The Petrodollar Expired and Texas Is the New New York
block #847821
synopsis
The US-Saudi petrodollar deal has expired without renewal, and Ian frames it as the latest chapter in a "slow-moving global bank run." The episode is a geopolitics-through-Bitcoin-lens masterclass: the 1971 Nixon shock, the 1974 Saudi deal, why dollars were always in demand, what happens when they're not, BlackRock moving to Texas, and why the capital markets of the United States may be migrating from New York to Dallas.
quotes
"Saudi Arabia is no longer depositing money in that bank anymore. And that bank is America." — Mandana
"All news is good news for Bitcoin." — Ian
"The United States does not have allies. The United States has people that are just waiting for the right time to walk away." — Ian
"California is run by complete idiots." — Ian
"Bitcoin needs fiat. Ooh, let's talk about it." — Mandana (provocative)
"Told me two years ago, Biden and Trump were accepting political donations in Bitcoin. I'd be like, no way." — Mandana
"China will probably adopt Bitcoin right before the United States. I think so too." — both agree
"I'm predicting that the capital markets of the United States are moving to Texas." — Ian
topics
US-Saudi petrodollar deal expired (not ended — just not renewed)1971 Nixon gold suspension → 1974 Saudi deal → petrodollar system explainedThe deal's real function: creating perpetual dollar demand worldwideSaudi Arabia exploring CBDCs (Project mBridge — 26 countries including Fed Reserve Bank of NY)BlackRock starting a new exchange in TexasTexas as the new financial hub: SpaceX, Bitcoin mining, Keystone pipeline, BlackRock exchangeNew York → Texas capital migration (parallel to London → New York)Why CBDCs won't happen (billionaire class has no incentive)Thomas Massie's bill to end the FedBiden accepting Bitcoin donations (after trying to outlaw it)China will probably adopt Bitcoin before the US