Czech Republic to Seize All Russian People’s Assets


Armstrong Economics Blog/Uncategorized Re-Posted Mar 25, 2022 by Martin Armstrong

Leading Czech politicians are calling for all property within the Czech Republic of all Russians to be indefinitely ‘frozen’ in violation of international law. The onus would be on the victims to “prove” that they are against the Putin regime. There are about 40,000 Russians living in the Czech Republic, plus others who have property or businesses there.

The EU is increasing being viewed as an evil, lawless, government. However, the Eastern European EU members are now even worse than the Western ones. They seem to go further violating international law trying to prove to the West that they are good little obedient vassals. Fischer is violating every principle of what the EU was supposed to stand for – human rights. The Czech Republic has clearly begun a new cycle which began with the COVID  Crash.

Clueless Celebrities Attempt to Worsen Energy Crisis


Armstrong Economics Blog/Climate Re-Posted Mar 21, 2022 by Martin Armstrong

City National Bank is considered Hollywood’s “bank to the stars” and was acquired by the Royal Bank of Canada (RBC) in 2015. A group of over 65 clueless celebrities thirsting for attention are attempting to create a movement called “No Dirty Banks” to dissuade the RBC from investing in fossil fuels – period.

Their message is as follows:

As Canada’s #1 fossil fuel bank, and the fifth largest in the world, RBC is deeply implicated in the Canadian tar sands – one of the most toxic sources of oil on the planet, that has devastated Indigenous lands, and destroyed pristine boreal forest.

Though RBC claims to be a leader in climate-conscious banking, since acquiring CNB in 2015 RBC has spent over $160 billion, making it one of the world’s most aggressive financiers of the tar sands and fossil fuel extraction.

RBC and CNB must stop funding fossil fuel projects, especially fracking and tar sands. At the source of extraction, Alberta tar sands exacerbate the climate crisis, and are why Canada is unable to meet its international climate commitments.

Between the signing of the 2015 Paris Agreement and the end of 2020, the world’s 60 biggest banks, including RBC, financed fossil fuels to the tune of $3.8 trillion. Fossil fuel funding fuels climate chaos and threatens the lives and livelihoods of millions.

Bankrolling Coastal GasLink is just the latest example of RBC covering up their role in violating Indigenous rights, not upholding free, prior and informed consent as outlined in UNDRIP, and making the climate crisis worse.

These celebrities are known to live lavish lifestyles and are frequently spotted on private jets and yachts. They live in massive homes and drive numerous cars. The self-declared elite wants the peasants to curb their energy usage while they continue to consume far more than the average taxpayer. These people have no idea the implications of reducing funding for fracking and a pipeline amid a serious energy crisis. The average person feels the burden at the pump or while paying their monthly utilities, while the liberal Hollywood puppets do not. This is another example of the liberal stronghold on Hollywood as publicists continually ask their “stars” to promote the Build Back Better agenda in a twisted attempt to seem empathetic.

Ukraine & 911


Armstrong Economics Blog/Politics Re-Posted Aug 7, 2019 by Martin Armstrong

QUESTION: I have the deepest and highest respect for your work and your sources.If it was not the CIA orchestrating the Ukraine events who could all the Billions Obama and Nuland spent there have been going to and being used for??Nuland stating USA behind regime change on camera. Chevron Oil sign indicative?

UD

ANSWER: The Ukraine Revolution and 911 have a common thread. In both cases, they were instigated by non-CIA type parties. Yanukovich himself inspired the revolution when he passed a bill in parliament with a quick show of hands by his communist loyal MPs contrary to the usual system of electronic voting.

Yanukovich outlawed unauthorized tents in public areas as well as erecting stages or amplifiers in public places. Those who violate the law now face a hefty fine or detention. In addition, he outlawed more than five vehicles in “Automaidan” motorcades which prompted people to display signs I am the 5th car – do not follow.

He then outlawed free speech making it a criminal act to slander any government official, including himself. The penalty was one year of hard labor in prison.

This is what caused the uprising. The Western powers could not have pulled that off. Then Yanukovich brought in Russians for his police from the East and that resulted in the Western Ukrainian police supporting the people.

The US THREATENED the people who were NOT satisfied over the politicians who then stepped up to seize power for they were still part of the same system who claimed to see the light. Without those punitive actions by Yanukovich, the people would not have risen up in such mass. The CIA was not capable of getting Yanukovich to act so irrationally.

