NOW WE COULD LOSE THE PETRODOLLAR:

Thanks to this catastrophically bad foreign policy team, our relations with Saudi Arabia and China have significantly deteriorated, resulting in them developing closer ties with one another.  In fact, the Wall Street Journal is reporting that it looks like the Saudis could soon start pricing the oil that it sells to China in Chinese currency…

The U.S. dollar may be on its way out as the global reserve currency.

Saudi Arabia is actively engaging in negotiations with Chinese officials to price oil sales to China in yuan instead of the U.S. dollar, the Wall Street Journal reported.

If the two countries decide to conduct business using the Chinese yuan instead of the U.S. dollar, this could mean trouble for America’s dominance as the global economic hegemon.

This would be a tremendous blow to the U.S., and the Saudis know it.

So perhaps Biden should not have called Saudi Arabia a “pariah,” and perhaps his foreign policy team should not have angered the Saudis multiple times over the past 12 months.

As Jim Geraghty wrote last August, “Every four years, the message is the same: Trust us, we’re the ones who know what we’re doing. And yet, the oddest thing happens — the Democratic foreign-policy establishment gets in power, and a short while later, so many things go wrong.”