Saudi Defense Minister Khalid bin Salman announced the agreement via Twitter, stating it would aid in “developing joint military cooperation between the two countries.” In a second tweet, he elaborated on his meeting with his Russian counterpart, Sergey Shoygu, in which the pair explored ways to “strengthen the military and defense cooperation between our two countries.”

The emergence of the petrodollar dates back to the early 1970s when the U.S. reached an agreement with Saudi Arabia to standardize the sale of oil based on the U.S. dollar. Petrodollar recycling creates demand for U.S. assets when dollars received for oil sales are used to buy investments in the United States….

What Saudi Arabia did today IS the “Black Swan Event” for the US.