In the case of 911, the first World Trade Center bombers drew the twin towers with planes flying into them on the wall of their cell in Manhattan’s MCC.

In both cases, the government did not instigate the events, but they stepped in a used them for political advantage. I really do not care what they may think they did, I was actually advising the people in Ukraine, not the government politicians.

Bloomberg Has Inflation Advice for Proles Making Less Than $300k a Year – Shut Up, Eat Lentils, Ride the Bus and Kill Your Pets


Posted originally on the conservative tree house on March 19, 2022 | Sundance

You might wonder what the ruling class thinks of how inflation is hitting middle America.   For insight into their perspective, Bloomberg News just published some suggestions for all the unwashed masses – as defined as those who don’t earn $300,000 per year.

The advice includes, shut up about the price of food, and eat lentils instead of meat. Quit bitching about gasoline prices, and just ride the bus, and the coup de grâce, “If you’re one of the many Americans who became a new pet owner during the pandemic, you might want to rethink those costly pet medical needs.”

Yeah, they said that.  Us pesky proles and our pets are just mucking up the planet for the rest of them.

Tweet Source Link – Article Link ]

The ‘inflation sucks, but that’s your issue, not ours’ article is authored by Teresa Ghilarducci.  According to her self-described bio, she “is the Schwartz Professor of Economics at the New School for Social Research. She’s the co-author of “Rescuing Retirement” and a member of the board of directors of the Economic Policy Institute.”

So, the think-tank economists who shape policy have a solution for all the complaining scrubs earning less than $300,000/yr who are now dealing with the inflation that leftist policy has created.  The elitist arrogance, in the “no one said this would be fun” approach, is quite remarkable.  However, it does show the snob-set no longer feel the need to filter their elitism.

The class gap has always existed, and whenever leftist policies are in place, that gap gets wider every second.

It would appear that somewhere in the recesses of Ms. Ghilarducci’s frontal cortex, she has snuffed out the glowing ember of the common sense particle given by her parents.  In the brain of the Bloomberg author, the synapse for the common sense particle was pinched between the ‘Smarter than thou tumor‘ and the expanding grey brain matter of moral relativity needed to sit and type this bulls**t.

Within her diatribe, you can see the author is lacking a guilt hypothalamus, which removes any feeling of being uncomfortable in her elitist pontifications. She types away, without a clue, as the party groupthink metastasizes in her brain.

The working class really, I mean REALLY, needs to stop servicing the group who hold this mentality.  I’ve said this before and I’ll repeat it again. Don’t do their shopping, don’t make them coffee, don’t pick up their trash, don’t clean their pools, cook their meals, accept their laundry or dry cleaning, or facilitate any process in their lives.

Don’t serve them, don’t wait on them, don’t deliver to them; instead, make them do everything themselves, and you know what will happen – they’ll collapse.

If U.S. Intelligence Will Lie So Easily About Anything, Why Would We Believe Them About Ukraine?


Posted originally on the conservative tree house on March 19, 2022 | Sundance

Why would we believe anything from them about Ukraine?

(New York Post) […] “There have been no consequences. Twitter and Facebook still censor information based on political bias, and Congress takes no action. Many of the letter signers continue to be used as “experts” by the media.” (read more)

When we wrote about the media effort in 2018 {Go Deep}, specifically the collusion between the intelligence and national security agencies of the United States government, I asked the question, “Do we really think such a catastrophic level of corrupted journalism could reconstitute into genuine reporting of fact-based information?”  The answer then, as now, is the same, NO.  Indeed, it has only gotten worse in the past four years.

For the past several days, I have been highlighting a simple question on social media about something missing in the Ukraine story.

Where are the social media posts, from Ukraine citizens, that would support the narrative, as it is being told by Western media, about events happening in Ukraine?

Seemingly, Ukraine is the only conflict in modern human history where a pop culture society of more than 40 million technologically connected people decided not to document every moment of it on social media.

Considering the scale and scope of the conflict, and considering the Ukraine population of more than 40 million is far larger than Canada, and considering that population is located in a country the size of Texas, and considering they are a western technologically connected society with tens of millions of cell phones, we should be seeing a great deal of footage, pictures and images from ordinary Ukrainian citizens.  However, we don’t. Why?

I’m not talking about the professional war social media accounts, and/or military-centric accounts, which, to be fair do have lots of images and footage of Russian and Ukrainian conflicts.  I’m talking about the ordinary man/woman in the major population centers, who under normal circumstances would be generating tens-of-thousands of social media posts to Facebook, Twitter, Instagram, Telegram, YouTube, etc.

