Carborendum Posted October 6, 2022 Report Share Posted October 6, 2022 (edited) For those who don't know what the Petrodollar is, you're not alone. It is not a unit of currency. It is essentially a "trade deal." And it is about to change in a big way. The unit of currency is the Greenback. The "deal" is that: The US would buy a huge portion of all our oil from OPEC. OPEC would demand that ANY country who buys oil from them would do so with US dollars. We would purposefully diminish our development of oil refining from our own lands. Most of what we extract from our own lands would be sold to other countries. We would not refine it ourselves. I believe (not sure) that Mexico and Canada have similar deals with us. This deal ensured the dollar's supremacy for decades regardless of how much money we've been printing over the years. No matter how many loans we took from the Fed. No matter how irresponsible we've been financially. And Europe can virtue signal all they want. But they have almost as much of an oil fixation as the US. Now Saudi is leading the OPEC nations in cozying up to Russia and a few others to form OPEC+. At the same time China is divesting itself of the US dollar and calling on its own "Federal Reserve" analog to print more Chinese currency (Yuan/Renminbi). OPEC+ alone has about 90% of all proven reserves. And it is this time that Biden chooses to drain our strategic petroleum reserves? Couple that with the runaway spending of this administration, and a blank check to support Ukraine in their fight against Russia... This is not giving me a whole lot of warm fuzzies about the future of the US dollar. Edited October 6, 2022 by Carborendum Quote Link to comment Share on other sites More sharing options...
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