is when you know gold window was closed in the us and we started the petro dollars that the saudis threatened to stop pricing oil in dollars they immediately deny that they had said this to reuters do you believe this is a manageable on the cards at some point how do you see that unfolding dominic. womb x. you've got me i'm not really in all thirty on saudi arabia and it's a money tree dealings but for the moment the saudi regime needs the usa so. i magine they're pretty ally to each other but you know what the saudi regime wants and the rest of the saudi people want not necessarily the same thing yeah but once again the saudis are really talking down the dollar they are selling a lot of energy oil products to china and once again you've got this axis emerging of these other asian countries that are good trying to get out of the us dollar they have been really saying nasty things about the dollar the us politically wants to have them how the countable for things like nine eleven and they want to take them to court on various other issues so the there's a lot of free song now between the us th

so the petro dollar the start of the early seventy's you had a lot of us billionaires become billionaires in the banking sector and also in the technology sector but the relative strength of the saudi billionaires was a lot stronger the saudi billionaires around it's now multi-trillion dollar behave myth and so those billionaires have been getting billion area richer faster than the us billionaire so saudis been happy because they get the you know it's all about ego right so there you go for a stroke bigger than the americans oligarchs then the chinese oligarchs enter the picture and they say wait a minute we want to have our you go strong in a credible way so the saudis are saying well ok we're the king of the roost our billionaires are the biggest billionaires of all let's try to squeeze the us in favor of china and again it's not like that they're not an ally i think that would be a mistake every single nation on earth every single nation is run that's what happens power corrupts and absolute power corrupts even more but so we're not talking about that we're just talking about the actu

dollar of course that goes back to saudi arabia saudi arabia seems like they're a completely in flux 1st of all they are strong to sell around that big state oil company they are not able to sell it and it seems as though they're desperate to sell it because they've got a huge debt problem and that's not happening there got a lot of political shenanigans going on and they're being revealed of all kinds of atrocities are being performed by an oversight and overseen by the leadership there and i know that you know politics is something not necessarily the what you look at when you look at these markets but. aren't we at kind of in historically speaking when you talk about date dollars ation are we also maybe at a point of decon lobel ization and instead of going with this globalized world economy that we've been in for since world war 2 where it's back to more of a mercantile list every country for south mentality absolutely i mean on the a rim coo comment there is you don't close the desert barnett simmons is joan rivers brings to the forum or perhaps you don't really have the reserve

has this partnership with saudi arabia and saudi arabia sells all its oil only in dollars like creates a lot of artificial demand for dollars so when saudi sells oil to china china has to pay saudi in dollars well that creates demand for dollars well china doesn't like that and what china created and has been trying to do for many years but actually launched last year was a direct attack on this petro dollar system china launched in oils futures trading contracts denominated in one that is immediately convertible into physical gold via the gold exchanges in shanghai and hong kong so they've already laid the groundwork for this attack to your total dollar is under threat yes and saudi arabia is selling saudi aramco is a public offering and they'll have a lot of money if they start buying gold now. that would only put the kybosh on the dollar it would but they won't and i'll tell you why because donald trump said something that was actually true he said without the cloak of american protection saudi arabia would disappear within a week or so and he's totally right so the saudis won't do

dollar ok starting a seventy one we want the petro dollar that was a quid pro quo now we'll buy your oil you buy our bonds right that's the one american not the gold standard next and go right and it's gone now in a petro dollar so now they've been dumping dollars the world's been dumping dollars here an energy guy you want to make sure america is going to fair price of energy if the dollar no longer will reserve currency because saudis and the israelis are doing something with iran and now you get their runs to say well we don't even want to be a part of the u.s. dollar reserve car anymore when to dump it and purchasing power my money goes down right sumpin five six seven eight dollars a gallon at the pump because of this macroeconomic stuff true or false it could happen i mean a bunch of nations have been frightening for a long time to to take the dollar away from but isn't that on the total year list of risks you know to the american energy consumer while i mean that's why public citizen has been pushing so hard to minimize our exposure to global oil markets and the best way to do