Western media are telling us that Russia is randomly shelling, bombing and targeting all of these civilian targets in urban areas.  Yet, there’s nothing visible.  Almost everything you see is from Eastern Ukraine where a civil war has been ongoing for over a decade.

Whatever is happening in the rest of Ukraine is the least documented conflict in modern social media.  It just seems odd.  It’s as if there is a massive disconnect between the portrayal of western media, in comparison to the actual reality inside Ukraine.

(CNN Portugal) – [TRANSLATED] – Ukraine has opened the barracks to foreign fighters, who join an army that has to adapt those who have not been trained there. Some are Portuguese, “fighters in quotation marks”, as the government of the government Portuguese. Among these Portuguese there are former commandos, ex-paratroopers – and a 29-year-old mechanic, who spent 15 days at the Yavoriv military base, was bombed and left for not giving him weapons. I’ve never taken one before. It is the first account of a Portuguese about how the fighting lived at the military base and why he gave up fighting.

We call it n.s. The 29-year-old Portuguese mechanic had never taken a weapon of war in his life, but it was in the first waves of foreigners joining the Ukrainian military in the so-called international legion. He entered the Yavoriv military base on March 1. He left two weeks later – after the heavy Russian bombardments on this city of Ukraine, which caught him with the Ukrainians but unarmed.

N.S.’s account serves to realize an ongoing history in the war in Ukraine, which opened the borders, doors, barracks and arms to foreign fighters. Many continue to arrive, “knock on the door” at the border and say they want to fight. The first ones entered soon, now there are those who have signed up and are in hotels waiting to be called.

The international legion is seen with reservations by many experts and even governments – such as Portuguese – because there is everything: professionals and amateurs, mercenaries and volunteers, ex-military and people with no experience, who receive quick formations and weapons to hand.

They are “fighters in quotes”, so called them two days ago the Minister of Foreign Affairs, Augusto Santos Silva, without hiding their reservations. Portugal “does not agree with these procedures” of people, he stressed. “We understand that this is not the most effective way to support Ukrainians in their right to self-defense and is not part of the tradition or way of being of the Portuguese, nor is it the way Portugal contributes to international security,” explained the head of Portuguese diplomacy. Santos Silva commented on the news that at least seven Portuguese were in Ukraine with military objectives. Some of them were at the Yavoriv military base when it was attacked on Sunday by Russian troops

One of them was N.S.

From the couch to the war – What made N.S. take the car and go from southern France, where he has lived since 2014, to poland’s border with Ukraine to say he wanted to fight? One impulse: “I didn’t think it made sense to sit around and watch a country, civilians, including children, being killed. In addition, there is a risk that one day the Russians will attack the rest of Europe.” He made the decision and left overnight, leaving his wife and four-year-old son at home. “I left a letter explaining. It was a shock to her. It’s all right now.”

“When I got to the Ukrainian border I told him what I was going to. They then called some men who took me to the advanced command post. I was the subject of an interrogation. In the end, they took me to the military base, which was already active.” When he arrived, he signed an uncertain term contract “until the war was over” – that’s how he said it – and they gave him the uniform.

At first, he says, platoons with foreigners were not yet well organized and constituted. The volunteers walked around the base – a large structure, with several buildings and dressing rooms. He soon met Portuguese, a former paratrooper who, meanwhile, was placed on special forces teams that are on missions through Ukraine, to “clean up the cities attacked by the Russians”.

He spent 15 days at the base in training. He’d wake up at 6:30 a.m. and join the military parade in the courtyard to listen to the commander. At 7:00 a.m. they exercised and an hour later they had breakfast. The morning was then devoted to training. “They gave us lectures of various kinds. Some to know the Russian weapons and the weak points of the opponent, others about first-hand.” They had lunch and were still in training. In the second week he lived at the base began to have intensive training of combat tactics, offensive, lines of defense, among many other topics. “I learned the art of war,” says N.S., who at a young age tried to join the Marines but broke an arm, which prevented him from following his career.

N.S. was one of the Portuguese volunteers who were at the Yavoriv military base on Sunday when Russia bombed the land in that area, just 25 kilometres from the NATO border. A few hours later, at least 35 people were killed and 134 wounded in the attack on the base near Lviv.

Because he had no military experience, he did not have weapons assigned that day. Unlike other colleagues, I had never left the base on a mission. “It was planned that that day – when the bombing took place – my platoon would finally receive the weapons.”

