Seen on J.Dore:





His source is down, but I found it on Wayback:

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https://web.archive.org/web/20240610171928/https://www.bizcommunity.com/article/saudi-arabias-petro-dollar-exit-a-global-finance-paradigm-shift-670911a

Saudi Arabia's petro-dollar exit: A global finance paradigm shift
Katja HamiltonBy Katja Hamilton
10 Jun 2024
The financial world is bracing for a significant upheaval following Saudi Arabia's decision not to renew its 50-year petro-dollar deal with the United States, which expired on Sunday, 9 June, 2024.

The lapsed security agreement - signed by the United States and Saudi Arabia on 8 June 1974 - establishes two joint commissions, one on economic co-operation and the other on Saudi Arabia's military needs, and was said to have “heralded an era of increasingly close co-operation" between the two countries.

American officials at the time expressed optimism that the deal would motivate Saudi Arabia to ramp up its oil production. They also envisioned it as a blueprint for fostering economic collaboration between Washington and other Arab countries.
Source: St Petersburg International Economic Forum. Russia's President Vladimir Putin.
Putin confirms BRICS' independent payment system in the pipeline

The crucial decision to not renew the contract enables Saudi Arabia to sell oil and other goods in multiple currencies, including the Chinese RMB, Euros, Yen, and Yuan, instead of exclusively in US dollars. Additionally, the potential use of digital currencies like Bitcoin may also be considered.

This latest development signifies a major shift away from the petrodollar system established in 1972, when the US decoupled its currency from gold, and is anticipated to hasten the global shift away from the US dollar.

Cross-border CBDC transactions

In a more recent move, Saudi Arabia has announced its involvement in Project mBridge, a project which explores a multi-central bank digital currency (CBDC) platform shared among participating central banks and commercial banks. It is built on distributed ledger technology (DLT) to enable instant cross-border payments settlements, and foreign-exchange transactions.

The project has more than 26 observing members including the South African Reserve Bank, which was greenlighted as a member this month.

The better known observing members of mBridge are those of the Bank of Israel, Bank of Namibia, Bank of France, Central Bank of Bahrain, Central Bank of Egypt, Central Bank of Jordan, European Central Bank, the International Monetary Fund, the Federal Reserve Bank of New York, the Reserve Bank of Australia, and the World Bank.

In tandem, the project steering committee has created a bespoke governance and legal framework, including a rulebook, tailored to match the platform's unique decentralised nature.

Evolution of Project mBridge

Project mBridge is the result of extensive collaboration starting in 2021 between the BIS Innovation Hub, the Bank of Thailand, the Central Bank of the United Arab Emirates, the Digital Currency Institute of the People's Bank of China and the Hong Kong Monetary Authority.

In 2022, a pilot with real-value transactions was conducted. Since then, the mBridge project team has been exploring whether the prototype platform could evolve to become a Minimum Viable Product (MVP) – a stage now reached.

As it enters the MVP stage, Project mBridge is now inviting private-sector firms to propose new solutions and use cases that could help develop the platform and showcase all its potential.

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Couldn't find a single msm source even mentioning this potentially seismic event. Searched BBC with multiple different terms, nada. Here's another business/investment page corroborating it and interviewing some analyst downplaying the whole thing:

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https://www.kitco.com/news/article/2024-06-13/saudi-arabia-ends-petrodollar-agreement-what-it-means-usd-bitcoin-and-gold

“The end of the US-Saudi petrodollar agreement would likely have a minimal effect on the USD,” said Daniel Krupka, Head of Research at Coin Bureau, in a note to Kitco Crypto. “This is because Saudi Arabia would likely convert the non-USD currencies it's receiving for oil payments into the USD anyways.”

“Although a BRICS currency may have some level of adoption, it would not be able to achieve the level of adoption similar to that of the USD, gold, or Bitcoin without being backed by a stable economy,” he added. “Neither party benefits from the end of the agreement in the short term as it effectively just complicates things. In the long term, it could make Saudi Arabia less reliant on the USD depending on what the country does with its non-USD proceeds.”

Touching on the draft defense treaty, Krupka said it “may maintain the bilateral relationship at the strategic level, but it does not directly replace the economic aspect of the petrodollar deal.”

He also noted that the “Saudi Riyal is pegged to the USD,” which means that “Saudi Arabia needs USD to support its currency.”

“However, the end of the agreement could be bad for the USD insofar as Saudi Arabia decides to convert these non-USD currency proceeds into other assets, such as gold or BTC,” Krupka suggested. “More diversification of Saudi assets into gold or Bitcoin could help push up prices, although this is contingent on the extent of diversification.”

"The symbolism of the end of the US-Saudi petrodollar agreement marks a shift toward a future that is further economically and geopolitically fragmented,” said Brian Mahoney, co-founder of Acre, in a note shared with Kitco Crypto. “It means that the world’s currency for top energy assets like oil is no longer priced just in dollars, opening the door to alternative assets instead.”

“Bitcoin would make sense as an asset to be explored for adoption going forward given its ties to energy companies (through its proof of work consensus mechanism) and the fact that it is the top digitally native asset by market cap in an increasingly digital global economy,” he added.

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Is the US empire finally a goner? Here's hoping!
I