Of all the terrible destructive things the Biden administration has done to the current and future prospects for the United States, I think nothing will play as powerfully in near time as whatever threats Biden made to Mohammed bin Salman in trying to force the kingdom to increase its oil production.
Saudi Arabia has been quite careful for over 50 years to stay on the good side of the US. MbS has been showing an inclination for carving out a more independent position, but I can think of no reason other than his taking extreme umbrage to whatever Biden said to him that would have caused him to immediately announce the cutting of oil production.
This apparently signaled to Xi Jinping that the time was ripe for China and Saudi to pursue a closer relationship, as Xi quickly scheduled what will be for him a highly unusual diplomatic visit in person to the seat of a prospective partner’s government.
Saudi’s long practice of selling it’s oil only in “Petrodollars,” and its plowing of many $Billions$ of its profits into US Treasury bonds and bills were essential factors in maintaining the US Dollar’s global reserve status, long after it became apparent to everyone paying attention that the US had accumulated more debt than it could ever repay without hyper-inflating the d0llar.
If, as is appearing more likely, Saudi should demand Chinese Yuan (renminbi), or the proposed “BRICS” currency for its oil, the d0llar’s reserves status will be threatened, perhaps mortally wounded.
I think this guy gets it (or maybe he thinks we get it.)
This is Opinin’, where you will find writing contributed by authors and readers ranging from idle musings to full editorials.
Use the Contribute page to send us your writing for consideration.