It was a night of terror, he reports. “I was in bed when I was 4 in the morning I noticed from the noise that we were going to be attacked.” At the first explosion he jumped out of bed. Since he always slept dressed in his uniform, he just had to stick his boots on his feet – he didn’t even tie them – pick up his phone and get out of the dressing room.

Unarmed, he even made a first attempt to go to the area where the special forces were installed, to see if there were weapons, “but at that time everything was still locked.” He was in the middle of the explosions.

“I watched live two explosions and two buildings falling. About 100 meters away, a missile went straight into a barracks where people were, was destroyed, burned. The same thing happened in front of me in a building by the canteen.” I could feel the missiles going over him. “I’m not quite sure of the time, I think there were many for 30 minutes.”

Without weapons, he recalls, he went into hiding in the nearby forest, as the security protocol that was transmitted to them. He stood there, in the middle of the trees, where other colleagues were, until everything calmed down. “When the missiles were over, we returned to the base and were regrouped to see if there were dead, missing or injured. It took four hours to regroup and put together the defense plan.”

At the base there would be about 2000 in several companies, he estimates. These, based on the strategic plan defined, were spread over several points of defense of the base, that of N.S. was on the runway of helicopters. They were ordered to stay in line with the defense, “to defend the basis of the Russian attack that everyone believed was going to happen.” In the area where it was placed there would be about 200 volunteers, mostly unarmed. That’s when his distress and that of some other military personnel began. “We made ‘pools’ trying to get supplies and weapons.”

It was after he decided to abandon the Ukrainian army, leave the base and return home. “After the bombing, everyone in the army thought there was going to be a russian ground attack. And that’s why they told us to stay in lines of defense. I stood there, no gun, no vest, no helmet. I realized that I could not continue like this”, tells CNN Portugal the volunteer who prefers to keep discretion in his identification for fear of being confused with a mercenary, which he guarantees not to be. “My goal was to fight, and if I died, it would be a gun in my hand. So we were just cannon meat.” (read more)

Planning To Use Oil Crisis, the Global Climate Change Agenda Is Triggered – Biden Declaring Climate Emergency, IEA Proposing Global Economic Changes, AOC and Bernie Sanders Join Drumbeat


Posted originally on the conservative house on March 18, 2022 | Sundance

We could all see this coming.  The Ukraine-Russia conflict creates the opportunity for the Build Back Better initiatives to get triggered.  None of this is happening organically.  All of this is opportunism based on a series of dominos purposefully triggered.  Three government solutions to rising oil prices surface simultaneously in an effort to exploit the crisis they created.

Keep in mind, this economic roadmap was strategically outlined in the World Economic Forum “Build Back Better” initiative, and that was built upon the economic ‘climate change‘ opportunity that COVID-19 created.  The U.S. version of BBB was called the Green New Deal.

First, Biden proposes to trigger a useful “Climate Change Emergency” (LINK).  Second, the International Energy Agency proposes a “Ten Point Plan” to change energy use in the modern society (LINK).  Third, comes AOC and Bernie Sanders with the “Executive Action Agenda” (LINK).

All of this is the fundamental change represented by western government in the agenda of ‘building back better’.

(IEA) In the face of the emerging global energy crisis triggered by Russia’s invasion of Ukraine, practical actions by governments and citizens in advanced economies and beyond can achieve significant reductions in oil demand in a matter of months, reducing the risk of a major supply crunch, according to new analysis released by the International Energy Agency today.

These efforts would reduce the price pain being felt by consumers around the world, lessen the economic damage, shrink Russia’s hydrocarbon revenues, and help move oil demand towards a more sustainable pathway.

If fully carried out in advanced economies, the measures recommended by the IEA’s new 10-Point Plan to Cut Oil Use would lower oil demand by 2.7 million barrels a day within four months – equivalent to the oil demand of all the cars in China. This would significantly reduce potential strains at a time when a large amount of Russian supplies may no longer reach the market and the peak demand season of July and August is approaching. The measures would have an even greater effect if adopted in part or in full in emerging economies as well. (more)

AOC and Bernie Sanders [LINK]

(Daily Mail) Progressive Democrats are urging President Joe Biden to take executive action to raise wages, combat climate change, cancel student debt, and lower health care costs.

