“The heaven which is over your head shall be bronze, and the earth which is under you, iron.” Psalm 136:1 (NASB95).
My name is Abraham Hamilton, III and this is The Hamilton Minute.
Thanks to Biden, Saudi Arabia has announced they will no longer require oil sales to be transacted in U.S. dollars. This arrangement was previously described as the petrodollar agreement.
Utilization of the petrodollar was a major impetus for nations to use U.S. dollars as the world’s reserve currency. Considering the ubiquitous need for oil around the world, it forced nations to purchase significant amounts of U.S. dollars to transact business internationally.
The petrodollar agreement also required the Saudis to purchase U.S. treasuries.
The end of the petrodollar agreement weakens America’s dominance on the world stage.
