How the Petrodollar System Restored, Then Ruined, America's Economy. America’s global hegemony is based on the petrodollar system and the Russo-Ukraine war is rapidly bringing that system to an end. The end of the petrodollar will be the end of the world order as we have known it since 1945.

submitted by Chipit from (treeofwoe.substack.com)

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[–]crazedchef63 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (0 children)

Just today Iraq started trading oil in Euro's.

Dominos are falling fast.

[–][deleted]  (3 children)

[deleted]

    [–]Chipit[S] 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (2 children)

    Did you even read the article? Oil is denominated in dollars, so to buy oil you need dollars. The US has and did go to war to prevent anyone from trading oil in anything but dollars.

    [–][deleted]  (1 child)

    [deleted]

      [–]Chipit[S] 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (0 children)

      The USD is not fungible with the CAD. Nobody wants Canadian dollars.