The Progressive Caucus – led by Rep. Pramila Jayapal and consisting of high-profile liberals like Reps. Alexandria Ocasio-Cortez and Ilhan Omar and Senator Bernie Sanders –  outlined their lists of demands they said ‘would provide immediate relief to working people and their families.’ (read more)

(CNN Reports) […]”As a result of Russia’s appalling aggression against Ukraine, the world may well be facing its biggest oil supply shock in decades, with huge implications for our economies and societies,” IEA Executive Director Fatih Birol said in a statement.

The proposals reflect a recognition that the world has few realistic options to quickly replace oil supplies from Russia, the world’s No. 2 oil producer in 2021.  OPEC has signaled it’s in no rush to ramp up production and the release of emergency oil stockpiles has done little to ease shortage fears.

“The US and other IEA countries now realize that the potential loss of Russia’s oil exports constitutes a bigger supply shock than either strategic stock draws or accelerated OPEC+ production hikes can solve,” said Bob McNally, president of consulting firm Rapidan Energy. (read more)

Biden Warns China Not to Interfere in U.S. Proxy War Against Russia


Posted originally on the conservative tree house on March 18, 2022 | Sundance

Keep in mind the cunning geopolitical perspectives of Beijing’s dragon that wears the panda mask.  Recently a person attempted to dismiss the strength of China by saying they had not won a war in a thousand years, to which I replied, “tell that to U.S. workers in the rust belt.”

There are two geopolitical battle spaces in the modern era to gain superiority without kinetic warfare, economics and information; China’s arsenal in the former is massive, the U.S. strategy has been reduced to using big tech in the latter.  This is why western propaganda and censorship control over the Ukraine narrative is so important.  This statement from the White House is weak:

WHITE HOUSE – President Joseph R. Biden, Jr. spoke today with President Xi Jinping of the People’s Republic of China (PRC). The conversation focused on Russia’s unprovoked invasion of Ukraine. President Biden outlined the views of the United States and our Allies and partners on this crisis. President Biden detailed our efforts to prevent and then respond to the invasion, including by imposing costs on Russia. He described the implications and consequences if China provides material support to Russia as it conducts brutal attacks against Ukrainian cities and civilians.

The President underscored his support for a diplomatic resolution to the crisis. The two leaders also agreed on the importance of maintaining open lines of communication, to manage the competition between our two countries. The President reiterated that U.S. policy on Taiwan has not changed and emphasized that the United States continues to oppose any unilateral changes to the status quo. The two leaders tasked their teams to follow up on today’s conversation in the critical period ahead. (LINK)

The conflict in Ukraine serves China’s interests.  The dragon is smiling, bigly.

♦ Russia becomes more reliant upon China for geopolitical as well as economic support.  Chairman Xi wins.

♦ The U.S. bleeds money in deficit spending to use Ukraine to fight a proxy war against Russia.  Chairman Xi wins.

♦ A new trade currency looms on the horizon due to western sanctions against Russia.  Chairman Xi wins.

♦ Western government push further toward totalitarian control over their citizens to demand compliance.  Chairman Xi wins.

The domestic and international problems created by the people around Joe Biden serve the interests of Chairman Xi.  Changing energy policy by chasing climate change nonsense weakens the U.S. economy, Chairman Xi wins.  The panda has no need to show the dragon underneath because the west is destroying itself.

Biden can gnash his teeth as much as he wants, fat panda smiles.

Col Douglas Macgregor Discusses Outlook for Ceasefire in Ukraine


Posted originally on the conservative tree house on March 18, 2022 | Sundance 

During a segment last night, Colonel Douglas Macgregor discussed the perspective for a ceasefire and peaceful resolution to the Ukraine conflict.

The resolution issue is a very critical point, because the U.S. State Dept (CIA) and the DC political machine are standing firm in their collective desire for a long-term insurgency campaign against Russia using Ukraine as a proxy war.  Macgregor notes the geopolitical and global economic outcomes from a protracted interventionist NATO/western approach at using Ukraine for conflict against Russia.  WATCH:

Additionally, Michael Tracey (via Substack) has some background information on the Russian cruise missile attack against the military training facility located outside Lviv, near the border with Poland.  This is well worth reading, because it connects to the larger effort of the U.S. to conduct an insurgency campaign regardless of what Ukraine President Zelenskyy might desire.

(Tracey) – […] The city of Rzeszow, Poland, about 60 miles from the Ukraine border, is currently crawling with all manner of spooks, freelance war adventurers, sketchy profiteers, and assorted others. I just overheard a top official at a Washington-based NGO, which I won’t name at the moment, bragging that their “security” operations on the front lines in Ukraine are being manned by a “former Special Ops guy” — meaning a veteran of the US Military who formerly worked in “Special Operations.”

