Dollar Hegemony, Saudi Arabia, Oil, and Ron Paul
Interviewed Tuesday at Bloomberg, Saudi Arabia Finance Minister Mohammed Al-Jadaan indicated that Saudi Arabia would be open to conducting trade, including involving oil, in various currencies — mentioning in particular the euro and the Saudi riyal — instead of the United States dollar. This is the latest in a series of developments suggesting the Middle East nation and large oil producer is shifting away from supporting US dollar hegemony through trade.