In a bold move away from the United States petrodollar, the United Arab Emirates has officially stopped trading oil in American dollars.
According to reports, the U.A.E.'s decision to switch away from using U.S. dollars in the oil trade marks a broader pivot among the BRICS economic alliance to transition to the use of local currencies for oil transactions.
The U.A.E. is now among the expanded group of BRICS nations, which includes Brazil, Russia, India, China, and South Africa, in addition to Saudi Arabia, Egypt, Ethiopia, and Argentina.
The global oil market has relied on the U.S. dollar as its main currency for a considerable amount of time. However, as more and more countries move away from useing it, this process of de-dollarization puts the United States in a continuously worsening economic position.
"This expansion signifies a growing inclination towards de-dollarization among these nations, a move that challenges the traditional hegemony of the U.S. dollar in international trade," reports Jai Hamid for Cryptopolitan. "The U.A.E.'s decision to prioritize local currency over the U.S. dollar in new oil deals is a clear reflection of this sentiment. This move isn't just a mere policy shift; it's a strategic maneuver in the complex chess game of global economics."
U.A.E. a global oil powerhouse
It may not seem all that siginificant to some, but this shift awya from the U.S. dollar is significant because the U.A.E. is a global oil powerhouse. Not only that, but together with the rest of the BRICS alliance, now expanded with six additional members, the U.A.E. is leading the world away from the U.S. dollar's position as the global reserve currency.
Should other nations follow the U.A.E.'s lead, this could lead to an eventual collapse of the U.S. dollar, a heavily manipulated fiat currency that the private Federal Reserve and its banking cartel partners print at will to fund war and other global endeavors.
The global landscape of currency dynamics in oil transactions is undergoing a significant shift, as evidenced by the U.A.E.'s pursuit of new trading partners beyond its traditional relationships.
The United States is losing its importance in global trade. Besides conflict, financial obligations, and acceptance of the LGBT community, the United States no longer generates significant value in terms of production. This trend is being acknowledged and addressed by other countries worldwide.
"The implications of adopting a new currency for international oil trade go beyond a simple exchange rate adjustment. It has the potential to fundamentally reshape the landscape of global economic power, with significant consequences for the U.S. dollar and potentially far-reaching impacts on the world's economy."
Up to 15 countries are on the U.A.E.'s list of new potential oil and gas deals, including China, Russia and Egypt-- all of which are members of BRICS and advocates of de-dollarization.
"This isn't just about diversifying trade; it's about making a statement on the global stage," Hamid adds. "The U.A.E. is not just following a trend-- it's setting one."
Chances are that de-dollarization, which is gaining momentum on the world stage, will not stop with oil. All global trade is likely to be affected by this shift away from U.S. economic dominance, and Americans need to take notice of what this could mean for their wallets.
The U.S. dollar is already rapidly becoming worthless due to constant dilution by the Fed. Add to that a global shift away from the U.S. dollar in trade and soon people will be carting around proverbial wheelbarrows full of paper funny money that will barely be enough to buy a loaf of bread once things hit the fan for real.
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