The End of the Dollar as the World's Reserve Currency? What They Said Could Never Happen....

I like Andy Schectman and I also like Kitco News. Here, Andy is interviewed by Michelle Makori. The Petrodollar deal which Kissinger made with Saudi Arabia is discussed, along with Nixon’s departure from gold-backing and the world’s current moving away from the dollar. There’s a one-hour video and a short article…

End of the Petrodollar?

Excerpts from the article:

Saudi Arabia reportedly let the 50-year petro-dollar agreement expire on June 9th, opting to sell oil in multiple currencies instead of exclusively using the U.S. dollar. Andy Schectman, President and Owner of Miles Franklin Precious Metals, warns that if the "petro" is taken from the "dollar," the U.S. currency will be backed by "nothing," which could trigger "catastrophic" consequences…

The foundation of the petrodollar system lies in a 1974 agreement between Saudi Arabia and the United States. Under this deal, Saudi Arabia agreed to recycle its petrodollars into U.S. Treasuries in exchange for a security guarantee from the U.S., creating a strategic alliance that has significantly influenced global politics for decades. By 1975, all OPEC members had agreed to price oil in dollars and invest in U.S. government debt…  

If the U.S. dollar is no longer the primary payment option for oil, Schectman foresees a massive spike in interest rates as one of the consequences, with the situation getting quite chaotic for the U.S.

“If this happened all at once, it would be catastrophic. It would be chaotic because the natural reaction of the dollar being dumped globally is hyperinflation. It would hit our shores in a tsunami of inflation,” Schectman said. “The dollar would collapse, the stock market would collapse, the bond market would collapse, the banking system would collapse, the insurance companies would collapse. Everything. This is the great reset.”

…The move away from using the U.S. dollar in international trade transactions is not new, but it has been accelerating…

+++ Good Friday & A World in Crisis +++

Then the Jews, (because it was the parasceve,) that the bodies might not remain on the cross on the sabbath day, (for that was a great sabbath day,) besought Pilate that their legs might be broken, and that they might be taken away. The soldiers therefore came; and they broke the legs of the first, and of the other that was crucified with him. But after they were come to Jesus, when they saw that he was already dead, they did not break his legs.

John 19:31

The 2 thieves died when their legs were broken because the legs support the body, so when the supports fail, death is hastened. When looking outside our windows, does this look familiar? What are the supports of a functional society? Here are a few, varying in importance, some dependent on others…

Relationship with God Freedom Morality Human Identity as Created by God Peace Honesty Honor Prosperity Access to Resources Sanctity of Life Bodily Autonomy Law Safety Reason Respect for God’s Earth Upholding the Vulnerable Cooperation Equality Free Market Limited Government Self-Defense Dignity & Civility Subsidiarity Self-Reliance Restraint of Technology Checks & Balances Support of Family Cultural Identity

For those who do not have their heads in the clouds, it is easy to see how these structural supports have been systematically attacked. Supposedly because of a 99% survival-rate virus, we have seen the erosion of freedom of speech, travel, bodily autonomy (including the very right to breathe, which square foot you are allowed to stand on and hugging a friend in public), worship, business, celebration of life events, parental rights, peaceful protest, financial rights, walking in a park and the list actually goes on. Looking at the above, how many things would you say are left?

The banking crisis the West now faces, is one example of a demolition which is further weakening the complex system we rely on. As Chris Martenson says, economy, energy and environment (“The Three E’s”) are inextricably linked. Throw in geopolitics and a history of making money out of thin air, and you get to where we are now. Martenson also makes the important point that we are seeing the general breakdown of “social contracts.”

Another expert, Robert Kiyosaki, explains the complexity of this situation with his colleague, Andy Schectman, in the video below. They explain the problems of selective bailouts, nations moving away from the dollar and an unprepared population. Pillars that we have long relied upon are now crumbling…

is it over for the us dollar?

The world is breaking the same way the legs of the 2 thieves were broken. When you destroy the foundational supports, the body falls. But there was One also crucified, in their midst. One Who could not be broken. Set apart. Human, yet Divine. The world must remember its Redeemer. We must return to Him and rely on His strength, because He can never fail. Though He was beaten and tortured, His core stood unbreakable. Though Holy Church suffers scandals and great distress, the gates of Hell cannot prevail against her. Her core is unshakable, her teachings immovable.

No matter what the coming days will hold, we must remain true to faith, hope and love. We stand on Christ. We know that our King will triumph, for He has already conquered from the Cross…and Risen! Alleluia!