This Man Will Kill The US Dollar
Channel: Hayden Schreier
Date: 2022-10-17

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THE EVOLUTION OF THE US DOLLAR:
It wasn’t until the 17th century where we saw the first development in banks and paper money. Goldsmiths in London developed facilities to store gold and silver deposits in safety. Which was a necessity to keep their gold from getting stolen. Eventually they started holding onto their clients gold for the same reasons. The goldsmiths created a system for maintaining a running account of each of their clients holdings. They also created a profitable business loaning out their clients gold, silver, and coins to the government and private customers. To meet the demands from borrowers, goldsmiths turned to paying interest on deposits and offering time deposits as well.

US GETS OFF THE GOLD STANDARD:
Under the Bretton Woods System, gold was the basis for the U.S. dollar and other currencies were pegged to the U.S. dollar’s value. The Bretton Woods System effectively came to an end in the early 1970s when President Richard M. Nixon announced that the US would no longer exchange gold for US currency.

BIRTH OF THE PETRODOLLAR:
The end of the gold standard gave birth to what is known as the petrodollar. The petrodollar which isn’t a physical thing, is how crude oil exports are calculated to the world. Saudi Arabia was quickly becoming the largest oil producer in the world at the time. Oil is what runs a country and its military. It’s the most valuable resource in the world. The US new it needed to get involved with Saudi Arabias oil before any other country did. In 1973, the petrodollar system was created through a deal between the US and Saudi Arabia. Saudi Arabia would only accept US dollars in exchange for oil and in return the US would supply them with military protection and billions of dollars worth of weapons. By 1975, Saudi imports of U.S. military equipment had risen from $300 million to more than $5 billion.

SAUDI ARABIA MAY SWITCH TO THE YUAN:
Mohammed bin Salman initially put forth a public image as a reformer, liberalizing the country's policies on women's rights and criminal justice. However, the 2018 assassination of a reporter has been catastrophic for both the prince's reputation and relations with the US. The rift intensified after our President made negative comments about it. On top of that, The Saudis are even more angry over the U.S.’s lack of support for their intervention in the Yemen civil war, which is the worlds largest humanitarian crisis by the way.  They are also mad over the Biden administration’s attempt to strike a deal with Iran over its nuclear program. Saudi officials have said they were even shocked by the U.S. withdrawal from Afghanistan last year. 

In potential retaliation, Saudi Arabia has decided to cut oil production. Pulling 2 million barrels of oil a day out of the open market. This conflict between the US and Saudi Arabia, gave China the perfect opportunity to weasel in a stronger relationship with the Saudis. If Saudi Arabia were to accept Chinas currency as the new petrodollar, The US dollar would weaken and could even get overthrown by the yuan as the world currency. 



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