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→Petrodollar
When the [[Federal Reserve]] raised [[interest rate]]s to take care of U.S. needs, it made [[capitalism|capital]] flow out of other countries, and the value of their currencies fall, forcing [[inflation]] on them. Not a single country in the world was left untouched. Many countries did not want to be held hostage to the implicit and explicit negative consequences of dollar [[hegemony]], and wanted to remove the “exorbitant privilege” that they believed the U.S. abused to their individual and collective detriment.
When the [[Federal Reserve]] raised [[interest rate]]s to take care of U.S. needs, it made [[capitalism|capital]] flow out of other countries, and the value of their currencies fall, forcing [[inflation]] on them. Not a single country in the world was left untouched. Many countries did not want to be held hostage to the implicit and explicit negative consequences of dollar [[hegemony]], and wanted to remove the “exorbitant privilege” that they believed the U.S. abused to their individual and collective detriment.
On June 14, 2024, [[BRICS News [[tweet]]ed, "Saudi Arabia's 50-year-old petrodollar agreement with the United States has expired, with no new agreement in place. Saudi Arabia will now sell oil in multiple currencies, including the Chinese RMB, [[Euro]]s, [[Yen]], and Yuan, instead of exclusively in US dollars."<ref>[https://twitter.com/BRICSinfo/status/1801005240658858443 BRICS News], Jun 12, 2024. twitter.com/BRICSinfo</ref>
===De-dollarization===
===De-dollarization===