Saudis Threaten To Ditch Petrodollar As "Nuclear Option" To Block NOPEC Bill

in #economy6 years ago (edited)

Is this another sign of a coming collapse of the US Dollar and / or the global financial system?

From ZeroHedge.com, "In a stunning report at the time by the NYTimes, Saudi Arabia told the Obama administration and members of Congress that it will sell off hundreds of billions of dollars’ worth of American assets held by the kingdom if Congress passes a bill that would allow the Saudi government to be held responsible in American courts for any role in the Sept. 11, 2001, attacks."

STORY:
https://www.zerohedge.com/news/2019-04-04/petrodollar-panic-saudis-threaten-dump-usd-oil-trades-over-opec-anti-trust-bill

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this is some scary stuff but it reminds us about how much power is tied to oil. time to change our reliance to clean energy and cut our chains

@threejay - Unfortunately, there is no easy, fast transition to any energy source that can take the place of oil and the liquid fuels and other products derived from oil.

The days of cheap, abundant oil are over.