Saudi Arabia's Consideration of Selling Its Oil in Other Currency

The stability of the US dollar in allowing the United States to maintain these massive current account deficits over many decades is precisely because of the petrodollar system. So that's why today I wanted to talk about this very interesting development where Saudi Arabia is considering potentially selling its oil in other currencies. That's why Washington is demanding that Riyadh not price its oil in Chinese Yuan as part of negotiations ostensibly over Israel, not China. But as we see, we're in a new Cold War and pretty much everything the US does today is all aimed at trying to weaken China. Welcome to Cold War two.