Weekly Update: Will the End of the Petrodollar End the U.S. Empire?

April 18, 2023

by Dr. Ron Paul Ron Paul Institute

Future historians may say that the most significant event of 2023 had nothing to do with Donald Trump, other 2024 presidential candidates, or even the war in Ukraine. Instead, the event with the most long-term significance may be one that received little attention in the mainstream media — Saudi Arabia’s movement toward accepting currencies other than the US dollar for oil payments.

After President Nixon severed the last link between the dollar and gold, his administration negotiated a deal with the Saudi government.