There are couble problems here. The first problem is south urabia, bahrain, cotar coat and thea five countries, all of them, their currencies are back to the dollar at certain exchange rates. And they benefit from that. Why shoot themselves in the foot by getting rid of the dollar, lowering it and lowering their currencies,. because their inflation will go up. So they need to debeg first, and that will take like structural changes in the economy to do that. I don't think they are wlling to do that before 20 third. But there are other issues too to this. Because the only way the saudis will benefit from getting revenues
MacroVoices Erik Townsend and Patrick Ceresna welcome Dr. Anas Alhajji to the show to discuss the role of the petrodollar system and what the implications would be if other nations settled oil trades in currencies other than the USD. They also discuss the Russian crude price cap proposal and why it can’t possibly work. https://bit.ly/3QDd8IU
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