Saudi Arabia to End Petrodollar Pact

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News Date: June 1, 2024

In June 2024, Saudi Arabia is expected to announce that it will cease all oil sales in US dollars, marking the end of the 50-year Petrodollar Pact signed on June 6, 1974, which expires on June 9, 2024.
The decision not to renew this pact stems from Saudi Arabia's recent invitation to BRICS and its move towards dedollarization.
Crown Prince Mohammed bin Salman has informed the Saudi government that the country will no longer accept US dollars for oil transactions.
This shift includes considerations to accept other currencies, such as the Chinese yuan, for oil sales, as reported by the Wall Street Journal on March 15, 2022.

Happy birthday, mister President!

President Donald Trump celebrates his 75th birthday today, June 14.
In the United States, Flag Day is celebrated on June 14. It commemorates the adoption of the flag of the United States on June 14, 1777.
Happy birthday, President Trump! Have a good one! You are going to be a winner in Arizona today.
Sources: thegatewaypundit.com

Gold is the Real Safe Haven Asset

Gold is finally outperforming the way one would imagine. It's not always about the absolute performance as it is about the relative performance.
As Bitcoin surged from March 2020 through 2021, the market was convinced that Bitcoin was the "new" digital gold, the new store of value asset.
As Bitcoin surged to new highs at each passing day, this became a self-fulfilling prophecy.
Gold was seen as the stepchild, given no attention whatsoever as traders chased the greed and FOMO 100%+ returns in crypto assets.
Year to date, Gold is now up 6% vs. Bitcoin down 25%.
Source: thestreet.com

Crypto-Currency Act of 2020

US Lawmaker Introduces Crypto-Currency Act of 2020 While Under Coronavirus Quarantine.
The bill clarifies which federal agencies regulate which type of crypto assets. It's crucial that America remains the global leader in cryptocurrency, the lawmaker said.
Source:congress.gov

Donald Trump vows big tax cuts again

February 6, 2025:
Treasury Secretary Scott Bessent calls for Trump's tax cuts package from 2017 to be extended permanently before their expiration this year, rather than a temporary extension.
October 24 update:
Wall Street Journal: Trump Treasury pick Scott Bessent to prioritize tax cuts.
Older news:
Donald Trump promised big tax cuts for all Americans if elected president, while discussing a range of economic strategies during a large rally held in New Jersey on May 11th.
"Instead of a Biden tax hike, I'll give you a Trump middle class, lower class, business class, big tax cut. You're gonna have the biggest tax cut.", he stated.

Putin vows a fair world order after next BRICS summit

Addressing a year-end press conference that lasted more than four hours on Thursday, President Putin criticized the West's idea of a 'rules-based world order,' calling it non-existent and claiming that rules change based on political agendas.
He announced the 2024 BRICS summit in Kazan, under Russia's presidency, will aim to establish a fairer global order, dismissing the current narrative as unpredictable and driven by transient interests.
He stated the summit will 'demonstrate that there are enough forces in this world, powerful countries who want to live not by those unwritten rules, but rather by the rules enshrined in fundamental, cornerstone documents, which include the United Nations Charter...'
In October 2024, Russia will host the largest-ever BRICS summit in Kazan