BIDEN ECONOMY: Get Ready for Massive Inflation as the Days of the US Petrodollar Come to an End | Joe Hoft


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BIDEN ECONOMY: Get Ready for Massive Inflation as the Days of the US Petrodollar Come to an End

The petrodollar has ended.  Get ready for massive inflation. 

The warnings came first two years ago in August.

For the last 50 years, the petrodollar was in place.  Big oil made its transactions in USD.  Then a two years ago, Russia and Saudi Arabia signed an agreement that likely went beyond the military and defense cooperation they claimed.  The agreement likely removed the two countries from their relationship with the dollar.

Here was our report at The Gateway Pundit.

As Inflation Skyrockets in the US, Russia and Saudi Arabia Sign Agreement Ending the ‘Petrol Dollar’, Putting the US Dollar and Economy at Even Higher Risk

Today the Fed’s Bill Dudley wrote at the Washington Post:

Who knew that the subject of US Treasury bond yields could inspire such passion? When, in late June, I argued that they were likely to move considerably higher than the then-prevailing 3.75%, I attracted some vehement pushback. In a publication titled “Don’t Be a Dud,” analysts at Morgan Stanley insisted that the 10-year bond would experience a summer price rally, and that the yield would ultimately settle into a longer-term range of 2% to 3%.

I’m sticking with my prediction. What’s more, I strongly suspect that the bond bull market that began in the early 1980s is over.

One site on the Net says that the petrodollar is officially dead.

51 years of the PetroDollar died yesterday. Literally.
BRICS expanded yesterday to include 6 new, important members.

Oil powers Saudi Arabia and the United Arab Emirates have been invited to become members of the BRICS group of developing nations in its first expansion in over a decade.

Also invited are Iran, Egypt, Ethiopia and Argentina, South African President Cyril Ramaphosa said Thursday as he wrapped up the annual summit of the group in Johannesburg.

Saudi Foreign Minister Prince Faisal bin Farhan said the kingdom was awaiting details from the BRICS group on the nature of the membership, and would take an “appropriate decision” accordingly.

All six countries invited had already expressed an interest in joining. The BRICS group currently includes Brazil, Russia, India, China and South Africa.

“The membership will take effect from the first of January, 2024,” Ramaphosa said.

With a significant percent of the world’s economy in the BRICS, the petrodollar is doomed.  Welcome more Biden inflation as he destroys this country in every way imaginable. 

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