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Economy
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Title: Why the End of the Petrodollar Spells Trouble for the US Regime
Source: Ludwig Von Mises Institute
URL Source: https://mises.org/wire/why-end-petrodollar-spells-trouble-us-regime
Published: Jan 31, 2023
Author: Ryan McMaken
Post Date: 2023-01-31 18:32:53 by Charles_Byrd
Keywords: None
Views: 107

On January 17, the Saudi minister of finance, Mohammed Al-Jadaan, announced that the Saudi state is open to selling oil in currencies other than the dollar. “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,” Al-Jadaan told Bloomberg TV.

If the Saudi regime does indeed embrace substantial trade in currencies other than the dollar as part of its oil-export business, this would signal a shift away from the dollar as the dominant currency in global oil payments. Or measured another way, this would signal the end of the so- called petrodollar.

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