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This is an outdated view. The petrodollar is likely less important than than the debt dollar. Countries have vast debts in dollars which achieves the same effec
by rapsey 5y ago
This is an outdated view. The petrodollar is likely less important than than the debt dollar. Countries have vast debts in dollars which achieves the same effect of pulling the dollars into international trade.
- imtringued 5y agoThe dollar as a reserve currency is very old. The world is changing around it. Thinking of it as a thing that has to be protected at all costs is very misguided.
- rapsey 5y agoThe entire US economy is dependent on its world reserve currency status. If this happened the US would likely completely collapse. The stagflation of the 70s was a start of this process but the petrodollar put a stop to it. The US is way more dependent on it now than it was then.