The Petrodollar System

What is preventing Saudi Arabia from selling their oil for the Yuan?

I read all the links below and I have many more links for any of you who want to read more. Basically it plays out like this: Right around 1971 because of the costly Vietnam war, countries around the world got the idea that the U.S. is printing up more dollars than what they had backed up in gold. Some of the countries that held dollars, wanted to redeem their dollars for gold. So in response, President Nixon announced to the world that he was taking the dollar off the gold standard. He sent Henry Kissinger over to Saudi Arabia to talk to the king. He told the king that if he were to sell his oil only for dollars, the U.S. would protect his oil fields and give him some nice new fighter jets. But I never did find anything on the web about the actual contract, or if there was even a contract at all. What's actually making the Saudi's hold their promise is what I'd like to find out.

Just recently China worked out a deal with the U.A.E. to sell China oil for the Yuan in return. I presume that if Saudi Arabia were to start doing the same thing, the dollar would collapse overnight. And when I say "collapse," I mean worth anywhere from 50% down to zero.

The web pages where these links were taken offer a PDF version as well. I went ahead and posted the links directly to the PDF's because they're easier to read.

Part 1: ftmdaily.com...

Part 2: ftmdaily.com...

Part 3: ftmdaily.com...

reply to post by USN1983

it is much to read. are you worried about the priviledged economical position of the u.s.a. ?

Ben Swann had a good report on this, take a peek