Alfredo Jalife-Rahme
L
he six Arab petromonarchies of the Persian Gulf (sic), led by Saudi Arabia (AS), announced within OPEC+ – of which Russia and Mexico are members – an unexpected cut of 1.16 million barrels per day starting in May until the end of the year (http://bit.ly/40HA1Aq), at the worst inflationary moment for the US, which disapproved of the decision (http://bit.ly/3MhAntf).
According to The Cradle, AS ignores (sic) the US threats about its oil cut
which “suggests that Washington has lost influence with Riyadh (https://bit.ly/3zvWDrF)”. Before full de-dollarization –which will take much longer, because it involves goods and services of all kinds and regional trade exchanges that are difficult to alleviate– we are witnessing the agony of the petrodollar, which manages the largest commodity (raw material) on the planet and which had already come from long ago with the adoption of the petroyuan. Since 10 years ago I managed the “De-Americanization of the world: from the petrodollar to the petroyuan (http://bit.ly/40GAtiB)”. The uniqueness of Ukraine and the first world hybrid war (http://bit.ly/40IEdjs), with the boomerang effect of Western sanctions against Russia, have provoked a putin effect
in a classic judo twist, which accentuated the trends of the petroyuan as part of de-dollarization (https://bit.ly/3KzS7yE) that suffers a severe setback in one of its main components.
@WallStreetSilv announces “the death of the petrodollar… one of its main supports for the dollar since 1971 when the gold standard ended… #gold and #silver are going up much more (https://bit.ly/3KcuLOe)”. I would not be so recklessly expeditious in decreeing the death of the petrodollar
. The trend is towards regionalization of the petroyuan, from the Persian Gulf to the South China Sea, while the depleted petrodollar would be regionally confined to the Gulf of Mexico/Caribbean Sea, Argentina (where Alberto Fernández succumbed to US monetarist pressures) and perhaps Brazil, where Lula does not have much room for manoeuvre. It will also remain to be seen what the position of Ecuador will be where its president, the neoliberal globalist banker Guillermo Lasso – a member of the Atlantic Institute of Government chaired by the prosecutor Aznar López (https://bit.ly/3U7mzUf)–, is about to be ousted. Latin America’s congenital weakness continues to be financial.
In the phase of the multipolarity of currencies, it is worth envisioning the unfolding of the petrorupiah
when india just negotiated with Iran the purchase of crude oil in rupees
. India seeks to de-dollarize and boost the rupee as a global currency (https://bit.ly/3nAtx7R). In parallel, India and the United Arab Emirates de-dollarize to trade in their own currencies (https://bit.ly/3nKSei2). India’s position is not less: its nominal GDP occupies the fifth global position with 3.5 trillion dollars, behind Germany and before Great Britain, and it boasts enormous wealth in human resources in the financial field to such a degree that the controversial economist Nouriel Roubini predicts that the Indian rupee may be the new dollar
,particularly, in the Global South (http://bit.ly/3GfSBaR).
Marco Rubio, a Republican senator from Florida, is distressed that “a parallel system is being created and in five years (sic) we will not be able to impose more sanctions (http://bit.ly/3m0Z8PX)”. On his visit to China, Malaysian Prime Minister Anwar Ibrahim formulated the longstanding idea of an Asian Monetary Fund to replace the IMF and his desire to de-dollarize by trading the Malaysian currency (ringgit) and yuan (http://bit.ly/40NRCHi).
The problem of several economies in Southeast Asia is that their currencies have been devalued and they are forced to pay for their food imports with their scarce dollars. Finally, a metaphorical nuclear explosion: “Russia and India agreed to abandon the benchmark oil price of the Brent index in favor of the Dubai benchmark (
The multipolar world is going!
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