Posted 11/6/2023, 8:31:43 AM
Saudi Arabia May Drop Dollar for Oil Trades, Triggering Potential Crisis for US Economy
- Saudi Arabia considering dropping US dollar for oil trade, which would strengthen BRICS currencies
- Move could lead other countries to also ditch dollar and accept local currencies for oil payments
- Trillions in US dollars could flow back to America if Saudi Arabia drops dollar, causing inflation
- US would struggle to fund deficit if countries sell treasury bonds to buy oil in local currencies
- Multiple sectors in US could be impacted if BRICS fully stops using dollar, potentially causing hyperinflation