Hello, this is Ron Paul with your weekly update from Monday April 17th.

Will the end of the Petro Dollar and the US Empire? 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.

The US would support the Saudi government, including by providing weapons. In exchange, the

Saudis would conduct all oil transactions in dollars. The Saudis also agreed to use surplus dollars.

They accumulated two purchase US Treasury bonds. The resulting Petro dollar is a major reason why

the dollar has maintained its world reserve currency status. Also this year, China and Brazil

made an agreement to conduct future trade between the countries using the country's own

currencies rather than dollars. Brazilian President Lula da Silva has called on more nations to abandon

the dollar. The D dollarization movement is driven in part by resentment of America's foreign

policy, including in particular the US government's increasing use of economic sanctions.

De-throwning the dollar from its world reserve currency status makes it easier for countries to

ignore these sanctions. De-dollarization will negatively impact the US government's ability to

manage its own $30 trillion debt. With a few exceptions, there is still no real support in Congress

for spending cuts. Republican leadership members may say they will not support a debt ceiling

increase unless it is tied to spending cuts. However, after the Biden administration accused the

Republicans of wanting to cut social security and Medicare, House Speaker Kevin McCarthy declared

a reduction in spending on social security in Medicare. Big drivers of the federal deficit

...