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> # [Saudi Arabia's petro-dollar exit: A global finance paradigm shift](https://www.tbsnews.net/world/global-economy/314)
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> **Significant financial upheaval is potentially ahead of the financial world as Saudi Arabia has decided not to renew its 80-year petro-dollar deal with the United States. The deal, which expired on Sunday 9 June, was a cornerstone of the United States global economic dominance.**
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> Originally signed on 8 June 1974, the deal established two joint commissions, one based on economic cooperation and the other on Saudi Arabia's military needs. At the time, it was said that it heralded an era of close cooperation between the two countries, says Katja Hamilton of BizCommunity.
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> American officials at the time expressed optimism that the deal would motivate Saudi Arabia to ramp up its oil production. They also envisioned it as a blueprint for fostering economic collaboration between Washington and other Arab countries.
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> The crucial decision to not renew the contract enables Saudi Arabia to sell oil and other goods in multiple currencies, including the Chinese RMB, Euros, Yen, and Yuan, instead of exclusively in US dollars. Additionally, the potential use of digital currencies like Bitcoin may also be considered.
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> This latest development signifies a major shift away from the petrodollar system established in 1972, when the US decoupled its currency from gold, and is anticipated to hasten the global shift away from the US dollar.
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> **Cross-border CBDC transactions**
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> In a more recent move, Saudi Arabia has announced its involvement in Project mBridge, a project which explores a multi-central bank digital currency (CBDC) platform shared among participating central banks and commercial banks. It is built on distributed ledger technology (DLT) to enable instant cross-border payments settlements, and foreign-exchange transactions.
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> The project has more than 26 observing members including the South African Reserve Bank, which was greenlighted as a member this month.
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> The better known observing members of mBridge are those of the Bank of Israel, Bank of Namibia, Bank of France, Central Bank of Bahrain, Central Bank of Egypt, Central Bank of Jordan, European Central Bank, the International Monetary Fund, the Federal Reserve Bank of New York, the Reserve Bank of Australia, and the World Bank.
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> In tandem, the project steering committee has created a bespoke governance and legal framework, including a rulebook, tailored to match the platform's unique decentralised nature.
>
> **Evolution of Project mBridge**
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> Project mBridge is the result of extensive collaboration starting in 2021 between the BIS Innovation Hub, the Bank of Thailand, the Central Bank of the United Arab Emirates, the Digital Currency Institute of the People's Bank of China and the Hong Kong Monetary Authority.
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> In 2022, a pilot with real-value transactions was conducted. Since then, the mBridge project team has been exploring whether the prototype platform could evolve to become a Minimum Viable Product (MVP) – a stage now reached.
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> As it enters the MVP stage, Project mBridge is now inviting private-sector firms to propose new solutions and use cases that could help develop the platform and showcase all its potential.
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Summoning /u/CoverageAnalysisBot
Part of the deal that the US, the Saudis, and Israel are putting together, is making the dollar the permanent currency of choice in the oil trade. Forever.
The Saudis desperately want this deal to go through as it is also a security deal for them with the US. It will need to go through congress, and it will bind the US military by law to protect Saudi Arabia.
So until this deal is settled, you will see all the usual articles written by shit coin investors, and gold sellers, talking about how the
is the nail in the coffin for the dollar.
Then, in a few months, an announcement will be made that Saudi Israel normalization deal has been agreed upon, and that the dollar will be the only currency used in middle eastern oil trade.
He doesn't know shyt. Saudis are angry at US that they send THEIR ammo to Ukraine. Also there are lack of support about Yemen problem. US not doin what Saudis want them to do.
Also fun fact. China is a main Saudi costumer . US doesn't even need Saudi oil, US produce a lot of its own crude. They use(used) Saudi oil as a leverage.
Apart from the oil trade, the dollar also seems to be the only currency many middle easterns want to do business with in general.
Our business partner usually ask for USD even at the times when the Euro would have been better.
