Saudi Shocks the World! Chooses China Over USA!

2022 has been a historical year for the world. We’ve continued to see the effects of a devastated global pandemic that has shifted global supply chains and made international travel extremely difficult. We’ve witnessed war in Europe for the first time in a generation and now we are looking at worldwide recession.

One of the stories that continues to fascinate me is the continuing development of Saudi Arabia and China’s relationship. Saudi Arabia is arguably THE most important economic partner for America, but the Saudis are growing increasingly frustrated with America. Since 1974 the Saudis have sold their oil exclusively in US dollar but the Kingdom recently made headlines by indicating it wants to formally join the BRICS network of Brazil, Russia, India, China, and South Africa.

Just listen to the words of Saudi Aramco CEO Amin Nasser when he stated:

“Ensuring the continuing security of China’s energy needs remains our highest priority - not just for the next five years but for the next 50 and beyond.” 

If the Saudis join the BRICS alliance it will almost certainly mean that they will begin selling oil in other currencies besides the US dollar. The BRICS network is working hard to establish a new basket of currencies to come together and form a new global reserve currency to challenge the US dollar.

What’s incredible with this story is that China is the key player, as China is building the world’s most advanced Central Bank Digital Currency (CBDC) and will be using a new CBDC from Hong Kong called the mBridge to lead it’s de-dollarization efforts.

What does this mean for the future of the world economy and the US dollar? I break it all down in this week’s YouTube video