🌐 Fake news: Saudi petrodollar deal with U.S. ended this month
“There was also a 1974 agreement between Saudi Arabia and the United States. However, it did not require Saudi to use dollars for oil sales. Nor do any declassified records indicate an end date.
So, what was the 1974 treaty (https://www.bloomberg.com/news/features/2016-05-30/the-untold-story-behind-saudi-arabia-s-41-year-u-s-debt-secret) about? A simplistic summary is that the United States agreed to sell Saudi Arabia high tech weapons. In return, Saudi Arabia agreed to invest excess cash in Treasuries. At some point in the 80s the oil kingdom reportedly owned 30% of U.S. Treasury debt. Since then the United States’ national debt has ballooned and is currently just shy of $35 trillion.

(https://fiscaldata.treasury.gov/datasets/debt-to-the-penny/debt-to-the-penny) The official figure for the Saudi holdings in Treasuries is $136 billion, (https://ticdata.treasury.gov/resource-center/data-chart-center/tic/Documents/slt_table5.html) which is significantly less than 1% of the national debt.”

🔴 Well then, looky here. Someone else has bothered to do the work and found no existence of an ending to the Petro Dollar. There was a pact, based in weapons and defense. In return their monies would be recycled into treasuries. I will forward my research and information on this topic. While the rest of the world was screaming the end of an agreement, we here gave truth and facts on the matter.

🔗 https://www.ledgerinsights.com/fake-news-saudi-petrodollar-deal-with-u-s-ended-this-month/

🔴 THIS IS FROM THE GAO – WHICH GIVES A DETAILED ACCOUNT OF THE “AGREEMENT” BETWEEN SAUDI ARABIA AND THE USA 🔽 🔽 🔽

“The United States-Saudi Arabian Joint Commission on Economic Cooperation was formally established on June 8, 1974, by a Joint Statement issued by the U.S. Secretary of State and the Crown Prince and Deputy Prime Minister of Saudi Arabia. The Joint Statement expressed the countries’ desires to work together to promote Saudi programs of industrialization, trade, manpower training, agriculture, and science and technology.

Also, the U.S. Treasury Department and the Saudi Arabian Ministry of Finance and National Economy agreed to consider cooperation in the field of finance.” pg 11
“The Commission was established on the heels of the Arab oil embargo and price increases. The embargo emphasized that closer U.S.-Arab ties were needed. The oil price increases gave Saudi Arabia a substantial amount of petrodollars which could be used for development purposes. The Commission was perceived as an important mechanism for (1) fostering closer political ties between the two countries through economic cooperation, (2) assisting Saudi industrialization and development while recycling petro dollars, and (3) facilitating the flow to Saudi Arabia of American goods, services, and technology.” pg 12

🔗 https://www.gao.gov/assets/id-79-7.pdf
🔴 NOT SO SECRET DEALS ❓
✔️ Memo from Secretary Kissinger BEFORE the “Commission” was established – June 6th, 1974
🔗 LINK (https://www.fordlibrarymuseum.gov/library/document/0314/1552718.pdf) to Ford Library document:

“The term emerged in 1973 when the US agreed to offer armed protection to Saudi Arabia. It also provided weaponry and other military supplies in an agreement involving the overall sale of oil in US dollars. Moreover, Saudi Arabia would recycle the surplus dollars into the American economic system using US treasury bills and bonds. By 1975, all OPEC members embraced the petrocurrency arrangement and consented to oil export in US dollars.”

🔗 https://www.wallstreetmojo.com/petrodollar/#petrodollar-agreement-1973
“Just one month before in Washington, DC, President Nixon had signed a “milestone” deal with Saudi King Faisal bin Abdul-Aziz Al Saud, the first of its kind between the United States and an Arab nation. The pact created a government commission which would partner with the Kingdom on a range of initiatives, including economic development and defense cooperation.”

🔗 https://fai.online/wire/special-report-unpegging-the-petrodollar
“Oil exporters prefer the U.S. dollar because it is the pre-eminent global currency for global investments. That makes it the most convenient store of value for accumulated oil revenue, which needs to earn a rate of return to be useful.”

“An early example of petrodollar recycling is the 1974 deal between the U.S. and Saudi Arabia to funnel Saudi petrodollars into U.S. Treasuries.”
🔗 https://www.investopedia.com/terms/p/petrodollars.asp

“Three decades later, Saudi Arabia is by all technological measurements a fully modern country, and the Saudis no longer need the type of instructional input they were getting in 1979. JECOR went out of business, with no formal announcement by either country, at the end of Bill Clinton’s presidency.”
🔗 https://www.mei.edu/publications/cooperation-under-radar-us-saudi-arabian-joint-commission-economic-cooperation-jecor

🔴 So now the spin is that there are TWO contracts, and that one has ended. Again, this is incorrect. There is proof that JECOR indeed ended at the end of Clintons presidency, however, there was NO formal notice given by EITHER country. I included what can be found in the above post. But the fact of the matter is, is this, the petro-dollar will not be ending via an agreement ending. This will be a process that most won’t even notice, because they aren’t looking in the right areas. Everyone is fixated by a date, like the date rules the show. No, that is not how this works. This is a systematic disassembling of our financial systems. And that takes time. It will not be overnight. In my digging, I found an article that is an excellent read on the history of the Petro-dollar and how its been weaponized to benefit not only the US, but those OPEC nations as well. Why? Because of those recycled petro-dollars. And the vast wealth it brings Saudi Arabia and OPEC as a whole. But what people seem to miss is this – Russia themselves have been effectively ditching dollars for years. There is proof of this in removal of holdings Russia had of US Treasuries. In comes China, and their petro yuan, think about this, China prefers the yuan for payment, that’s their native currency. Why would they not prefer payment in their currency. Similar to Russia. They accept payment for oil in rubles or gold. That is their de-dollarization. China has followed suit. And eventually all the members of BRICS will be that way as well. It’s not about an agreement ending, it’s the REST of the world chipping away at its hegemony. With Russia and China leading the way.

🔗 https://www.linkedin.com/pulse/how-why-petrodollar-could-end-soon-harshad-shah-ltqaf
🔗 https://www.cfr.org/blog/did-russia-really-dump-its-us-debt

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