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The US’s domination is based on the petrodollar. China, Iran, Russia, Venezuela (and in the past Libya, Afghanistan, etc.) started to trade (particularly oil) u
by lucian1900 6y ago
The US’s domination is based on the petrodollar. China, Iran, Russia, Venezuela (and in the past Libya, Afghanistan, etc.) started to trade (particularly oil) using other currencies. Even the EU is headed that way with both Iran and Russia.
It is in the interests of US and allied monopolies (especially oil) to prevent this at all costs, since it would remove the main tool for extracting disproportionate profit from the impoverished world and enforcing sanctions on anyone that resists.
- redisman 6y agoI don’t think that’s true. Sure the petrodollar might be a small boost but it’s hardly what’s propping up the super power status. The US has a ton of soft and hard power still. Military, internal market, businesses, banks, the justice system, etc are all orders of magnitude more important for the hegemony
- lucian1900 6y agoAnd yet countries get sanctioned, coup-ed or invaded when they threaten the petrodollar. The military enforces the petrodollar, which makes the USD the world’s reserve currency. That means the US can take advantage of extremely low prices on all imports to placate a large portion of the population, while still extracting vast profits from the rest of the world through export of capital at extortionate interest rates. US domestic production besides military, oil or banks is almost negligible.
- sthnblllII 6y ago>US domestic production besides military, oil or banks is almost negligible. This is false.