With the end of the 50 year Petrodollar Agreement and value of the dollar set to collapse, are you taking any action?

[Goahead76]

So, the 50 year Petrodollar agreement between the US and Saudi Arabia ended a few days ago. The main support structure essentially for the US dollar's value and dominance has been yanked out. I'm throwing every spare dollar I've got into precious metals. Anybody else taking action on this? Buying food storage for example?

Updates

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Like going from a 10 to a 6 in one day. This will likely be the most monumental reduction in US power in our lifetime.

[Jersey2]

Renewables would have taken a heavy toll on petrodollars eventually as the use of oil declines.

This will have significant longterm impacts for the US though with higher inflation and impacts to US Bonds.

The precious metals you mention will go up in value but crypto will clip its wings though as it will take off… but which ones will be successful is the key, including new cryptos coming out.

You could also take half of your money and put it into equal portions of foreign bonds and foreign stock on foreign stock exchanges.

[NamerOfStars]

Unless those precious metals are lead and brass, you're not likely to see much positive return. The last time a country tried to back out of backing dollar-based oil hegemony, they got bombed into the ground and taken over by whackadoo Islamists that even the Kharijites would've told to cool it; there will either be a renegotiated deal, or a war.

[Goahead76]

I'm not sure that's possible anymore. The rest of the world is lining up to join BRICS, I forget how many now but it's a bunch. Almost every economist I've heard on it says when BRICS is up and running full steam it'll be the most massive wealth transfer in history. As in out of the US.

[NamerOfStars]

Oh, it is. It won't be clean, and it won't be polite- whether it comes when BRICS' long-term prospects are much worse than the US', or whether it's more like "deal" Roosevelt negotiated with newly-independent Panama, it'll be ugly- but it'll happen.

[Goahead76]

I'm not sure how there could be any kind of deal. The US has managed to alienate much of the planet, the US and France have recently been thrown out of Africa, the middle east is watching us support a genocide in Gaza, Biden specifically said some really nasty things about Mohammed Bin Salman. We're at war with Russia and talking about war with China. What could they possibly want from us other than for us to go away and never be heard from again? We have zero leverage. The next step is for NATO to start falling apart when Turkey leaves NATO and joins BRICS.

[NamerOfStars]

You've been reading too many spy novels.

[Goahead76]

I just pay attention to what's going on and what world leaders are saying & doing. I think we're going to see a cascading series of events soon though, the dollar dethroned has already happened, then NATO falls apart when Turkey exits, possibly a much larger war in the middle east when Israel attacks Hezbollah. I don't know how Israel survives that unless they use nukes which I almost think they're crazy enough to do. So yeah.. interesting times.

[Anonymous]

Saudi arabia is finally done with the world criminals!!! Let's go!

[QuietRunner]

@Anonymous
Now Saudi Arabia aligns itself with the benign, caring, and loving China.

[Opinion Owner]

@QuietRunner either way, bye to USA!

[QuietRunner]

It will be a mistake to enjoy the decline of the USA. I"m sure the citizens of Hong Kong believed they were going to live in a free city for much longer.

[Opinion Owner]

@QuietRunner I hate USA more then I hate China. But wait, usa will do something, they sure planning something nasty. Corrupt government 🙄

[QuietRunner]

With electric cars you don't need oil from Saudi Arabia. China must keep the oil flowing then

[Opinion Owner]

@QuietRunner don't worry America will not sit down to watch this. War criminals always have plans.

[Goahead76]

@QuietRunner. The problem is, the entire reason for the war in Ukraine is because Ukraine, particularly eastern Ukraine sits on top of 10-12 trillion dollars worth of mineral resources, stuff like lithium, cobalt, iron ore. An absolute gold mine for all the stuff needed to make all the electric cars, and the US decided to pounce on it. Unfortunately it also sits on Russia's doorstep, and they're saying "get off our doorstep and get out of our yard", and so far NATO has gotten its ass kicked in Ukraine, and Putin is foreclosing this electric car fantasy since we just won't be able to make them much longer, and Saudi Arabia has given us the biggest middle finger "fuck you" possible.

[Anonymous]

I feel bad for Saudi Arabia, for what is about to befall of the house of Saud. Go against the US government and they turn your country into a graveyard just ask Syria, Afghanistan, Iraq, Libya, Venezuela, Somalia, iran

[SotiCoto]

So is America going to nuke Saudi Arabia yet? If not, why not?

[Goahead76]

Why would we nuke Saudi Arabia?

[Anonymous]

Take your tinfoil hat off.

[Goahead76]

I am guessing you're in the "no action" category then.