Saudi Arabia says they're now 'open' to the idea of trading in currencies beside...

The 2023 World Economic Forum gave the world a good glimpse into the future the global elites envision for us all. And it’s interesting to say the least.

Saudi Arabia’s Finance Minister, Mohammed Al-Jadaan, stunned reporters in Davos when he expressed that the oil-rich nation was open to trading in currencies beside the U.S. dollar for the first time in 48 years.

“There are no issues with discussing how we settle our trade arrangements, whether it’s in the U.S. dollar, the euro, or the Saudi riyal,” Al-Jadaan said.

His comments are the latest signal that powerful nations across the world are plotting a “de-dollarization” of the global economy.

Here’s why replacing the dollar is gaining popularity and why dethroning the greenback is easier said than done.

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Rebellion against the dollar

The dollar’s dominance of global trade and capital flows dates back at least 80 years. Over the last eight decades, the U.S. has been the world’s largest economy, most influential political entity and most powerful military force.

However, economists from other countries are increasingly worried that the country has “weaponized” this position of power in recent years, according to a report from the CBC. The U.S. implements sanctions to punish countries in conflict, threatens to devalue its own currency to win trade wars and leverages it to support its own economy at the expense of the rest of the world.

Unsurprisingly, these moves have inspired a backlash from China, Russia and other prominent countries.

At the 14th BRICS Summit last year, Russian President Vladimir Putin announced measures to create a new “international currency standard.” Meanwhile, China has been urging oil producers and major exporters to accept yuan for payments.