Contrary To Media Claims, Inflation Index Shows Americans Still Face Sky-High Prices
The media’s umpteenth month of mishandling CPI data to protect the Biden White House comes as no surprise.The media’s umpteenth month of mishandling CPI data to protect the Biden White House comes as no surprise.Who doomed the petrodollar: America or Saudi Arabia?
There has been a lot of confusion lately about Saudi Arabia allegedly ending a 50-year-deal with the United States that tied oil sales to the U.S. dollar.
While many have claimed that the deal never actually existed, financial expert Carol Roth is here to clear that up.
“There was a deal put in place, but never once did I come across anything that said we have a specific expiration,” Roth tells Glenn Beck, who notes himself that if the world goes off the petrodollar, “that is the beginning of the end.”
Roth explains that when the United States went off the gold standard, they created a secret delegation that went to Saudi Arabia as part of a diplomatic tour.
“There was an oil embargo put in place by the Arab oil exporters. It sent the price of oil sky-high. So, the big objective was basically the U.S. didn’t want crude oil, you know, energy, which is obviously really what fuels growth around the world to become an economic weapon,” Roth explains.
“They knew, 'Okay, well, now we’re off the gold standard, we’ve got this currency, wouldn’t it be great to have somebody finance our deficits?'” She continues.
In exchange for economic and military support, the Saudis struck a deal with the U.S. to price oil in dollars around the world.
“There was a secret piece of it, and that was that the Saudis did not want everyone to know that they had this huge treasury stockpile,” Roth says, noting that it was because they didn’t want anyone to know how “closely they were in bed with the U.S.”
Now, this deal has ended.
“The FED has managed to hold the dollar not stable either for the world or domestically,” Roth says. “So, it’s not like they even made the tradeoff. They just abandoned it all together.”
“The big issue, if you are these countries around the world that now have everything priced in dollar, all of your major commodities, because it’s not just oil at this point,” she continues, “When you have these huge swings in the dollar, that means that threatens you as a nation, because you now may not be able to afford energy, or you may not be able to afford the food for your country.”
“That’s a national security issue,” she says. “And so, countries were getting sick of that we weaponized the U.S. dollar, and at the end of the day, they’re starting to move away from it.”
This is why it isn’t the Saudis who are to blame for the end of the deal.
“The Saudis did not break a deal. We’ve broken the deal long ago,” Roth says.
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BECOMING VENEZUELA? China deal may COLLAPSE the US dollar
Something big is happening to the U.S dollar, and Glenn Beck wants you to be prepared.
“What you think is coming is a recession. What your crazy friends might say to you is coming is maybe a depression. You’d be mistaken. Those are lies. What is coming is a collapse of the dollar.”
He continues, “We’ve never experienced the collapse of the dollar, of the world’s reserve currency.”
This is why the FED is now introducing the FED coin, which is coming to us in July.
Glenn says, “This is exactly what India did, and India is now in the final phase, and they are introducing their FED coin.”
“It’s all about security, it’s the end of your freedom, and you have to be aware because soon — I don’t know when — but it will happen overnight. Soon, everything will be collapsing and the banks will close and there will be chaos,” he adds.
Meanwhile, China has struck a deal with Brazil to ditch the U.S dollar.
“China is putting a deal together with the world,” Glenn warns.
He continues, “China is building itself up as a superpower, and they are replacing our dollar. Once you take the trillions of dollars that are held by central banks in countries like Brazil — all over the world — and they liquidate them, the dollar collapses. We become Venezuela with inflation that you cannot imagine.”
While the news is relentless in its coverage of transgender people and their supposed genocide, it’s not an important topic.
What’s important is what’s happening to our dollar.
Glenn says, “These are the things you should concentrate on."
Want more from Glenn Beck?
To enjoy more of Glenn’s masterful storytelling, thought-provoking analysis, and uncanny ability to make sense of the chaos, subscribe to BlazeTV — the largest multi-platform network of voices who love America, defend the Constitution, and live the American dream.
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The federal government has historically shown its determination to gain control over new markets, and cryptocurrency will likely be the same.Will Joe Biden Oversee The Collapse Of The U.S. Dollar?
It’s vital to think through the consequences of the dollar losing its status as the world’s reserve currency.Saudi Arabia weighs accepting yuan instead of dollars in oil sales with China
The U.S. dollar may be on its way out as the global reserve currency.
Saudi Arabia is actively engaging in negotiations with Chinese officials to price oil sales to China in yuan instead of the U.S. dollar, the Wall Street Journal reported.
If the two countries decide to conduct business using the Chinese yuan instead of the U.S. dollar, this could mean trouble for America’s dominance as the global economic hegemon.
Reportedly, the Saudi talks with China have been off and on for six years but have recently begun to accelerate as Saudi leadership grows increasingly discontented with American security commitments to defend the country.
The Saudis are unhappy with the lack of American support for their intervention in the ongoing Yemen civil war and over the Biden administration’s renewed attempts to strike a deal with Iran over its nuclear program.
Saudi officials are also reportedly uncomfortable with the Biden administration’s ham-fisted withdrawal from Afghanistan last year.
China currently buys more than 25% of the oil exported from Saudi Arabia. Should these transactions be conducted in yuan instead of dollars, those sales would boost the standing of China’s currency and diminish the standing of the dollar.
Around 80% of global oil sales are transacted in dollars. Saudi Arabia exports roughly 6.2 million barrels of crude oil a day. If the Saudis price even a fraction of this in something other than the dollar, it would mark a profound shift in the global economy’s pecking order.
Since 1974, the Saudis have traded oil exclusively in dollars after making a deal with the Nixon administration that promised security guarantees for the kingdom.
In 2018, the Chinese government introduced oil contracts priced in yuan as it worked to make its currency more tradeable across the globe. To China’s chagrin, this did not increase its leverage in the oil market. And as the Chinese government seeks to reduce its — and by extension the globe’s — dependence on the dollar, it has worked overtime to court Saudi leadership.
In recent years, China has helped the Saudi kingdom domestically manufacture ballistic missiles, provided guidance on the Saudi nuclear initiative, and poured money into Saudi Crown Prince Mohammed bin Salman’s pet projects.
Whereas China’s relationship with Saudi Arabia appears to be improving, America’s relationship with the Saudi government is rapidly deteriorating. Prince Mohammed refused to sit in on a call between President Biden and Saudi ruler King Salman in February after U.S. intelligence officials suggested that the prince ordered the killing of a journalist.
A Saudi official said, “The dynamics have dramatically changed. The U.S. relationship with the Saudis has changed, China is the world’s biggest crude importer and they are offering many lucrative incentives to the kingdom.”
He added, “China has been offering everything you could possibly imagine to the kingdom.”
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