China’s Explosive Call To DROP U.S. Dollar! No More Petrodollar?

The implications of China buying oil from Saudi Arabia with yuan instead of US dollars could have far-reaching effects on the global economy and geopolitics.

China is one of the world's largest crude oil importers, and it bought over $44 billion worth of crude oil from Saudi Arabia in 2021. This shift to yuan-based payments would reduce the reliance of both countries on the US dollar, and would also reduce the influence of the US in their bilateral trade.

The political tensions between China and the US are already high, and this move could potentially further complicate their already strained relationship. China's decision to buy oil from Saudi Arabia with the yuan could be seen as a way of circumventing US economic sanctions, which could increase the tensions between the two countries.

"The move is a sign of the increasingly close ties between China and Saudi Arabia, and a deepening of our commitment to the yuan-based trading system," said Wang Yi, Chinese Foreign Minister.

If layoffs rise, unemployment rises, people take on 2 or 3 part time jobs, real estate values decline, all while inflation is high and interest rates go up, it is likely to create a negative cycle in the economy. As people become unemployed, they will have less money to spend, which will reduce consumption. This reduced consumption can lead to further job losses, as employers are forced to cut back on production.

The reduced consumption and job losses can also lead to a decline in real estate values, as people have less money to spend on housing. Additionally, high inflation and interest rates can lead to increased costs for businesses, which can lead to further job losses and reduced consumption.

TOPICS AND TIMESTAMPS:
China Calls For USD End 0:00
Economic Crisis 9:46
What Are People Doing? 15:07

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