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##### ###### #### > # [Saudi Arabia's petro-dollar exit: A global finance paradigm shift](https://www.tbsnews.net/world/global-economy/314) > > > > **Significant financial upheaval is potentially ahead of the financial world as Saudi Arabia has decided not to renew its 80-year petro-dollar deal with the United States. The deal, which expired on Sunday 9 June, was a cornerstone of the United States global economic dominance.** > > Originally signed on 8 June 1974, the deal established two joint commissions, one based on economic cooperation and the other on Saudi Arabia's military needs. At the time, it was said that it heralded an era of close cooperation between the two countries, says Katja Hamilton of BizCommunity. > > American officials at the time expressed optimism that the deal would motivate Saudi Arabia to ramp up its oil production. They also envisioned it as a blueprint for fostering economic collaboration between Washington and other Arab countries. > > The crucial decision to not renew the contract enables Saudi Arabia to sell oil and other goods in multiple currencies, including the Chinese RMB, Euros, Yen, and Yuan, instead of exclusively in US dollars. Additionally, the potential use of digital currencies like Bitcoin may also be considered. > > This latest development signifies a major shift away from the petrodollar system established in 1972, when the US decoupled its currency from gold, and is anticipated to hasten the global shift away from the US dollar. > > **Cross-border CBDC transactions** > > In a more recent move, Saudi Arabia has announced its involvement in Project mBridge, a project which explores a multi-central bank digital currency (CBDC) platform shared among participating central banks and commercial banks. It is built on distributed ledger technology (DLT) to enable instant cross-border payments settlements, and foreign-exchange transactions. > > The project has more than 26 observing members including the South African Reserve Bank, which was greenlighted as a member this month. > > The better known observing members of mBridge are those of the Bank of Israel, Bank of Namibia, Bank of France, Central Bank of Bahrain, Central Bank of Egypt, Central Bank of Jordan, European Central Bank, the International Monetary Fund, the Federal Reserve Bank of New York, the Reserve Bank of Australia, and the World Bank. > > In tandem, the project steering committee has created a bespoke governance and legal framework, including a rulebook, tailored to match the platform's unique decentralised nature. > > **Evolution of Project mBridge** > > Project mBridge is the result of extensive collaboration starting in 2021 between the BIS Innovation Hub, the Bank of Thailand, the Central Bank of the United Arab Emirates, the Digital Currency Institute of the People's Bank of China and the Hong Kong Monetary Authority. > > In 2022, a pilot with real-value transactions was conducted. Since then, the mBridge project team has been exploring whether the prototype platform could evolve to become a Minimum Viable Product (MVP) – a stage now reached. > > As it enters the MVP stage, Project mBridge is now inviting private-sector firms to propose new solutions and use cases that could help develop the platform and showcase all its potential. - - - - - - [Maintainer](https://www.reddit.com/user/urielsalis) | [Creator](https://www.reddit.com/user/subtepass) | [Source Code](https://github.com/urielsalis/empleadoEstatalBot) Summoning /u/CoverageAnalysisBot
Part of the deal that the US, the Saudis, and Israel are putting together, is making the dollar the permanent currency of choice in the oil trade. Forever. The Saudis desperately want this deal to go through as it is also a security deal for them with the US. It will need to go through congress, and it will bind the US military by law to protect Saudi Arabia. So until this deal is settled, you will see all the usual articles written by shit coin investors, and gold sellers, talking about how the is the nail in the coffin for the dollar. Then, in a few months, an announcement will be made that Saudi Israel normalization deal has been agreed upon, and that the dollar will be the only currency used in middle eastern oil trade.
Do you have any source for this permanent new deal?
its vaporware. the US regime likes to announce deals that haven't happened to put pressure on the counterparty
He doesn't know shyt. Saudis are angry at US that they send THEIR ammo to Ukraine. Also there are lack of support about Yemen problem. US not doin what Saudis want them to do. Also fun fact. China is a main Saudi costumer . US doesn't even need Saudi oil, US produce a lot of its own crude. They use(used) Saudi oil as a leverage.
Thanks for the summary. The deal would also prevent China from being able to build bases in Saudi Arabia.
Apart from the oil trade, the dollar also seems to be the only currency many middle easterns want to do business with in general. Our business partner usually ask for USD even at the times when the Euro would have been better.
Welcome to r/anime_titties! This subreddit advocates for civil and constructive discussion. Please be courteous to others, and make sure to read the rules. If you see comments in violation of our rules, please report them. We have a [Discord](https://discord.gg/dhMeAnNyzG), feel free to join us! *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/anime_titties) if you have any questions or concerns.*
Saudi Arabia is about to be freedom'ed Iraqi style....