It appears that a new economic system which is totally independent of the west and the U.S. dollar is being born as we speak. The alliance of nations behind this system is BRICS, and Saudi Arabia is effectively joining this alliance. Much of the prosperity and opportunity we take for granted come from the fact that we have the world reserve currency. Anyone who wants to buy oil from Saudi Arabia needs USD, and our central bank is effectively able to create more of this currency out of thin air which makes it incredibly easy for American companies to acquire capital to pursue business ventures. The petrodollar system combined with fractional reserve banking have created a never ending stream of cheap capital flowing into American companies which has made it incredibly easy for these companies to succeed. With near zero or even negative real interest rates, companies and individuals are heavily incentivized to borrow, and they are discouraged from saving. Another feature of the petrodollar system is that America consumes far more than it produces which makes it a net drain on the world. Another feature of this system is that your wealth can be taken from you by the stroke of a pen (in addition to being inflated away overnight. We must remember why the petrodollar system was created in the first place. Saudi Arabia wanted military protection from the U.S. Now that Biden has taken office, the waning military dominance of the U.S. in the Middle East has never been more clear. The decades of frivolous wars with untold casualties and practically zero long term success (Afghanistan is ruled by the Taliban today despite all of our efforts) has shown the world that the BRICS system is most definitely better for Saudi Arabia long term. The real question is, will BRICS be able to successfully create an alternative to the petrodollar system? If not, why? If so, when and how? Please watch this video and tell me what you think. I’m looking for a serious debate, so please avoid logical fallacies and immature comments. All I ask for is intellectual honesty. I only know my narrow domain within tech, so I am hoping someone much smarter than me will be able to calm my nerves. https://youtu.be/VvaPYZzc4wc
Payment hasn’t been solved yet.
Russia is a petro state with an economy smaller than Italy
The size of their goods and services is much larger than the USD denominated fake economy metrics measured in US media.
But the petrodollar depends on petro states. If the largest petro states like OPEC+ (basically led by Saudi Arabia) all unite to form an alternative to the petrodollar, then the petrodollar along with U.S. hegemony is toast! Read my post. The large U.S. economy relies on the petrodollar system.
Op, did you already move all your money into Russian ruble? Why not?
Fair point. Full transparency, I’m not moving anything until I see a viable alternative. Not saying we are in danger of that existing today, but our children will not live under the petrodollar system if things continue the way they are going.
Our children will not live under petro-anything system. Oil trade would matter less than e.g. copper trade.
Huh Russian propagandists, weren't you guys kicked off fb
Come on, dude. OP's post deserves to be taken seriously. I'm genuinely a bit concerned after watching that video and actually giving it a chance.
We are the citizens of the 3rd Rome, it's just the Rome is currently US. And I fully support deploying our legions to sustain our lifestyle. Don't frankly care about Russia etc
Actually, OP is correct. The centralization forces over the last 2 decades are reversing into a decentralized multipolar world. See this thread to learn more: https://twitter.com/1markmoss/status/1600505233674801152?s=46&t=JD6yiVHNK5UT_X_xh5RI3A
Have you even been to Russia? Their food sucks and theyare all depressed. Not exactly the pillars you build an empire from. Thats not even getting into the rampant corruption and adidas wearing mafia-like business culture.
It isn’t just Russia, it’s BRICS and OPEC+ we’re talking about here. Saudi Arabia, Russia, and OPEC+ control a huge portion of the world’s oil supply.
Nope
Rolfmao…..indias trade surplus with the USA is 32 billion. And has a trade deficit of 22 billion with Russia.
Have you thought about the fact that the US has lots of weapons and the stupid populace? We can mobilize an army of Jethros to kill whoever at a moment’s notice. Russia has nukes but wars aren’t gonna be fought with those. The animals in charge want land and resources (natural and human). If you make the land so damn cancerous that you can’t get to oil reserves then it was a waste of an effort. Russia’s army is not strong. Ukraine is giving them hell so you can imagine what the US would do. There will be no change in the current system without blood being spilled. That is just a fact. If push comes to shove, the US will just take out anyone in the Saudi royal family that doesn’t want to play ball. The Saudis don’t have a strong army and most of it is made up of mercenaries and foreigners. They will keep things as they have been or get regime changed with the quickness. I for one am not willing to put my life on the line for the “prosperity” that is in the US. Most of that goes to the 1% anyway. I get scraps. I don’t throw my life on the line for scraps.
"There will be no change in the current system without blood being spilled. That is just a fact. If push comes to shove, the US will just take out anyone in the Saudi royal family that doesn’t want to play ball. The Saudis don’t have a strong army and most of it is made up of mercenaries and foreigners. They will keep things as they have been or get regime changed with the quickness." That sounds like a great way to kick off WW3, my guy, and you're not wrong.
But what if U.S. leaders are somehow in favor of the multipolar world order and are actively trying to make it happen? I’m not sure why they would want that, but they appear to be making every move to dissolve the current world order.
New York
Yesterday
810
Chicken Biryani now costs $20 🥲
2024 Presidential Election
Yesterday
695
If You’re Paying Attention, Biden Just Told Us How Democrats Plan to Rig & Steal 2024 Election.
Tech Industry
Yesterday
2307
I ruined my life
Tech Industry
Yesterday
1705
Woman’s offer rescinded due to pregnancy
Working Parents
Yesterday
683
Newborn born today, already struggling with sleep
Lol gtfo