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They have strong-armed their petrodollar system since 1971, and have invaded a number of oil-producing countries that toyed with the idea to price oil in value
by once_inc 4y ago
They have strong-armed their petrodollar system since 1971, and have invaded a number of oil-producing countries that toyed with the idea to price oil in value other currencies.
Saudi Arabia only get to price in Yuan, because the US can't afford to invade China. The unipolar world is fraying at the seams, and one wonders what will happen to the dollar when the US government can no longer lean on the petrodollar to enforce it's world reserve status.
Check Lyn Alden's piece on the history of the US Dollar as world reserve asset [0] for a vastly superior exposition of facts regarding this matter.
[0]: https://www.lynalden.com/fraying-petrodollar-system/ https://www.lynalden.com/fraying-petrodollar-system/