by R. Cort Kirkwood,The New American:
The United States is facing the collapse of the petrodollar that has propped up the American economy for the last half-century.
Former Navy SEAL and podcaster Shawn Ryan warned that the war in Iran and ensuing closure of the Strait of Hormuz is a coming debacle for American finance. China’s currency, he said, will supplant that of the United States and become the global standard.
And Ryan isn’t the only Cassandra portending doom for the dollar as the world’s reserve currency.
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Fortunemagazine explained that war has exposed the weakness of the petrodollar. And the Independent Institute observed that the U.S. seems to wage war on any nation that attempts to move away from using the dollar as the world’s oil-trading currency.
And the war in Iran, Deutsche Bank warned in March, has created “a perfect storm for the petrodollar.” Ahead might be the era of the petroyuan.
AsFortunescribe Sasha Rogelberg explained, the Nixon administration created the petrodollar in 1974, when Saudi Arabia agreed to sell oil only in dollars in return for security and military aid.
“The U.S., then under President Richard Nixon, was looking to secure global demand for the U.S. dollar following the end of the gold standard in 1971,” Rogelberg explained:
In the wake of the 1973 oil crisis, the U.S. was motivated to solidify its own oil supply chain.
Source: SGT Report
