“Bretton Woods II ended today”

I’ve been waiting for today, knowing it was pre-planned and coming. Today in Riyadh at the China-Arab Summit President Xi of China formally invited the Arab nations to trade oil and gas in yuan on the Shanghai Exchange. Now the way diplomacy works (because it seems to have been forgotten in the West) is that Xi would not have made the invitation unless all the Arab states gathered in Riyadh – and particularly Saudi Arabia as host – had already agreed as a matter of joint policy to take action accordingly. Oil and gas will price in Shanghai and in yuan, breaking the dollar monopoly the US has imposed and enforced since 1974. Since the dollar-for-oil monopoly was the lynchpin of Bretton Woods II stability, it follows Bretton Woods II ended today.

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