The morale is already dispersed, and the global team is increasingly difficult to lead, especially as America's control is becoming more strained.
At the ongoing G7 leaders' summit, besides the G7 member countries and the two EU leaders, leaders from Turkey, India, the UAE, and Brazil have also been invited.
However, this G7 meeting has been described by American media as the "weakest summit," resembling the "Last Supper."
Indeed, most of the attending leaders have little interest, their minds not on the same wavelength.
Among the G7 leaders, only Italian Prime Minister Meloni appears cheerful, welcoming various bigwigs with a smile.
The other six leaders are burdened with worries, their moods low.
-United States: Biden faces constant domestic and foreign issues, low approval ratings, his son's legal troubles, fierce battles with former Republican President Trump, and bleak electoral prospects.
-Germany and France: The ruling parties of Scholz and Macron suffered heavy losses in the European Parliament elections, becoming marginalized and possibly turning into "lame ducks" in the future.
-Japan: Kishida's approval rating has fallen below 20%, with intense internal struggles within the Liberal Democratic Party, potentially forcing him to step down this fall.
-Canada: Trudeau faces the federal election in the fall, with his approval rating at a 50-year low, making his chances of reelection slim.
-United Kingdom: Sunak is dealing with years of accumulated scandals, the Conservative Party's support has dropped to 20%, with a significant gap from the Labour Party, and his electoral prospects are not optimistic.
Against this backdrop, this summit is unlikely to propose effective global governance strategies, focusing instead on discussing the war between Russia and Ukraine.
A key figure absent from the G7 summit is the so-called strongest post-85s leader on the planet, Crown Prince Mohammed bin Salman.
Before the summit, Biden repeatedly urged Meloni to extend the highest standard invitation to the Crown Prince.
Meloni did her best to invite him, and the Crown Prince eventually agreed.
However, he ultimately sent a message saying he couldn't attend due to the need to arrange the significant matter of the Hajj pilgrimage.
This reason seems insufficient, as the arrangements for the Hajj season have long been set, not requiring his personal "implementation."
The Crown Prince's absence worries Biden, as it relates to whether the 50-year secret agreement between the US and Saudi Arabia can continue.
This 50-year secret agreement between the US and Saudi Arabia is essentially an "oil for security" deal.
After World War II, British and French colonial powers in the Middle East and North Africa collapsed, and Arab countries gained independence.
From 1948 to 1973, Arab countries fought Israel in four Middle East wars, repeatedly losing and losing confidence.
As a major oil producer, Saudi Arabia needed security guarantees the most.
In the 1970s, amid the Vietnam War and domestic economic troubles, the US decoupled the dollar from gold, urgently needing a new anchor.
After the Yom Kippur War in 1973, Kissinger proposed the "oil for security" scheme.
In short, the US would provide security guarantees, and Saudi Arabia would use the dollar for oil exports and use the dollars earned to buy US bonds and stocks.
This agreement was not a loss for Saudi Arabia, as the dollar was the strongest currency at the time, and Saudi Arabia most needed security guarantees.
In the late 1970s, Saudi Arabia also took the opportunity to nationalize Aramco, becoming one of the world's most valuable companies.
This year marks the expiration of the 50-year agreement, and everyone is watching to see if it will be renewed.
Most believe Saudi Arabia is likely to renew the agreement in some form, as it is now a crucial time for bargaining.
De-dollarization is a long-term trend, taking at least 20 to 30 years, and will not completely replace the dollar but will expand the choice of other currencies.
The future may see the coexistence of several strong global currencies.
The dollar remains the primary foreign exchange asset for most countries, including Saudi Arabia, which has accumulated considerable wealth in dollars.
Complete de-dollarization would lead to a significant devaluation of the dollar, harming these countries' interests.
Therefore, while there will be a trend towards de-dollarization, the dollar will not be entirely abandoned.
In early June, Saudi Arabia joined the "Multiple Central Bank Digital Currency Bridge," a project led by the People's Bank of China and the Bank for International Settlements, indicating Saudi Arabia's intent to reduce dollar settlements.
In fact, in recent years, Saudi Arabia and countries like Qatar have already begun using the yuan, their own currencies, and the euro for oil export settlements.
This change might have triggered a strong reaction from the US 20 years ago, but now the US is unable to respond effectively.
Since 2001, the US has been overextended by frequent wars worldwide, severely draining its national strength and rendering it unable to confront non-compliant countries as it once did.
Despite this, the US-Saudi agreement is still likely to be renewed, albeit as a "face-saving" agreement.
Oil dollar settlements will continue, but the proportion may be adjusted.
The era of the US dominating alone is unlikely to reappear, and the dollar's monetary hegemony will continue to decline.
If the US exercises some self-discipline, the dollar can maintain its strong currency status for several more decades. Otherwise, the "seigniorage" days will end.
In conclusion, despite the many difficulties faced by the G7 summit, international dynamics continue to evolve, and the relationship between the dollar and oil is constantly adjusting.
In the future, countries will continue to seek balance in a multilateral currency system to reduce dependence on a single currency.
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