135.9 billion) and Western banks.<\/p>\n

Indeed, the Saudis are free to sell oil in multiple currencies, such as the Euro, and participate in digital currency platforms such as mBridge, a trial initiative of the Bank of International Settlements and the central banks of China, Thailand, and the United Arab Emirates (UAE).<\/p>\n

Nonetheless, the rumour that this decades-long petrodollar agreement had come to an end reflects the widespread expectation that a seismic shift in the financial system will overturn the rule of the Dollar-Wall Street regime. It was a false rumour, but it carried within it a truth about the possibilities of a post-dollar or de-dollarised world.<\/p><\/blockquote>\n

While I would disagree with the downtrend destination for the dollar in the last line, the rest confirms what I\u2019ve said in the past two years about the dollar not being replaced with a BRICS currency (or any other currency) anytime soon, though many of my own readers may wish it would be.\u00a0Collapse of the dollar is not imminent,<\/strong>\u00a0though the collapse of anything is eventually inevitable.<\/p>\n

…click on the above link to read the rest of the article…<\/p>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Dollar Doom Is a Slow Burn! It will be a LONG time coming. Photo by\u00a0Jp Valery\u00a0on\u00a0Unsplash One article highlighted below brings out a point that I made two years ago when everyone in the alternative press was writing (as many still are) about how the BRICS nations were determined to replace the US dollar as […]<\/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":[1],"tags":[1860,11574,34306,839,5482],"class_list":["post-68762","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-brics","tag-david-haggith","tag-the-daily-doom","tag-us-dollar","tag-world-reserve-currency"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/68762","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=68762"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/68762\/revisions"}],"predecessor-version":[{"id":68763,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/68762\/revisions\/68763"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=68762"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=68762"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=68762"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}