He shared this with Ann Vandersteel during the April 3 episode of her program "Right Now with Ann Vandersteel" on Brighteon.TV. He pointed out that this alliance of nations – Russia, China, North Korea, Iran, India and Saudi Arabia – are putting things into their own hands by inking trade agreements between them using local currencies. This, Vallely explained, is because the aforementioned countries are aware that the U.S. and its Western allies are not looking for solutions.
The retired Army official also mentioned that Saudi Arabia is now considering the use of the Chinese yuan for oil purchases, a notable transition away from the U.S. dollar which it solely accepted before. A March 15 report by The Hill's Zack Burdyk said officials for Riyadh and Beijing were discussing the measure. Both parties had been discussing the matter for years, but talks only escalated in 2022.
According to Burdyk, Saudi Arabia's disappointment over America's stance on nuclear negotiations with Iran and Washington's lack of support for Saudi military operations in Yemen led to the kingdom mulling the yuan for trade. He added: "Nearly 80 percent of global oil sales are priced in dollars, and since the mid-1970s the Saudis have exclusively used the dollar for oil trading as part of a security agreement with the U.S. government." (Related: Saudi Arabia, China initiating plan to create petroyuan and bring an end to the petrodollar.)
Moreover, Vandersteel mentioned that the Organization of the Petroleum Exporting Countries – which Saudi Arabia is a leading member of – is ganging up on the U.S. and other Western nations by cutting oil production. This, she remarked, is going to drive up pump prices in America and eventually challenge the diesel production and supply chain.
Vandersteel also mentioned that the BRICS group – Brazil, Russia, India, China and South Africa – are bringing in a gold-backed basket of currencies. The "Steel Truth" and "The Zelenko Report" host also pointed out that precious metals have seen a big move in the market, with some American states already increasing their gold and silver reserves.
She then asked Vallely if there is a shift toward a gold-backed dollar instead of the fiat dollar. The retired Army officer responded in the affirmative, saying that there are people who have realized that gold is the standard. Vallely also mentioned that gold and silver trading is already happening in the precious metals market – citing how Russia, China, Iran and Saudi Arabia have been buying gold since last year.
"I'm all in favor of us going to a gold standard because they are going to try to destroy the dollar as the reserve currency of the world," he told Vandersteel. "They are working very hard on and it's working – but Wall Street doesn't seem to get it yet, either."
The host also cited the Federal Reserve's announcement about the FedNow digital payment system. According to Vandersteel, this is really the precursor to central bank digital currencies. Vallely agreed, noting that the Department of Treasury, not the Federal Reserve, should be taking care of American currency.
Visit DollarDemise.com for more stories about countries dropping the U.S. dollar.
Watch the April 3 episode of "Right Now with Ann Vandersteel" below. "Right Now with Ann Vandersteel" airs weekdays at 8-8:30 p.m. on Brighteon.TV.