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Petro dollar on its way out

submitted by whostolemyusername to whatever 2.7 yearsAug 30, 2021 11:15:38 ago (+12/-2)     (www.thegatewaypundit.com)

https://www.thegatewaypundit.com/2021/08/inflation-skyrockets-us-russia-saudi-arabia-sign-agreement-ending-petrol-dollar-putting-us-dollar-economy-risk/

This is pretty much the end for America, Good bye purchasing power that comes from being the worlds default currency because everyone needed it for buying oil


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[ - ] mikenigger 1 point 2.7 yearsAug 30, 2021 11:34:58 ago (+2/-1)

quite the reach, you've taken what looks like a weapons deal and conflated it with a petrodollar exit.

downboated

[ - ] we_kill_creativity 1 point 2.7 yearsAug 30, 2021 12:41:49 ago (+1/-0)

From the article:

Then a couple of days ago, Russia and Saudi Arabia signed an agreement that likely went beyond the military and defense cooperation it claims. The agreement likely removes the two countries from their relationship with the dollar.

So...did they or didn't they?

[ - ] mikenigger 1 point 2.7 yearsAug 30, 2021 12:43:37 ago (+1/-0)

likely

reads like an assumption

[ - ] bobdole9 0 points 2.7 yearsAug 30, 2021 12:25:12 ago (+0/-0)

Wait, foreign countries are realizing our fiat currency isn't really that critical for trade?

Clown World is exhausting.

[ - ] we_kill_creativity 1 point 2.7 yearsAug 30, 2021 12:39:56 ago (+1/-0)

Pretty off topic, but, it blows my mind seeing a Dole/Kemp themed account in 2021.

[ - ] whostolemyusername [op] 0 points 2.7 yearsAug 30, 2021 12:44:08 ago (+0/-0)

Thats the point, American has been mandating the dollar as the currency for trading oil, They have waged wars and overthrown governments in order to keep things that way, As a result every country in the world needed dollars to buy oil, so it became effectively the worlds default currency because every country needed dollars, America was at little risk of hyper inflation because its currency was effectively backed by oil, Which is even better than gold because a country can run with out gold, Now countries are starting to move away from it, China is pushing their petro yen, The Saudis and are cosying up to Russia, The whole Afghanistan thing making America a laughingstock.



It sure as hell seems like America is going to go full Zimbabwe, If I where leading a nation I would be getting rid of most of my reserved dollars and stocking metals and oil

[ - ] mikenigger 0 points 2.7 yearsAug 30, 2021 13:04:01 ago (+0/-0)

You're free to worry about something else https://www.voat.xyz/viewpost.php?postid=612d0d08e5be7

[ - ] whostolemyusername [op] 0 points 2.7 yearsAug 30, 2021 13:06:56 ago (+0/-0)

Living up to your name.....

By comparison, China alone holds more than $1 trillion in currency reserves, more than 200 times the transaction demand for oil. In other words, if China reduced its holdings of dollars by just 0.5 percent, it would have more impact on the demand for dollars than if all oil exporters suddenly stopped accepting dollars for their oil.



Why do you think they are holding USD as a reserve currency? Why not gold? why not platinum?

[ - ] mikenigger 0 points 2.7 yearsAug 30, 2021 13:10:03 ago (+0/-0)

who says they aren't?

are you going to admit this deal means fuck all for the dollar?

[ - ] whostolemyusername [op] 0 points 2.7 yearsAug 30, 2021 13:16:27 ago (+0/-0)

"This raises a more serious issue affecting the demand for dollars, which is the dollar’s - You, So triggered you make a post and even say your self what i am saying is true, I literally covered this point in the little comment on the post


"This is pretty much the end for America, Good bye purchasing power that comes from being the worlds default currency because everyone needed it for buying oil"

You admit that the demand for the dollar is important, So how exactly is what I'm saying wrong? Do you think people will kep stock piling a currency that is losing its value now they dont need it to buy oil?

[ - ] mikenigger 0 points 2.7 yearsAug 30, 2021 13:33:10 ago (+0/-0)

You admit that the demand for the dollar is important, So how exactly is what I'm saying wrong?

Oil has nothing to do with it, the petrodollar was in the 70s. China doesn't buy dollars for oil, it's for keeping their shitty currency in check.

Nobody is stockpiling dollars for buying oil, it's not going to run out, where do people even get these stupid ideas?