Saudi Arabia, Russia sign deal to develop joint military cooperation
Featured image: Saudi Arabia’s Deputy Defense Minister Prince Khalid bin Salman sign the deal with Russian Deputy Minister of Defense Colonel General Alexander Fomin.
Saudi Arabia and Russia on Monday signed an agreement to develop joint military cooperation between the two countries, according to the Kingdom’s deputy defense minister.
“I signed an agreement today with the Russian Deputy Minister of Defense Colonel General Alexander Fomin between the Kingdom and the Russian Federation aimed at developing joint military cooperation between the two countries,” Saudi Arabia’s Deputy Defense Minister Prince Khalid bin Salman tweeted.
Prince Khalid met with Russian Defense Minister Sergey Shoygu earlier in the day to “explore ways to strengthen the military and defense cooperation” between the two countries.
“We discussed our common endeavor to preserve stability and security in the region, and reviewed shared challenges facing our countries,” he added.
August 23, 2021 https://english.alarabiya.net/News/gulf/2021/08/24/Saudi-Arabia-Russia-sign-deal-to-develop-joint-military-cooperation
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Gundlach Warns US Is On A “Roadmap To Losing Global Reserve Currency Status”
DoubleLine Capital Founder & CEO, Jeffrey Gundlach, sat down with Yahoo Finance’s Julie LaRoche yesterday for a lengthy interview discussing the outlook for the US Dollar, the economic recovery, currencies, and Fed expectations… among other things.
As usual, the new bond king was not shy of expressing his strong opinions, warning that:
“We’re running our economy in a way that is almost like we’re not interested in maintaining global reserve currency status.”
Gundlach noted that in the aftermath of the pandemic, the strongest economy “by far” has been China, not the US.
“China’s made no secret of the fact that they want to be a global player and have at least a seat at the table of global reserve currency status,” he said, adding that China has “made no secret of the fact that they want their military to be dominant, maybe the biggest in the world.”
Combine this with the fact that the US is “growing debt like crazy,” and it’s clear the dollar is headed towards losing its reserve currency status, Gundlach said.
“And so as long as we continue to run these policies, and we’re running them more and more aggressively– we’re not pulling back on them in any way– we are looking at a roadmap that is clearly headed towards the US dollar losing its sole reserve currency status.”
August 24, 2021 – https://www.zerohedge.com/economics/gundlach-warns-us-roadmap-losing-global-reserve-currency-status
Comment: As the Biden Administrations strrategic ineptness continues to unfold in the withdrawal of US troops from Afghanistan; allies such as Saudi Arabia are aligning themselves with Russia. Therein, placing the US dollar potentially at risk of losing it’s place as the sole reserve currency.