On 17 June 2019, the United States Dollar lost 78% of its value. This was due to a number of oil selling countries ending the petrodollar deal; an agreement in which they sold oil only in dollars in exchange for American military protection. The Gulf monarchies (Arabia, Bahrain, and Qatar), which had undergone a series of revolutions known as Gulf Spring, were in favor, as they recently overthrew the oppressive monarchies in their countries and were angered that the US had backed them. Iraq, Syria, and Iran also signed onto the deal, followed by a number of other countries. This deal was organized by the BRICS nations. The United States was unable to carry out the usual interventions as its military forces were spread too thinly and too many countries signed the deal. A financial crisis hi