Hugo Chavez, the former President used to roam the streets of Venezuela in tanks filled with Gold bars displaying to his countrymen how their Gold and Oil would be used to pull the nation out of the Petrodollar system....
The end of world dollar hegemony is coming, and hardly anyone in government is taking notice or even understanding what this means. Since the Bretton Woods Conference in 1944, the dollar has been the only currency accepted throughout the world for settlement of international trade accounts among nations.
The U.S. dollar is used by nations for international transactions because it is a stable currency that is easily convertible all over the globe and because resources like oil are priced in dollars. However, will the US dollar be replaced with BRICS currencies in the near future?
The dynamic between the US and Saudi Arabia seems to be dramatically changing. The petrodollar is showing cracks in what seemed to be an impregnable fortress as Saudi Arabia is now considering accepting the Yuan for Chinese oil sales instead of the dollar.
Why has the euro fallen to $1 and what does it mean for the rupee? The euro's decline in value relative to the dollar indicates that investors are shifting funds away from the Eurozone and toward the US.
After opposition from Serbia and Hungary Russia has stated that Bulgaria will pay for the gas in rubles whether the west likes it or not.
Europe would be on "red alert" for gas supply over the upcoming winter and it is the consequence of their actions. This comes amid reports of EU importing more U.S. LNG than Russian pipeline gas for the first time ever.
The massive explosion that rocked Lebanon completely obliterated the Port of Beirut. Although, officials did not say what caused the initial blaze that set off the blast, the Port of Beirut has been caught in a covert war brewing...
Although the use of renewable energy in making electricity has been steadily increasing in recent years, oil remains the most crucial energy source globally, especially for transportation and heating.
The History of Oil One of the most important relationships was influenced the most by these 10 influential figures.
