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There is nothing in this article that says anything about petrodollar. The U.S. will lose the global reserve currency once it's no longer used in oil exchanges.
by jotjotzzz 9y ago
There is nothing in this article that says anything about petrodollar. The U.S. will lose the global reserve currency once it's no longer used in oil exchanges. The U.S. will do anything in its power to retain that right as already proven in the Iraq war and countless other debaucheries.
- woodandsteel 9y agoI have no expertise in this area, but my understanding is that global trade in general is carried out largely in dollars, not just oil.
- thephyber 9y agoTo address this, a discussion about political ideology seeps in, which violates HN guidelines. It has to do with the Gold Standard, the Bretton Woods agreement, Nixon taking the US off the Gold Standard, and countries in the Middle East that the US has attacked (either overtly or secretly). Basically the hypothesis is that the US has attacked every oil-exporting country soon after they threaten to transact oil in any currency other than the petrodollar (Iraq, Libya, Syria, Iran, etc). I haven't read into it enough to support or refute the claims, but it's a common refrain in US-libertarian media.