The “American Thinker” newspaper published an article by writer Darlene Casella, in which she expressed fear of the fate of the money in Biden’s “trembling” hands.
According to Casella, Beijing wants to buy oil in Chinese yuan, which will allow the dollar to weaken the dominance of the world oil market, while Biden brings tensions in relations with Saudi Arabia, which leads the world in production. of oil. . .
The writer also noted that “another fly in the honeypot of the world’s money” was Vladimir Putin’s statement, in which he demanded that the price of gas be paid in rubles, in addition to Russia providing oil to India in exchange . for the Indian rupee, and gas to Turkey in exchange for the Turkish lira.
Casella continued, that China’s dominance in the global financial system is possible due to its rapprochement with Saudi Arabia and other “OPEC” countries. He said: “President Biden’s advisers are talking about a possible visit to Saudi Arabia to improve relations and get the kingdom to increase oil production and encourage it to stay in the petrodollar system. Joe Biden can’t find Riyadh on the map, and if there is a joint picture between Biden and the Saudi crown prince. ” Mohammed bin Salman, the president’s instructor looked at the camera. If the global role of the US dollar is in your trembling hands, we have nothing to fear. ”
U.S. dollars paid for oil are known as petrodollars, because those dollars buy U.S. Treasury bonds, while the federal government pays interest and principal at maturity. The U.S. dollar supports the phrase “the full faith and credit of the United States of America”, after the United States abandoned the international gold standard in 1971 and as a result the U.S. Treasury began printing dollars, when the authorities in finance the Federal Reserve (the US central bank) felt the need to do so. As dollars are printed, the value of the dollar decreases.
The United States of America ceased to be self -sufficient in oil in the first year of the Biden administration, when declining oil supply increased demand and pushed oil prices to surprisingly high levels. This is what we see at gas stations, but there are some other effects from declining supply and increasing demand, because the Biden administration asked “OPEC” to increase production and “OPEC” he refused.
Source: RIA Novosti
Source: Arabic RT
