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Any theories if this is beginning of the end of Dollar, and thus US? This dollar=oil relationship has been used as the argument for US dominance for a long tim

Any theories if this is beginning of the end of Dollar, and thus US? This dollar=oil relationship has been used as the argument for US dominance for a long time. Or, used to explain how the US maintains dominance. And consequently, this is also used as the boogie man in many theories about a US collapse. So doom scenario would be Saudi, Russia, China forming some new Oil market that does not use US Dollars.

JumpCrisscross 2y ago
> dollar=oil relationship has been used as the argument for US dominance for a long time The dollar’s dominance was won at Bretton Woods (decades before the petrodollar) on the back of WWII. The petrodollar was a contributor to dollar hegemony from the 1970s through the 2000s. But the combination of the USSR falling and American energy independence thoroughly ruined it as an explanatory factor for dollar and Treasury pricing and utilisation in the post-crisis landscape.