Could no longer fulfill its obligations to its creditors this was the beginning of the petrodollar era and the beginning of all things everywhere are being priced in dollars oil is being priced in dollars all commodities are priced in dollars they gave america the us empire of debt it gave america the World Reserve currency it gave america whats called seniority which which is basically they get a cut over every transaction ever done anywhere in the world every coil trav if japan wants to buy oil that the buy dollars 1st and then buy oil for example so they have to give america a commission they get a cut thats a huge source of revenue for america now with saudi arabia and the us have been at loggerheads down for a couple of years that relationship has been strained and saudi arabia is i think youre correct they threw a hissy fit they said were going to just want the price down by 10. 00 for oil because our cost production is not even 3. 00 a barrel and so i think they thought everyone
We also have the oil wars going on allegedly some oil wars we have russia versus saudi arabia the price crash you know kind of started with when the opec plus when they met you know saudi arabia essentially and russia and russia decided not to cut any production based on the decline in demand out of china and elsewhere but also right after that saudi arabia offered up to a 10. 00 discount per barrel just because i guess. Theyd been solomon got a little bit upset and threw a temper tantrum so thats what happened there but you know that seismic sell off a 30 percent and then followed by a like 101213 percent rise and boom bust and boom bust i thought this was an interesting tweet to kind of look at the whole situation is from royce we went to the last episode and he was so prescient about this pandemic situation when he predicted sort of a pandemic basically that negative rates were signaling that he predicted that last june or july he says i think we have just witnessed the end of the p
End of the day you know i dont see how we move a lot of system where these people get away with you know misrepresenting us why not step up and do it yourself. Max kaiser this is the kaiser report the pandemic it dition special times require special reporting of course because a report has been anticipating so much of whats going down around the world stop a big surprise for those of you whove been watching us for so many years is that right stacey max it is a continuation of the pandemic and the Pandemic Response in a pandemic situation we also have the oil wars going on allegedly some oil wars we have russia versus saudi arabia the price crash you know it kind of started with when the opec plus when they met you know saudi arabia essentially and russia and russia decided not to cut any production based on the decline in demand out of china and elsewhere but also right after that saudi arabia offered up to a 10. 00 discount per barrel just because i guess. Theyd been solomon got a lit
Guys are this is the poor boy weve got a shocking story involving a french guy Bernard Arnault you gotta love it well bernie erno you know he owns a major versus luxury goods they do louis v. Tahn and all these other Luxury Brands out of france i remember a few years ago when notre dame burned down he was so generous and gave billions of dollars. I want to look at this notion of these billionaires increasingly showering us deplorable zz with their benevolent large jest right because bezos also recently hes now worth 130000000000 he recently gave 10000000000 he says towards Climate Change a few years ago about a decade ago it was mike microsofts bill gates and Warren Buffett who were then worth about 40 to 60000000000 and they said were going to give all of our wealth away to charity now theyre each worth over 100000000000. 00 and this is the process that were always talking about about the cantillon in fact all the money printing is going to these billionaires directly so were going to
U. S. Dollar loses its status as the unit of account in World Reserve currency Something Else is coming it wont be u. S. Dollar it could be another countrys currency or another consortium of countries developing some other currency backed by somebody elses oil or gold etc just to make clear that in russia the breakeven point is about 15. 50 because there is an 8. 50 cent tax on every single barrel so you have a cost of production its about 7. 00 but they add in the cost of the tax just like in the United States about 50. 00 is the break even and that includes a tax of about just under 7. 00 obviously since we went on the u. S. Dollar standard and we were untethered from cold then we could control everything because we could print as much debt as we want and nobody really knows how much debt we have and thats why we have the repo market situation thats why we keep on having boom and bust thats why we have especially at the bus like radical bust because people are when sort of crisis hit