Secret talks between 200 Arab billionaires in Abu Dhabi, UAE took place during Easter weekend in April 2010 to discuss the death of the petrodollar and the realignment of military protection of Middle East oil fields, according to a source close to Jim Willie of the Hat Trick Letter.
In an exclusive interview with TruNews on Apr. 24 (full audio interview), investigative reporter and newsletter writer Jim Willie told host Rick Wiles that the oil-rich nations of the Middle East plan for an eventual ditching of the U.S. dollar as payment for oil exports from the region. Sign-up for my 100% FREE Alerts
“In Easter weekend of 2010, there was a meeting of 200 billionaires who arrived in private jets in Abu Dhabi,” Willie said. “And I heard about it from a very good reliable source. And they decided on a lot of things, like policy toward Iran and how they’re going to handle things like Bahrain, and what they’re going to do regarding protection, and they made a decision. They’re going to accept Chinese protection, and they’re going to accept the potential for an arms-weapon store from Russia, and they’re going to say good-bye to the American protection.”
While the U.S. pressures the international community to sanction Iran, China fears the move would cut its imports of Iranian oil, which in 2010 reached 12 percent of total Chinese imports of crude. Saudi Arabia, on the other hand, reportedly fears that its oil revenue is in danger as the world moves increasingly off the dollar standard—a problem that Beijing’s strong renminbi currency offers as a solution to Saudi Arabia’s depleting cash-cow commodity.
Reminiscent of a deal struck between Russia and China in November 2010 to replace the dollar with renminbi and rubles to settle trade between the two countries, a meeting between China’s Premiere Wen Jiabao and members of the Saudi royal family was held a little more than a year later to discuss a back-up plan to the Iranian quagmire.
According to a Jan. 16, 2012, article in China Daily, “In what Riyadh calls ‘the largest expansion by any oil company in the world’, Sinopec’s deal on Saturday with Saudi oil giant Aramco will allow a major oil refinery to become operational in the Red Sea port of Yanbu by 2014.
“The $8.5 billion joint venture, which covers an area of about 5.2 million square meters, is already under construction. It will process 400,000 barrels of heavy crude oil per day. Aramco will hold a 62.5 percent stake in the plant while Sinopec will own the remaining 37.5 percent.
“The move reflected the two countries’ ‘firm willingness to join hands in coping with challenges and safeguard common interests amid profound adjustments to global situations’, Wen told Saudi Crown Prince Nayef bin Abdul-Aziz upon arrival in Riyadh late on Saturday.”
In January 2012, Iran shocked the world with a retaliation against a U.S.-led freeze of Iranian S.W.I.F.T transactions with an announcement that the third-largest Middle East oil producer will no longer accept U.S. dollars as payment for Iranian oil and that it would, instead, accept gold in addition to other currencies from China and India, among other nations, as settlement.
Mar. 29, 2012, New Delhi-based The Indian Express reported that a trade deal had been reached and signed between the leaders of the BRICS countries of Brazil, Russia, India, China and S. Africa—with Russia and China as the two lynchpin members of the extended agreement with India (nuclear weapons capabilities), Brazil and S. Africa. The agreement includes dropping the dollar as settlement of trade between the five-nation compact.
The article stated, “The five-nation grouping of Brazil, Russia, India, China and South Africa (BRICS) today took the first step towards promoting trade in local currency, and also agreed to work towards creating a new development bank on the lines of the World Bank.”
Willie’s source told him the next step in the process to protect the BRICS, Iran and the oil cartel of the Arab nations is to strike the fatal blow to U.S. dollar hegemony with the “dollar kill switch.”
Russia’s overt intentions to protect Syria and Iran from U.S. aggression signals the tacit willingness of the BRICS to merge with Middle East members of OPEC, with Russia and China lending its military muscle to the expanded group of nation states.
But the kingpin of OPEC, Saudi Arabia, has one condition before it can take the final step: China must convince Iran to cooperate with the United States regarding Iran’s nuclear ambitions.
According to a cable leaked by WikiLeaks, published by the NY Times, a meeting in Riyadh between Foreign Minister Yang Jiechi of China and King Abdullah was held on Jan. 13, 2009, in which it was revealed that “Saudi Arabia understood China was concerned about having access to energy supplies, which could be cut off by Iran.”
“ . . . A later cable noted simply, ‘Saudi Arabia has told the Chinese that it is willing to effectively trade a guaranteed oil supply in return for Chinese pressure on Iran not to develop nuclear weapons,’” the Times stated.
On April 26, 2012, Associated Press broke the story that suddenly Iran might be cooperating with the U.S.-led international pressure on the Persian state. But Iran’s apparent decision to acquiesce to U.S. demands came following a meeting between Iran with Russia.
“TEHRAN, Iran — Iran’s official news agency says Iran might ratify the additional protocol of the nuclear Non-Proliferation Treaty (NPT),” stated AP.
“The IRNA report Thursday quoted Iran’s ambassador to Moscow, Reza Sajjadi. He said it could be part of a Russian framework under which Iran would stop expansion of its nuclear program if the West halts further sanctions,” the news wire agency added.
While the 200 Arab billionaires’ plan to execute a “dollar kill switch” may be a “year or two” away, according to Willie’s source, the foundations for an alternative to the U.S. dollar are clearly in place and solidifying rapidly.
Willie told his source that a “dollar kill switch” sounds like an end to the petro-dollar and “the Saudis have agreed to move on.” Willie told TruNews’ that his source responded, “Bingo!” Sign-up for my 100% FREE Alerts