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Mentioned that in 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 petrodollar system non us countries will soon see a new unit of account medium of exchange and store of value a new Bretton Woods that will not be decided in america or by americans right well all the key players necessary for that are involved right now saudi arabia russia states so the petro dollar of course was established in the early 1907 days with america and saudi arabia when america defaulted on its sovereign debt remember Richard Nixon defaulted on the dollar default on the treasury market and we went on the petro Dollar Standard because america had to ....
This is worse than almost all of those days as well. 2008. Well put it in perspective. Im connell mcshane. Melissa im Melissa Francis this is after the bell. The s p 500, the nasdaq both closing down more than 7 . President trump is expected to meet with senior officials at the white house this afternoon amid coronavirus fears. Well bring you any headlines from the president this hour. We have fox Business Team coverage. Phil flynn is watching all the action. That is where the action is, in the oil pits of the cme. Kristina partsinevelos is on the floor of the New York Stock Exchange and blake burman is live at the white house. Phil, im going to start with you. I have some ideas. The president could open up and fill the spr. Hey, that is a great idea. They were selling high a few months ago trying to get rid of ....
System non us countries will soon see a new unit of account medium of exchange and store of value a new Bretton Woods that will not be decided in america or by americans right well all the key players necessary for that are involved right now saudi arabia russia states so the petro dollar of course was established in the early 1907 days with america and saudi arabia when america defaulted on its sovereign debt remember Richard Nixon defaulted on the dollar default on the treasury market and we went on the petro Dollar Standard because america had to close the gold window 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 i gave ameri ....
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 e ....
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 ....