Petrodollar Endgame Moves Even Closer
The UAE just stopped transacting oil in U.S. dollars. BRICS now controls most of the world's nuclear arsenals, oil and precious metals & rare earth minerals. It's time to wake up.
I'll be the first to admit that two of the main themes on this blog – the United States' sovereign debt crisis and the deterioration of the petrodollar – have been extraordinarily slow-moving theses.
In both cases, there have been developments that stand at odds with my contentions. For example, US stock indices continue to move higher, despite our economy grinding to a halt, and the BRIC nations have not developed and put forth their own reserve currency to combat the dollar, as I have suggested may happen. They also haven't backed any of their sovereign currencies with gold, as I have also suggested. While the timing hasn't proven me right as quickly as I would like, it doesn’t mean that things aren't ticking forward for both of these forthcoming realities.
And, in the case of the death of the petrodollar, there was a huge development in late November that was under-reported and unnoticed by the market.