Lee Camp told you a “secret” concerning the PETRODOLLAR but let me tell you another one concerning the PETROYUAN
Not everyone but many informed people know that the US economy is based on the petrodollar since 1973.
On Sunday August 15, 1971, former US President Richard Nixon (1913-1994 & 37th POTUS serving from 1969 to 1974) made the announcement on TV ending the convertibility linking the USD and gold. The US ruling class was then looking for something else than gold to buttress the USD. Henry Kissinger (1923-2023) managed to convince in 1973 King Faisal (1906-1975, King of Saudi Arabia from 1964 to his assassination in 1975) for having decided to only accept the USD in exchange for the Saudi oil. The Petrodollar was born.
As a reward for their compliance, the Saudis were allowed to quadruple the price of oil overnight. Combined with the October 1973 Oil Embargo because of the Fourth Arab-Israeli War aka the Yom Kippur War (6-25 October 1973), it produced the so-called 1973 Oil Crisis aka the 1973 Oil Shock.
It means that the US economy and the US dollar since then (the last 51 years) absolutely needs as much fossil fuels to be bought and sold around the globe in US currency as possible all the time. That’s how the USD has power and is relatively stable because everyone needs oil for their respective economies.
Lee Camp in the video rightly mentioned that cheap and high quality Electrical Vehicles (EV), efficient solar panels and high-tech batteries would hamper the sales of oil in USD but I want to add, not only that.
The Petroyuan was created 6 years ago at The Shanghai Stock Exchange on Monday March 26, 2018.
The importance of the Petroyuan is slowly but relentlessly expanding. China is paying Russian, also Central Asian States oil and gas in Chinese currency, the renminbi (RMB) aka the Chinese Yuan (CN¥). Same with Saudi Arabia, the Gulf Monarchies and Iraq thanks to bilateral currency swaps. It doesn’t mean that the West Asian oil rich countries are denominating the price of oil in renminbi for now. But the bilateral currency swaps allow escaping the USD. With Iran, it’s a mix of the Chinese currency and for now, essentially barter (Chinese goods in exchange for Iranian oil and gas).
This combined with the irreversible trend of global commerce in local currencies thus escaping the grip of the USD and the utterly stupid unilateral sanctions coming from a desperate US imperialism with staggeringly leviathan-esque blowbacks.
US imperialism is the raw and brutal result obvious for everyone to watch, coming from the multi-layered maneuvers of a nefarious group I call the KFC-AZAEL’s smug dotards. The KFC-AZAEL being the Kakistocratic Feudal Conglomerate of the Anglo-Zio-American EstabLishment.
Lee Camp’s video below :
Sean Foo’s video on **Saudi-US Mega Deal Falls Apart, China Achieves Global Shipbuilding Dominance** below :
China’s shipbuilding capacity 230 times the US’ one :
An old video from 2018 having garnered more than 8.5 million views on the Belt & Road Initiative (BRI), global promethean project intimately related to the irreversible trend in the expansion of global commerce in local currencies combined with infrastructural development, mutual respect in international dealings and economic growth offered to all on Earth :
Dr David Oualaalou on the China-Saudi currency swap :