by Chris Black
The entire post-war US Empire is built on the symbiotic relationship between the dollar and the aircraft carrier.
The military costs trillions and trillions to run, and if the dollar were to lose 50-70% of its value due to getting cut out of the global trade scene, there would be no money for the military.
There also wouldn’t be money for weird social engineering programs at home.
Is this the end of the petrodollar ?
Who had that on their Bingo card for 2023?
— Wall Street Silver (@WallStreetSilv) January 27, 2023
The US is facing serious economic risks as more countries around the globe move away from the dollar in energy trade, according to former White House official Paul Craig Roberts.
Roberts, who served as US Assistant Secretary of the Treasury for Economic Policy during the Reagan administration, cautioned in an article published on Monday that the end of the petrodollar would have severe adverse effects on the value of the dollar, as well as on US inflation and interest rates.
He pointed to Saudi Arabia’s recent announcement that it was open to accepting payment for oil in currencies other than the dollar. According to Roberts, if that happens the demand for dollars and the currency’s value will fall.
By billing for oil in dollars, the Saudis guaranteed worldwide demand for the greenback, he explained. “This is a major threat to Washington’s power and to the financial power of American banks,” the economist added.