Will the End of the Petrodollar and the Rise of BRICS Spell Doom for the U.S. Dollar?
How to Prepare Your Finances For the Upcoming Global Tsunami
If you live in America, chances are you have not heard about the significant financial news that could prove to be incredibly devastating to the US Dollar, which took place over the weekend. There is a good reason for this, as the United States does not want to highlight this event and hopes to keep people in the dark for as long as possible. However, the sooner you understand what is happening globally, the better you can prepare for what is to come. In short, the hegemony of the US Dollar as the world’s reserve currency could be coming to an end, which could have catastrophic consequences for America.
The reasons for this are twofold: The End of the Petrodollar and the Rise of BRICS.
The End of the Petrodollar?
The term “petrodollar” refers to a system that has been in place for 50 years in which OPEC (Organization of the Petroleum Exporting Countries) would price the sale of oil exclusively in US Dollars. The need to transact with this currency ensured a constant demand worldwide for countries to hold substantial dollar reserves to pay for oil imports, so with trillions of dollars being transacted globally, this made it a must-have asset.
That 50 year agreement ended yesterday, June 9, 2024. It means that Saudi Arabia is now able to sell oil to countries in currencies other than the US Dollar. In other words, the United States has now been effectively relegated from integral player to bystander in perhaps the largest ongoing business transaction in the world.
That brings us to BRICS…
What is BRICS?
For many years, the United States has weaponized the Dollar to dictate global policy and punish its adversaries. As you can imagine, this eventually would have some ramifications. Finally enough of the victims of this reckless monetary policy had enough and wanted to take this absolute power out of a single country’s hands. That led to the creation of BRICS.
BRICS is an acronym that consists of five major economies who formed to build a credible challenger to the current global currency. The five initial participants were Brazil, Russia, India, China, and South Africa, but now more countries are looking to become part of this new alliance including Iran, Egypt, UAE, and more.
Now, with the ending of the American-Saudi petrodollar agreement, the door is open for BRICS to bring Saudi Arabia into the fold and begin to conduct oil sales using BRICS’ rumored gold-backed currency.
Not coincidentally, the BRICS Foreign Ministers Meeting was scheduled for June 10/11th. Interesting timing to say the least.
Enter Sandman?
Speaking of worst case scenarios, one popular conspiracy theory floating around highlights a mysterious event called “Project Sandman”. In this scenario, a supposed agreement is in place between over 100 nations that, when triggered, would see a simultaneous dump of the US Dollar and related-denominated assets in an effort to crash the currency and send an inevitable death blow to America. While this is unlikely to ever happen, the thought of it is frightening indeed.
How to Prepare Your Portfolio For Impending Doom
That does not mean you should sit on your hands and wait for the worst to arrive.
Even if Saudi Arabia continues to do some business in dollars going forward, the message should be clear to all, the days of the US Dollar as the global reserve currency are coming to an end. Whether it will be an avalanche that comes quickly or a slow erosion of the long-time global standard, the writing is now on the wall.
This is why you need to take steps right now to diversify your exposure to the US Dollar and have a mixed portfolio that contains things like:
Digital Currencies - Bitcoin is the obvious one, but promising international crypto projects like $TRIAS and $WTK make up a large part of my portfolio.
Precious Metals - The key ones to have are obviously Gold and Silver, but others like Platinum will be important too. You can find these through specialized dealers or even get quality metals from places like Costco or Amazon.
Real Estate - Land and physical assets always have value.
The importance of diversifying your portfolio cannot be understated as it mitigates risks and helps protect you in times of financial uncertainty.
As BRICS grows and the US Dollar fades, America will be left with several choices and none of them are pleasant. One will be printing more dollars, which will lead to hyperinflation. The other may be World War 3 in a gambit to maintain global supremacy. Whatever the case, it always pays to be prepared.
While the unwinding of the US Dollar is likely to take years if not decades to fully unravel, the sooner you accept the inevitable, the better you will be able to withstand the financial cataclysm that awaits.
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