De dollarization a nightmare for global power elite.

"First and foremost, the weakening of the U.S. dollar would begin if Saudi Arabia accepted local currencies for oil trade. If Saudi Arabia demands that other countries pay in local currencies only, then demand for the U.S. dollar would dip drastically. The move could lead to the dollar facing a depreciation in the international forex and currency markets. A weak dollar would make imported goods more expensive in the United States and potentially impact the overall U.S. economy.

Secondly, other nations will begin to diversify their reserves and accumulate other currencies apart from the U.S. dollar. The development would increase demand for other local currencies and put them in direct competition with the dollar. Central Banks around the world will keep reserves of all currencies and commodities like gold, making the USD dip.

Thirdly, and in conclusion, Saudi Arabia might not make such a decision as their currency, the Riyal, is pegged to the U.S. dollar. Therefore, if the dollar dips, the Saudi economy could face implications that could hamper the kingdom’s wealth and local currency."

SOURCE:

https://watcher.guru/news/brics-what-happens-saudi-arabia-stops-accepting-us-dollar-for-oil

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