Are the Saudis just backing another horse in the race?
Are they seeing the end of the FED maybe?
or perhaps just in case US dollar stops being global standard for trade?
eg What if oil was traded in bitcoin?
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The dollar seems to be a failing investment. I think the alliance for the petrodollar has shifted ... with the Saudis on board... Syria and Venezula, and the other mid east places might succeed where Sadam failed... the USA has been systematically bankrupted.. .we don't even have any gold anymore to back the paper dollar. shame
Agree, the saudis are just playing both sides.
The UK lost "global currency" status after WW2 due to debts..... The USA is looking a bit that way ATM. So either the debt ceiling or the petro oil stuff....I can't see global currency going to Yuaan, so I'm thinking a new crypto, maybe a GOLD backed one (yet to be invented) will be a new global standard?
Wouldn't that shake the bankers up!!