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There is no petro-dollar system. The world economy consists of many countries, it is complex and moved by different interests. Some people just want a simple, c
by NoPie 4y ago
There is no petro-dollar system. The world economy consists of many countries, it is complex and moved by different interests. Some people just want a simple, contrarian explanation (for example, Russia vs. the West) but it leads to strange worldviews that have little connection to the reality.
- anm89 4y agoHere's the European director of the IMF talking about petrodollar recycling (directly labeling it as petrodollar recycling). https://www.imf.org/en/News/Articles/2015/09/28/04/53/sp032306a https://www.imf.org/en/News/Articles/2015/09/28/04/53/sp0323... This isn't some kind of conspiracy
- NoPie 4y agoIt is when you talk about the petrodollar as something important globally. It definitely is not something you could call a system. Here is wikipedia for a start: https://en.wikipedia.org/wiki/Petrodollar_recycling https://en.wikipedia.org/wiki/Petrodollar_recycling “In reality, the use of dollars in international oil transactions increases overall U.S. dollar demand by only a tiny fraction, and the dollar's overall status as the major international reserve currency has relatively few tangible benefits for the United States economy as well as some drawbacks.[41][42]”
- anm89 4y agoSure, you can debate the semantics of system all you want. Totally unconvincing though
- NoPie 4y agoBasically the IMF discusses how the countries who get a lot of foreign currency from selling oil, can use this money in the best way. While others theorize that this is a system that the west uses to subjugate them and therefore needs to be abolished. You can use the same terms and have completely different understanding. I don't see any evidence for the second theory.