Madhukar examines the continuous decline of the mighty US dollar in context of worldwide political developments especially the distancing by a close US ‘ally’ Saudi Arabia.
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In the recently concluded meeting of OPEC heads, a closed door meeting “accidentally” got telecasted to journalists. In response to pressure by Venezuela and Iran to replace US$ by a basket of currency for oil trade, Saud al-Faisal, foreign minister of U.S. ally Saudi Arabia said: “…the mere mention that the OPEC countries are studying the issue of the dollar is itself going to have an impact that endangers the interests of the countries…”… That’s why, while the issue was discussed and debated, it did not find mention on the draft declaration.
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