Post # 28A Petro-dollar and US dominance

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Refer to post #27

When oil prices crash and stay low for a long time, it will be the beginning of the demise for US dollar. US dollar will no longer be the world’s reserve currency.

The very basis of the US superpower status – The dollar as only world reserve currency is under threat. What makes the US dollar unique is the fact that since the early 1970s it has been, with a few notable exceptions, the only currency used to buy and sell oil on the global market.

Under this system, the Saudis would only sell their oil in US dollars, and would invest the majority of their excess oil profits into U.S. banks and Capital markets.