End Of Empire: Saudi Arabia’s Mohammed Al-Jadaan Says They Are Open To Trading In Other Currencies Besides The Dollar

In a move that could soon escalate into something much more, Mohammed Al-Jadaan, the Minister of Finance for Saudi Arabia, says the country is open to start trading in denominations other than just the U.S. Dollar.

Al-Jadaan made these remarks while during his visit in Davos, Switzerland, for this year’s annual World Economic Forum summit meeting.

He told Bloomberg in an exclusive interview:

There are no issues with discussing how we settle our trade arrangements, whether it is in the US dollar, whether it is the euro, whether it is the Saudi riyal.

I don’t think we are waving away or ruling out any discussion that will help improve the trade around the world.

He said

Saudi Arabia has already been posturing themselves to work more closely with other nations. Last year Chinese President Xi Jinping paid the Saudis a visit, where they agreed ‘to boost coordination on energy policy and exploration,’ and that Jinping said that they would look to make more efforts purchase oil from the Middle East and that it would be transacted in the Chinese Yuan.

We enjoy a very strategic relationship with China and we enjoy that same strategic relationship with other nations including the US and we want to develop that with Europe and other countries who are willing and able to work with us.

Al-Jadaan added

Bloomberg further noted that ‘Saudi Arabia is also working with multilateral institutions to provide support to Pakistan, Turkey and Egypt, as part of the kingdom’s largesse to nations it deems “vulnerable,” Al-Jadaan said.’

We are investing heavily in these countries and will continue to look for opportunities to invest. It’s very important to bring stability.

Al Jadaan explained

Saudi Arabia is currently slated to invest $10 billion in Pakistan, after already extending the terms of the original $3 billion deposit to boost its foreign-currency reserves late last year, which they could possibly extend that number even more.

We are providing even oil and derivatives to support their energy needs. So there is a lot of efforts, but we wanted this to be conducted.

He noted

The Saudis are in talks with the World Bank and other institutions as to how can it be “more creative to provide that support” to Pakistan. The nation is also “providing a lot of support to Egypt and we’ll continue to — not directly through just grants and deposits, but also through investments,” Al-Jadaan said.

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AUTHOR COMMENTARY

The significance of this move cannot be underscored.

This move by Saudi Arabia very much threatens the petrodollar and one of the last critical threads of the America empire before it all unwinds.

For those living in the dark and don’t know what the petrodollar is, Investopedia provides an overview:

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Petrodollars are crude oil export revenues denominated in U.S. dollars. The term gained currency in the mid-1970s when soaring oil prices generated large trade and current account surpluses for oil exporting countries.

Then as now, oil sales and the resulting current account surpluses were denominated in dollars because the U.S. dollar was—and remains—by far the most widely used currency. The U.S. dollar’s global popularity does not depend on the good will of oil exporters. It is based on U.S. status as the world’s largest economy and goods importer, with deep, liquid capital markets backed by the rule of law as well as military power.

Petrodollars are oil export revenues denominated in U.S. dollars. Petrodollars are not a distinct currency; they are simply U.S. dollars accepted as payment by an oil exporter.

Global crude oil exports averaged approximately 88.4 million barrels per day in 2020.
That pace would generate annual global petrodollar supply of more than $3.2 trillion a year, assuming an average price of $100 per barrel.

Petrodollars are the primary source of revenue and wealth for many members of the Organization of Petroleum Exporting Countries (OPEC) as well as non-OPEC oil and gas exporters including Russia, Qatar, and Norway.

Just as the petrodollar is not a currency, neither is it a global trading system. The wide use of the U.S. dollar as payment for crude oil reflects the traditional preferences of non-U.S. oil suppliers.

Petrodollars recycled into investments overseas or development programs at home can produce positive financial and social returns. Results are decidedly less positive when petrodollars are spent on fortifying domestic oppression, fueling an arms race or waging war abroad.

In recent years, actions including the murder of U.S. resident Jamal Khashoggi by Saudi state agents in Turkey and Russia’s invasion of Ukraine have fueled concerns that petrodollars are financing war and human rights violations, while shielding perpetrators from accountability.

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Ladies and germs, this very well could spark yet another war in the Middle East that the media will have to propagate, so America can attempt to hold onto its trade power.

As more nations begin to abandon the U.S. petrodollar and shift towards joining the BRICS nations – the country’s economy will collapse. The petrodollar is essentially a stand-in for the since-replaced gold standard, and if that is destroyed, the dollar’s value and trading power will rapidly depreciate, as the cost of everything continues to go up. Hyperinflation is certainly not of the question.

https://www.youtube.com/watch?v=9W5PkLudcqE

The effects will not be realized at first by an unsuspecting, blind, comatose, arrogant people; but when they do, it will be FAR too late.

He that hasteth to be rich hath an evil eye, and considereth not that poverty shall come upon him.

Proverbs 28:22

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[7] Who goeth a warfare any time at his own charges? who planteth a vineyard, and eateth not of the fruit thereof? or who feedeth a flock, and eateth not of the milk of the flock? [8] Say I these things as a man? or saith not the law the same also? [9] For it is written in the law of Moses, Thou shalt not muzzle the mouth of the ox that treadeth out the corn. Doth God take care for oxen? [10] Or saith he it altogether for our sakes? For our sakes, no doubt, this is written: that he that ploweth should plow in hope; and that he that thresheth in hope should be partaker of his hope. (1 Corinthians 9:7-10).

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