OPINION:
Saudi Arabia is considering a move off the American dollar and onto the Chinese yuan when it comes to oil sales, according to media reports citing the Saudis’ growing anger with the Biden administration.
Well, there goes America the Financial Great.
Since World War II’s end, America has been the primary leader of the world’s currency. The dollar has been the go-to exchange. And that has allowed America an easy-peasy time of borrowing — because after all, who’s going to accuse that America, land of the dollar, home of the reserve currency for the world, doesn’t pay its debts? A strong dollar around the world also gives America a heck of a punch when it comes to sanctioning countries for various human rights infractions.
It’s been one of America’s many badges of honor: a form of currency that’s respected the world over.
But now, according to The Wall Street Journal, Saudis are upset because America didn’t help with the Yemen war and because President Biden and his team are forging ahead with an Iran nuclear deal — and because of, oh hey, remember this, Afghanistan. That’s the place where Biden was shown to the world as a traitor for leaving behind citizens, friends and allies, and abandoning the tribal nation to wicked, terrorist Taliban types.
And the hits keep on coming.
“Saudi Arabia is in active talks with Beijing to price some of its oil sales to China in yuan, people familiar with the matter said, a move that would dent the U.S. dollar’s dominance of the global petroleum market and mark another shift by the world’s top crude exporter toward Asia,” The Wall Street Journal wrote.
Atta boy, Joe.
The Saudis won’t even take White House telephone calls. Think about that. That’s huge. So, too, the loss of the prestige and power of the dollar on the global market.
“Companies Are Starting to Worry About the Stronger Dollar. It Matters for Stocks,” Barron’s just wrote in one recent headline.
If the dollar crumbles from its international currency perch, both investors and investments around the world are left in the lurch. It’s good for Americans traveling overseas — bad for tourists coming to spend in America. It’s good for imports of raw materials for U.S. manufacturers to turn into products to sell — bad for companies producing in America to sell abroad in markets that are both competitive and crowded. But there’s that America First ideal again.
If you’re a patriotic American, a strong dollar is of benefit.
If you’re an American auto driver who regularly buys gas, a strong dollar — for oil import reasons — is of benefit.
But if you’re an American firm with plenty of overseas presence, a weak dollar can bring windfalls.
If you’re a globalist who thinks World First, America Second — a weak dollar is actually a good tool to manipulate for great financial gain.
And therein lies the answer to this administration’s seeming yawning unconcern about the growth of China’s influence and simultaneous fall of America’s when it comes to financial dominance, public relations leadership and political power on the world stage: Team Biden is filled with globalists.
They care more for the welfare of their elitist friends in overseas’ spots than for the hardworking American citizens who pay their salaries.
When it comes time to vote, think America First. Only those candidates who care about the Constitution, American sovereignty and U.S. citizens — legal citizens — should be allowed to represent.
America — the American dollar — should not play second fiddle to anybody.
• Cheryl Chumley can be reached at cchumley@washingtontimes.com or on Twitter, @ckchumley. Listen to her podcast “Bold and Blunt” by clicking HERE. And never miss her column; subscribe to her newsletter by clicking HERE. Her latest book, “Socialists Don’t Sleep: Christians Must Rise Or America Will Fall,” is available by clicking HERE.
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