Saudi Arabia Just Ditched The US Dollar (How This Affects You)

Isn't odd that this story is nowhere on mainstream media?  Anyone remember why Iraq's President Sadam Hussain, and Mouammar Ghadafi leader of Libya, had their life ended brutally?

The 2023 World Economic Forum gave the world a good glimpse into the future the global elites envision for us all. And it’s interesting to say the least.

Saudi Arabia’s Finance Minister, Mohammed Al-Jadaan, stunned reporters in Davos when he expressed that the oil-rich nation was open to trading in currencies beside the U.S. dollar for the first time in 48 years.

“There are no issues with discussing how we settle our trade arrangements, whether it’s in the U.S. dollar, the euro, or the Saudi riyal,” Al-Jadaan said.

His comments are the latest signal that powerful nations across the world are plotting a “de-dollarization” of the global economy.

Here’s why replacing the dollar is gaining popularity and why dethroning the greenback is easier said than done.

Rebellion against the US dollar

In a meeting with Chinese and Russian officials this week, Mishustin said more than 90% of trade between the two nations was denominated in either Russia's ruble or China's yuan. That "demonstrates almost full de-dollarization of economic ties," Russia's state-run news agency TASS quoted him as saying. 

Trade between Russia and China has also expanded this year, as Western sanctions have made Russia's economy more reliant on China for trade. Mishustin said total transactions between the two countries had swelled to a record $200 billion this year. 

Meanwhile, Russia-US trade recently plummeted to a 30-year low. That came after the US and its allies largely cut off Moscow from the global financial system for its full-scale invasion of Ukraine in 2022.

At the same time, Beijing has made some gains in trying to internationalize the yuan.

Its share of global payments rose from 1.9% in January to 3.6% in October, and the People's Bank of China has signed bilateral currency swaps with more than 30 central banks, including Saudi Arabia and Argentina.

China and Russia have almost completely abandoned the US dollar in bilateral trade as the push to de-dollarize intensifies (msn.com)