The End (of the Petrodollar) is Nigh…
One of the underappreciated consequences of the war in Ukraine is the economic boost given to China. Specifically, China is well positioned to offer its currency as an international medium of exchange, displacing the U.S. dollar.
The effects will be horrible within the U.S., as our currency will lose purchasing power. Worse, there is almost nothing we can do to prevent the replacement of the petrodollar, as all the key decisions are in the hands of other countries who no longer need nor (because of Ukraine) have reason to trust us.
Tidewater News and Opinion Forum 
I recall back in the late 70’s, the same kind of thing was said about the Yen taking over for the dollar. Never happened.
And as far as other countries who no longer trust us because of Ukraine, you are completely and totally delusional. Our support for Ukraine, along with uniting Western powers after the Trump debacles of his term, this country is more trusted more than it was in 2020. Key decisions are not being made in Iran, Iraq, North Korea or Russia that would have the deleterious effect you claim. If you and your “sources” believe that, you are fooling yourselves. And by sharing this drivel, attempting to fool others.
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RE: “Key decisions are not being made in Iran, Iraq, North Korea or Russia that would have the deleterious effect you claim.”
The key decision mentioned in the source is Saudi Arabia’s. If, as widely reported, it chooses to trade oil for yuan, that will instantaneously end the petrodollar.
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Like I said, if you and your “sources” actually believe that, good for you.
Widely reported? By whom? More of your undeniably reliable sources?
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RE: “Widely reported? By whom?”
https://thehill.com/policy/energy-environment/598257-saudi-arabia-considers-accepting-yuan-instead-of-dollar-for-oil/
https://duckduckgo.com/?q=saudi+arabia+to+trade+oil+for+yuan&t=hq&ia=web
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Thank you for sourcing your comment.
But if the Saudi’s haven’t decided in the nine months since the article was posted, I don’t see it happening any time soon.
Your “doom and gloom” is just another attempt at fear mongering for the sake of it.
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RE: “But if the Saudi’s haven’t decided in the nine months since the article was posted, I don’t see it happening any time soon.”
Perhaps we should alert the media that Adam Green has given his opinion. He doesn’t give any reason to believe it, but it is enough to dispute the source article that he doesn’t bother to analyze.
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So MY opinions are that important? Dang. Maybe I can start charging the suckers for them?
You are so panty-wadded at this point, you can’t even think straight.
You can question my analysis, or lack thereof all you like. Your thoughts on the matter mean little to me. Or anyone else for that matter.
If you don’t like the historical facts I have alluded to then go ahead and keep up the fear mongering. It is what your tribe does best. They can’t govern. They can’t think without going to Florida for permission. They can’t even win an election when all of the factors were in their favor.
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Seeing as you hold my opinions with complete and total disdain, maybe a professional’s opinion will show you how wrongheaded you and Tree of Woe are.
https://thehill.com/opinion/national-security/3792146-saudi-arabia-still-needs-the-united-states-despite-its-growing-ties-to-china/
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RE: “If you don’t like the historical facts I have alluded to then go ahead and keep up the fear mongering.”
You haven’t alluded to any historical facts. You haven’t alluded to anything at all, much less the article I thought useful to share. All you do is deny, deny, deny — even after you are corrected for your errors.
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Fact: The Saudi’s, after more than NINE MONTHS, have not changed to the Yuan for major oil transaction. The dollar remains the MAIN currency of the market.
AS far as denying, I only deny that YOU are doing anything by fear mongering about something that is VERY unlikely to happen. No matter how hard you wish or it to be true, it just AIN’T.
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Over 1/5th of oil is already traded in other than dollars according to your link. Also, the Saudis will still trade a majority of its petroleum sales in dollars even if the yuan is used for Chinese deals.
I see no danger in Russia, Angola, Iraq and China maybe paying in currencies other than dollars.
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RE: “I see no danger in Russia, Angola, Iraq and China maybe paying in currencies other than dollars.”
How about Europe, India, the rest of Asia, the rest of Africa and South America?
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How about you stop projecting bullshit? But if you think it’s going to happen, then trade in all of YOUR dollars for yuan.
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RE: “How about you stop projecting bullshit?”
How about you taking the trouble to show that the article is bullshit? It appears to me that you cannot.
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How many times to I have to explain that all you and the article is doing is projecting the worse possible outcome. Notice I say POSSIBLE and not probable.
We have heard these types of things constantly for decades and they have yet to materialize. Yet those who peddle in FEAR, keep bringing them up for whatever reason. And then disappear for a period of time until they think the timing is right to bring it up again.
If you so fear the dollar tanking, then go ahead and trade your USD for CY.
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“How about you taking the trouble to show that the article is bullshit? ”
Tree of Woe. Yeah. Another optimistic look at the market through the eyes of a fear mongering moron.
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You forgot Antarctica.
Is there that much faith in the yuan? China famously devalued its currency for years to build a dependent export market. That was a big sticking point in our relations. It could do it again.
China is developing some dependent nations because of its massive infrastructure programs in the Third World. I don’t see Europe moving East. For that matter, the Pacific Rim either. They were all hooked on China and now they need not be.
Plus right now China is just starting to deal with COVID like the rest of the world. It’s killing them, literally. The real danger is if Xi tries to pull a Putin and threaten Taiwan to distract from internal turmoil. I doubt that as he sees what Russia is doing is a disaster for Putin who must now save what is left of his face.
Autocracies have some advantages, but stability might not be the strong suit over time. Something about the lack of a reliable, repeatable peaceful transfer of power.
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