Petrodollar deal expiry could be 'catastrophic': If you take 'petro' from the 'dollar,' the USD will be backed by 'nothing' – Andy Schectman
Saudi Arabia reportedly let the 50-year petro-dollar agreement expire on June 9th, opting to sell oil in multiple currencies instead of exclusively using the U.S. dollar. Andy Schectman, President and Owner of Miles Franklin Precious Metals, warns that if the "petro" is taken from the "dollar," the U.S. currency will be backed by "nothing," which could trigger "catastrophic" consequences.