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Saudi Arabia just announced a trade alliance with China, Russia, India, Pakistan, and 4 Asian nations to decrease reliance on US dollar. High inflation and the banking crisis are putting even more pressure on the USD. Follow us @KobeissiLetter for analysis as this develops.

Over The Last 2 Weeks: 1. Saudi Arabia considers accepting Chinese Yuan for oil sales 2. China and France complete first LNG trade using Yuan 3. Russia considers using Chinese Yuan as reserve currency 4. Saudi Arabia partners with China to build refinery for 83.7 billion Chinese Yuan ($12.2 billion) 5. China and Brazil agree to use Chinese Yuan in cross-border transactions The percentage of global reserves in U.S. Dollars is down from 72% in 1999 to 59% now. Is the U.S. Dollar's dominance decreasing?

Since March 2020, We Have Seen: 1. Largest pandemic in over 100 years 2. Over $4 trillion in printed stimulus 3. Interest rates lowered to 0% over night 4. Interest rates rising at their fastest pace in history 5. Inflation at its highest in 40+ years 6. Closest we’ve been to WW3 7. Oil prices go from negative to $100+ with record high gas prices 8. Largest crypto bear market in history 9. Record high credit card debt of $986 billion 10. Most unaffordable housing market in history (less affordable than 2008) 11. 2nd and 3rd largest bank collapses in US history If you started investing in 2020, you have seen more historic events than most people see in 20+ years. Volatility is the new normal.