Wednesday, July 24, 2024

Saudi Arabia’s De-dollarization Explained

by Peter Schiff, Schiff Gold:

The longstanding US-Saudi petrodollar agreement is unraveling, with Riyadh inching towards diversified currency deals including the yuan. Our guest commentator sheds light on the history and present challenge to the petrodollar, and what this means for US dollar decline.

The following article was originally published by the Mises Institute. The opinions expressed do not necessarily reflect those of Peter Schiff or SchiffGold.

Earlier this week, those of us who follow news about the US dollar’s global status noticed numerous claims that the US-Saudi petrodollar agreement had “expired” and that the Saudis would now sell oil for many currencies other than dollars. Some versions of the story even claimed the Chinese yuan would replace the dollar.

Did the Saudis Just Kill the Dollar?

by Jim Rickards, Daily Reckoning:

There’s been a lot of talk over the past several days that Saudi Arabia is ending the petrodollar deal it’s had with the U.S. for 50 years. This story has been highly exaggerated. Today I want to address the misinformation you’re seeing right now, and show you what really happened.

News services of dubious accuracy reported that Saudi Arabia had ended the petrodollar deal on June 9, after 50 years. This report was quickly followed by claims that oil would now be priced in everything from Chinese yuan to Indian rupees, Russian rubles and other currencies without strong claims to being reserve currencies.

LT w/ Dr. Elliott: Built-in demand for U.S. Currency if fading, Saudi Arabia Petro Dollar 50 year exit, Pray!

from And We Know:


Democrats Are Angry Donald Trump Now Embraces Bitcoin

by M Dowling, Independent Sentinel:

Initially, Donald Trump was highly suspicious of cryptocurrencies, going back a few years, but he has since changed his mind. He has embraced them, impressing a younger fan base and their deep-pocketed investors.

Hours after meeting with bitcoin miners at his Mar-a-Lago estate in Florida on Wednesday, the former president said on his Truth Social media platform that cryptocurrency users should “vote for Trump!” because he will stand up to “Biden’s hatred of Bitcoin.”


by Joseph P. Farrell, Giza Death Star:

This important story was spotted and shared by M.W., with our gratitude, because by my reading of its contents “between the lines,” as it were, it is confirming an hypothesis I first advanced a few months ago during one of our “quarterly wrapup” discussions with Catherine Austin Fitts on her website.  We’ll get back to this hypothesis in a moment, because what the article appears to be outlining is how it is taking shape in certain circumstances and conditions. Here’s the story:

Russia: U.S. Dollar Is Becoming “Toxic”

by Mac Slavo, SHTF Plan:

The United States government announced a new batch of sanctions against Russia on Wednesday, targeting the energy, metals, and mining industries, as well as the Moscow Stock Exchange and major lenders Sber and VTB. These sanctions have already angered Russia and caused tensions to rise even further, as Moscow deems the U.S. dollar “toxic.”

The measures, which cover 300 additional individuals and entities, are aimed at impacting trade between Russia and its partners in China, Türkiye, and Kyrgyzstan, as well as other nations in Central Asia, the Middle East, and the Caribbean.

IMF Digital Currency to Replace the Dollar

by Martin Armstrong, Armstrong Economics:

Years ago, when I wrote that Bitcoin was created by the NSA, some Bitcoiners attacked me and insisted that Satoshi Nakamoto was the creator of Bitcoin.  Yet someone who created such a product never stepped forward and would have been a billionaire on royalties. But this fictional character was not much different than Lee Harvey Oswald, who the CIA has insisted killed JFK with his magic bullet. At least with Oswald, there was a real man who they cleverly ensured he would be killed to deny any trial. Then, the CIA refused to release files to cover up the entire affair.

Aussies flock to ATMs, withdraw thousands in cash as part of campaign against card payments

by Blake Antrobus, Aussie News:

Aussies have rushed to ATMs all over the country to withdraw thousands in cash – here’s why so many are doing it.

Aussies have flocked to ATMs all over the country to withdraw thousands of dollars in cash as part of a massive awareness campaign against card payments.

The Cash is King Australia Facebook group promoted the unofficial Cash Out Day to their 27,000+ followers, calling on anti-card activists to withdraw from bank branches or machines.

Saudi Arabia Ends 80-Year-Old PetroDollar U.S. Agreement: Joins China-Led Central Bank Digital Currency Coalition

by Brian Shilhavy, Health Impact News:

This past Sunday (June 9, 2024) Saudi Arabia made the historical move to not renew an 80-year-old agreement with the United States that established the U.S. Dollar as the world currency to purchase Saudi oil, in what should have been headline news, but seems to have been blacklisted in U.S. financial news publications, even in alternative financial news publications such as ZeroHedge News.

Here is the coverage of this historic event from the The Business Standard, a Bangladeshi daily newspaper.

Silver Plating in Aerospace and Military: Existing Vaults Could Be Wiped Out by a Handful of Silver Plating Purchase Orders

by Jon Forrest Little, Silver Seek:

Outcrop Silver

Drilling the High-Grade Santa Ana Silver Project in Colombia.

Silver enthusiasts commonly are told Silver is used for electronics, solar, and necessary for the Green Energy Revolution (which is true) but below we will reveal a massive use of Silver that is never discussed because it hides behind the “secrecy and veil” of the Military Industrial Complex.

Silver plating is crucial for aerospace, military, and defense applications due to its excellent electrical conductivity, corrosion resistance, and lubricity. Here are the key details:


from X22report:


Going cashless leads people to spend more money

by Study Finds, Activist Post:

In an increasingly digital world, cash is becoming a relic of the past. With the rise of credit cards, mobile wallets, and Buy-Now-Pay-Later schemes, more and more consumers are ditching dollar bills for the convenience of cashless payments. However, this shift isn’t just about convenience – it may also be influencing how much we spend. A recent study sheds new light on the “cashless effect,” revealing that consumers tend to spend more when using digital payment methods compared to cash.

The findings, published in the Journal of Retailing, offer critical insights for retailers, policymakers, and consumers navigating our increasingly cashless society. Overall, going digital and no longer handing out physical currency leads to consumers spending more money than they would using cash. Interestingly, ditching cash isn’t great for everyone — especially service workers who rely on tips.

Silver Demand in the Solar Sector Could Squeeze Silver Supply in the Future

by Mike Maharrey, Silver Seek:

Silver use by the solar energy sector is one of the primary factors driving the overall demand for silver, and there is reason to believe photovoltaic silver off-take will continue to increase in the years ahead.

Not only is the demand for silver panels growing, but the amount of silver used in each panel is also increasing.

Industrial demand for silver set a record of 654.4 million ounces in 2023 and it is expected to hit new highs this year. According to the Silver Institute, ongoing structural gains from green economy applications underpinned this surge in silver demand.