Biden and Saudi's

Back in the 1974 the US went off the gold standard. At that time it was a net importer of oil and made agreement with Saudi Arabia that if they agreed to sell oil only in dollars the US would agree to be their protectorate against any foreign invaders. This elevated the US dollar to the world's reserve currency. Since the most sought-after commodity in the world—oil—is priced in U.S. dollars, the petrodollar helped elevated the greenback as the world's dominant currency. With its high status, the U.S. dollar enjoys what some have asserted to be the privilege of perpetually financing its current account deficit by issuing dollar-denominated assets at very low rates of interest as well as becoming a global economic hegemony. Now for the first time China is attempting to buy oil in yuan rather than dollars and the Saudi's are considering doing just that. President Biden should remind Saudi Arabia that if we no longer act as their protectors that Iran is waiting in the wings to invade their country and take over their oil. This would be the end to the rich Saudi's who spend most of their days living in luxury. First off Biden has to get them to accept his phone calls and second is Biden strong enough to make this case.