Of course, to what extent these guys can truly be characterized as “former” military, especially if they’re doing active logistics in a combat zone, is an open question. 

I also heard a translator working for a notable US journalist state that he/she personally helped facilitate the entry of American “veterans” into Ukraine through Poland, en route to do God knows what exactly. Putin has said that incoming supplies of “aid,” as well as inflows of “foreign mercenaries,” will be considered legitimate military targets — and Russia’s strike Sunday on a military facility just 15 miles from Poland was said to be an example of him following through on the threat.

This raises the very distinct possibility of US combat fatalities in the near future, even if the US individuals in question are not technically on active duty — or at least publicly acknowledged as such. What do you think the public response will be, if Russian missiles successfully strike a group of “American veteran volunteers” who have shown up to fight in Ukraine? Especially given the mounting predictions about the alleged imminence of chemical and/or biological attacks? (read more)

There were reported 200+ mercenaries killed in the cruise missile attack against the facility near Lviv.  The Daily Mail reported over 1,000 foreign fighters were housed in the facility at the time. […] A Ukrainian officer said there were around 1,000 foreigners at the camp – officially known as the International Center for Peacekeeping and Security – at the time. (read more)

After a few initial media reports about the cruise missile strikes at the training facility, the story essentially disappeared.  The question remains if any U.S. nationals, mercenaries or contractors, were at the compound and whether any were killed or injured.

An American foreign fighter, who would identify himself only as “Zander,” said he was injured March 13 in a Russian airstrike on the “International Center for Peacekeeping and Security” in Yavoriv, located in far Western Ukraine. The strike drew much notice because it was the most westward attack yet committed by Russia, just around 15 miles from the Polish border. (more)

Germany to Begin Confiscating Guns


Armstrong Economics Blog/Politics Re-Posted Mar 18, 2022 by Martin Armstrong

Germany is repeating its past mistake from 1938 when Hitler authorized the Gun Control Act that banned “enemies of the state,” such as liberals and Jews, from owning firearms. A few weeks later Kristallnacht (night of broken glass) occurred and the people were unable to defend themselves. As we know, it was only a downhill battle from there where the German people were utterly helpless against the Third Reich.

At a time when the world is praising Zelensky for arming citizens and praising the people for protecting their country, the rest of the Western world continues to condemn private gun ownership. Germany will begin disarming 1,500 people who they suspect (not confirmed) are extremists. Germany already has strict requirements for citizens to obtain firearms, but this measure could ensure that people with dissenting opinions are unable to defend themselves.

Trudeau, Putin, Biden, and most world leaders have recently decried citizens as far-right Nazi extremists without valid proof. Anyone could be declared an extremist if they disobey. Germany is taking it to a new extreme by potentially categorizing the entire Alternative for Germany Party (AfG) as dangerous extremists. This group has been vehemently opposed to COVID restrictions as well.

This will begin the trend of allowing governments to disarm people based on their political beliefs. They only want citizens to have guns when they are used to promote the government’s agenda. Any dissenters will be labeled dangerous extremists who post a threat to national security. This exact event has happened numerous times throughout history and resulted in the government murdering millions (e.g., The USSR in 1929 and China in 1935).

Saudi Arabia Considers Accepting Yuan for Oil


Armstrong Economics Blog/Energy Re-Posted Mar 18, 2022 by Martin Armstrong

Russia is not the only country turning to the yuan. Beijing is in talks with Saudi Arabia to begin purchasing oil with their own currency opposed to the USD. Saudi Arabia has long had a volatile relationship with the US, and seeing the harsh sanctions imposed on Russia is only making the yuan more appealing.

Around 80% of global oil sales are exchanged in dollars, with Saudi Arabia using the USD exclusively for oil sales since the 1970s per agreement with the US government. Crown Prince Mohammed bin Salman was unable to have diplomatic relationships with President Biden after the publicized 2018 assassination of journalist Jamal Khashoggi. “We were going to make them the pariah that they are,” Biden stated in 2019. Add to this America’s nuclear negotiations with Iran and dismissal of Saudi Arabia’s request for support with military operations in Yemen.

The illusion of the dollar being an impenetrable safe haven has shattered due to Biden’s policies. Countries now know that their dollar reserves could be confiscated or frozen at any time and deemed utterly useless. The Saudis have been toying with the idea of accepting the yuan for oil payments for the past six years, but recent events just may be the final straw.