On June 9th, 2024, the world changed! The 50-year agreement between the United States and Saudi Arabia and the petrodollar officially came to an end. But why and what does the end of the petrodollar mean for the rising world order? Find out precisely what’s going on with the petrodollar and how it will affect us going forward.
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Are we seeing the revitalization of conservative civilization? All over the world has been a massive backlash against globalization, its leftist leadership, and its anti-cultural liberal values. And it's just the beginning. I'm Dr. Steve Turling. I believe the liberal globalist world is at its brink, and a new conservative age is rising. Join me every day as we examine these worldwide trends, discover answers to today's toughest challenges, and together learn to live in the present in life of even better things to cover. This is Turly Talks. Just the other day, June 9, 2024, the world changed. The 50-year agreement between the United States and Saudi Arabia and the Petrodollar officially came to an end. But why? And what does the end of the Petrodollar mean for the rising new political order? I'm Dr. Steve Turly, your Patreon professor. We're going to find out precisely what's going on with the Petrodollar and how it will affect us going forward. So make sure to like, comment, and subscribe, and let's dive right in. With the end of the gold standard in the 1970s, the United States struck a deal with Saudi Arabia to standardize oil prices according to the U.S. dollar. In many ways, this deal more than anything else elevated the U.S. dollar to the world's reserve currency since with dollars you could buy oil and gas directly without going through some kind of exchange rate. So that's what a Petrodollar in effect is. It's the pricing of oil according to the U.S. dollar rather than gold or some other currency. But since then, the world, of course, has gone through a dramatic restructuring. And nowhere was that restructuring more on display than in August of last year when 67 nations gathered together in the South African city of Johannesburg for the 15th annual BRICS summit. It turns out it was a summit like no other, the five foundational BRICS countries, Brazil, Russia, India, China, and South Africa announced that they were expanding the pact with the integration of six new nations into the fold. Saudi Arabia, Egypt, the UAE, Iran, Ethiopia, and Argentina. Now, as you can see from the map, BRICS literally overnight transformed into the single largest economic and political block on the planet. The global GDP purchasing power parity, the new BRICS plus, is now larger than the G7. BRICS controls nearly 40% of the world's GDP. And the block now encompasses nearly half of the world population. And among those were now the OPEC nations of Saudi Arabia, Iran, and the UAE. What this means is that BRICS plus literally overnight became an oil and gas superpower. According to info tech, BRICS now controls 39% of global oil exports, 46% of proven reserves, and 48% of all oil produced globally. One in every two barrels of oil produced on the planet comes from a BRICS member nation. Russian and Saudi Arabia alone account for a quarter of the world's oil production, and Russia and Iran hold the world's first and second largest gas reserves in the world, respectively. This is an economic and commodity dominance that was not even imaginable a few short years ago. So now with BRICS plus, we've got all the ingredients, as it were, of a new global political and economic order. Half the world's population, 40% of the world's GDP, and oil and gas exporting superpower. So with that kind of global infrastructure, what's the next obvious logical step? Well, we didn't have to wait long for it. At the heart of that August summit, Russian President Vladimir Putin called on all member nations to agree on a single settlement currency most likely backed by gold, as the primary means of challenging the U.S. dollar in this new political and economic order. And that's precisely what these nations have been doing. In the end, the UAE signed a trade agreement in July of last year that settles transactions in rupees, rather than dollars, which includes oil and gas. Saudi Arabia and China have also agreed to price some of Saudi Arabia's oil sales in the yuan, the Chinese currency, rather than dollars or euros, and a comparable deal was reached between Brazil and Saudi Arabia some months back as well. And so as you can see, as it turns out, the petrodollar has really been unraveling for quite some time now. But what does all of this mean for us? Well, first and foremost, we have to understand that the petrodollar, in many respects, was really at the heart of the U.S. dollar functioning as the world's reserve currency. And we're already beginning to see that status weighing. Take, for example, this headline in Forbes from just last week, the Fed quietly admits gold is replacing the dollar. And this is because, as we can see, more and more nations, particularly BRICS nations, are starting to turn away from the dollar as the world's reserve currency. And so it's no surprise that central banks around the world are ditching