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The Saudi royal family rules by a delicate compromise. Although pro-Western in military and economic alliances, it relies on the endorsement of the Wahabi clerics as a key source of legitimacy.
A message issued by 26 leading clerics warns that inflation has reached intolerable levels in the Gulf kingdom.
While it does not vilify the dollar explicitly, the apparent political aim is to undermine the country’s dollar peg.
The statement was posted across the Islamic world.
Saudi Arabia has no political parties, limiting avenues for expressing discontent at government policy. But the clerical establishment enjoys a position of power and influence in society and on government.
Iran's oil minister, Gholam Hossein Nozari, declared, "The dollar is an unreliable currency in regards to its devaluation and the loss oil exporters have endured from this trend." Iran has proposed to OPEC that the U.S. dollar no longer be used by any oil-exporting countries. As the oil emirates and the Saudis have already decided to reduce their holdings of U.S. dollars, the United States might actually find itself having to pay for its energy imports in euros or yen.
Originally posted by marg6043
Interesting but is also a lot of business deals going on between the Arab Kingdom and the US going on right now.