At midnight on June 9, 2024, the longstanding partnership officially came to an end, allowing Saudi Arabia to start selling oil and other goods in non-U.S. dollar currencies such as the Chinese renminbi and yen, the euro, and digital cryptocurrencies such as bitcoin.
Hastening the global shift away from the U.S. dollar, the expiration of the Saudi Arabia petrodollar contract, which was originally signed on June 8, 1974, is sure to send major shockwaves throughout the global financial system. Technically first established in 1972, the petrodollar system came to be after the U.S., controlled by the private Federal Reserve banking cartel, decoupled the U.S. dollar from gold backing.
The subsequent 1974 agreement between the U.S. and Saudi Arabia basically added new backing to FRNs, which are little more than Monopoly-like money that is printed at will and backed by absolutely nothing besides illusion and deception.
Another purpose for the petrodollar agreement with Saudi Arabia was to motivate the Middle Eastern country to ramp up its oil production while cooperating with other nations to trade for oil using the U.S. dollar, which is no longer the case.
(Related: The Moscow stock exchange [MOEX] in Russia just suspended all trading in dollars and euros in response to increased provocation by war-hungry West.)
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Saudi Arabia announces Project mBridge, a new multicentral bank CBDC platform
Instead of renewing the petrodollar agreement with the U.S., Saudi Arabia has instead decided to roll out what it calls Project mBridge, a multicentral bank digital currency (CBDC) platform that involves both central and commercial banks working together to facilitate trade without the petrodollar.
"The CBDC is built on a distributed ledger technology for instant cross-border payment settlements and foreign exchange transactions," reported Newsmax.
It turns out that the Federal Reserve is fully on board with this transition away from the petrodollar into a new CBDC paradigm. This is a controlled demolition of the existing world order, in other words – much like 9/11, this was all planned for such a time as this.
Currently, more than 26 nations are members of mBridge, including the following:
Federal Reserve Bank of New York
International Monetary Fund
World Bank
European Central Bank
Reserve Bank of Australia
Bank of Israel
Bank of France
Central Bank of Bahrain
Central Bank of Egypt
Central Bank of Jordan
Bank of Namibia
South African Reserve Bank
The following five financial institutions are credited with spearheading Project mBridge, collaboration for which began in 2021 while the world was being distracted by the Wuhan coronavirus (COVID-19) "pandemic," which was merely a cover for these dirty deeds of darkness happening in secret:
BIS Innovation Hub
Bank of Thailand
Central Bank of the United Arab Emirates
Digital Currency Institute of the People's Bank of China
Hong Kong Monetary Authority
"Instead of being based on gold like it was in the 1970s, the U.S. dollar is now based on oil price," one commenter wrote about these developments. "When the excess oil dollars hit the market, they will be worth less, which is just like printing more dollars – so the value of the dollar will crash, hence more inflation."
"A few economists have warned us about this and now it's come to bear."
Another wrote that over the past 20 years, the U.S. government has printed and spent 30 trillion "fake dollars," believing that their financial crimes will never catch up with them.
"Some of you remember the high prices and long lines in the '70s – well, looks like we may go through this again," wrote another.
Once the petrodollar is no more, so goes the U.S. dollar. Find out more at Collapse.news.
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