the dollar and gobbling up gold like never before. And that's why the price of gold is expected to continue to climb, because when all is said and done, more and more nations are turning back to the timeless value of gold and silver. You know, that's why we have as one of our wonderful friends and sponsors, the amazing company, Goldco, because they're patriots just like us who want to help you and guide you into getting into precious metals completely tax-free and penalty-free. And so if you click on that link below right now, you can actually get your very own absolutely free gold and silver kit. It's an amazing free resource that shows you step-by-step how to get into precious metals, even if your money's still in a retirement account, like an IRA or a 401(k). And again, just to show you how awesome the patriots at Goldco are, the best part here is you may actually already qualify to get up to $10,000 in free silver. So what are you waiting for? Get in on the action by clicking on that link below or going to turlytalkslikesgold.com and get your free gold and silver kit. It really promises to be a life-changer. But what does that ditching of the dollar in the end mean for us? Well, what we have to understand is that the petro dollar didn't just change the world. It actually changed our nation. For decades, nations buying and selling oil in U.S. dollars turned around and bought up U.S. treasury bonds. They didn't want to lose their dollars in the exchange process when it got turned back to their own currency. So the buying up of debt allowed our government to print up pretty much as much money as they wanted, because they could in effect distribute the dollars out to the rest of the world. Again, in the form either of U.S. treasuries or in the form of cash for them to continue to buy up oil. But what happens when the world doesn't need that cash anymore? What happens when they've largely stopped buying our bonds? Well, without the world using dollars and buying up our debt, that diffusing mechanism largely disappears. And we're seeing what happens in real time. With the printing up of more and more money, without being able to spread it out to the rest of the world, inevitably inflation rates go up. Once inflation rates go up, the Fed tries to make it more expensive to borrow money here at home in order to knock the inflation rate back down, which requires the raising of interest rates. Raising those rates has had an enormous stress in our banking industry, which over the last 15 years has invested in a booming bond market, assuming that low interest rates were the new norm. The sudden spike in our interest rates and the collapse of the bond market is one of the reasons we've witnessed the colossal financial collapses of Silvergate Bank, Silicon Valley Bank, and the New York-based signature bank. And it's not just the financial system. Higher interest rates at the banks means higher interest rates on credit cards, mortgages, car loans. And as you can see, day to day, we're living more and more in the midst of a cost of living crisis, where the prices of gas and groceries continue to surge. Now, there is some good news in all of this. With much of the world turning away from buying up U.S. bonds, our government is simply not going to be able to continue to print money so recklessly anymore. And without being able to print money recklessly, it's going to be harder and harder to send money overseas, like with the insane funding we've been seeing with Ukraine. It's equally going to be harder and harder to maintain the mass spending in general, which might mean that we might end up seeing our government have to begin to live within its means again. Also, the dollar remains very strong, far stronger than any other international currency, and promises to remain the go-to choice among international investors and their portfolios for the foreseeable future. And like we saw earlier, this changing world order is causing a boom in the gold market, such that real money based on commodity and real estate is finally returning as a central part of a growing number of Patriots financial strategies. So again, that's why you need to make sure to click on that link below and get your free gold and silver kit and join this new global economy that is ironically more and more returning to traditional economics. Here's your opportunity to tell big tech tyrants where they can stick it. Click on that link below and download our brand new cancel proof Turley Talks app and you can sign our special declaration of restoration. That's our petition to big tech that declares a new day is dawn. They are no longer in control and we are taking our nation back. We've already got over a thousand signatures of courageous Patriots and yours is next. Click on that link below or go to fight.turleytalks.com right now. Thanks so much for listening to this episode of the Turley Talks Podcast. Don't forget to subscribe, leave us a five star review and share this episode with your friends. Help us defeat the fake news media and rank us the number one news and commentary podcast all over the world. Come back again tomorrow for another episode celebrating the rise of a new conservative age. [Music]
