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Old Dec 10th 2017, 11:59 AM
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Michael Michael is offline
Herder of Cats
Join Date: Oct 2008
Location: Toronto
Posts: 14,835
Default Re: Demise of the Petro-dollar?

I've been hearing variations on this story for about 35 years now.

I can't believe people really take this stuff seriously. Sure the US is losing or in fact has already lost its status as the sole currency of international oil purchasing.

So fucking what?

Seriously, the scale and the numbers on a worldwide cale are so massive that such a change really doesn't change much of anything. If anything at all, having international oil purchases transacted in a variety of currencies (USD, Euros or Chinese Yuan) is probably beneficial for the world economy.

There is no impending crash of the US economy due to this slow and ongoing evolutionary change occurring in world oil markets.
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