MoneyWeek

The hegemon slips

America stands like a colossus on an increasingly slippery world. Earlier this month, more grease was added. The US’s landmark pact with Saudi Arabia expired. It was the deal made in the 1970s by Wall Street bond dealer extraordinaire, William Simon. In essence, it solved two problems at once – one for the US, the other for the Saudis.

The US needed to export

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