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Every nation has had to convert its currency to the U.S. dollar, making it the de facto global currency. Thanks to Joe Biden, it’s all gone. //
The petrodollar agreement with Saudi Arabia began in 1974, two years into Joe Biden’s first term as a United States senator. It ended this week, a half-century later, during Biden’s first term as U.S. president. //
The debacle mirrors Biden’s disastrous Afghanistan withdrawal: decades of work undone and dismantled in one brief instant because of incompetence and stupidity with nothing to show for the investment, work, and toil. Gone. //
What will replace the petrodollar as a global, commodities-based currency? Likely the Chinese yuan. The Biden administration’s radical push to “go green” has only strengthened China, as my organization, Power The Future, documented in a congressional report. I testified before the House Ways and Means Committee on this very issue, but rather than discuss it, House Democrats chose to call me names. I can guarantee you Rep. Bill Pascrell, D-N.J., an 87-year-old bitter partisan who wagged his finger at me over “mean tweets” rather than discuss his trillions in spending to buy Chinese wind and solar, has no idea the petrodollar ended. I can guarantee you the useless staffers in his office have no comment on the matter. //
It is only a matter of time until America is hooked on Chinese green the way Americans are poisoned by Chinese fentanyl, and then China asks us to convert our currency to theirs for ongoing purchases. As America built the Saudi and Russian oil industries, we are now building the Chinese green industry. //
But the petrodollar is gone forever, and with it, America’s role in the world is diminished.