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Old Dec 11th 2017, 01:08 AM
Tom Palven Tom Palven is offline
Cranky Curmudgeon
Join Date: Nov 2010
Posts: 2,051
Default Re: Demise of the Petro-dollar?

Originally Posted by Michael View Post
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.
This is generally the kind of scenario I've been reading about if the US dollar loses world reserve currency status, although some scenarios are less gloomy:
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