I wanted to know whether this is true or was it just a conspiracy.
In: Economics
China is the only economic entity that can threaten the US’s financial top spot (thanks you globalists and corrupt politicians!) however it (used to anyway) peg it’s yuan to the US dollar, making it dependent upon it. Also, I doubt the world really wants a totalitarian regime such as China calling the global shots, despite all their bitching and whining over the US’s steering.
Those happy and prosperous Nordic countries couldn’t scale to handle being 50x their current size — and filled with wildly varying demographics.
1. Oil is the most traded commodity worldwide. Petrodollar ensures that the dollar is the currency for international trade, even between two countries that otherwise do not use the dollar. That means everyone else has to export something to earn the dollar. The US simply has to print it. So yes, petrodollar is still very important for the US.
2. International relations are very complex, and there may be other reasons for the invasion of Iraq. But based only on what is publicly known, it’s likely that protecting the petrodollar was the primary reason. Any major oil-producing country that does not accept the dollar is undermining the petrodollar.
The petrodollar warfare theory is a conspiracy theory for distracting edgy baristas from their meaning less existence.
The US anted Iraq to sell oil for dollars so bad that the US voted to allow Iraq o sell oil for Euros when they were under UN sanctions. https://www.cnn.com/2000/WORLD/meast/10/30/iraq.un.euro.reut/
Not really. Yea, the US wants countries to sell oil for dollars so bad that **the US makes it illegal for countries to sell oil for dollars.**
**Also, the US made it illegal for Venezuela to sell oil for dollars.** https://www.bloomberg.com/news/articles/2018-10-16/dollars-are-out-euros-are-in-as-u-s-sanctions-sting-venezuela
**And the US made it illegal for Iran to sell oil for dollars**- https://www.cnbc.com/2019/12/14/mnuchin-us-isnt-weaponizing-dollar-sanctions-are-alternative-to-war.html
**And Oil makes up less than 1% of global dollar trade.**
[Total oil trade globally](https://www.visualcapitalist.com/size-oil-market/) – $1.7 Trillion/YEAR
[Total dollar trade](https://www.dailyfx.com/forex/education/trading_tips/daily_trading_lesson/2019/01/15/forex-market-size-.html) = **$4.6 Trillion. Every. Single. Day.**
Do you remember that time the dollar collapsed because oil prices fell by 75%?
Yea, me neither.
Nobody ever tries to refute these facts, but some act like children who just learned Santa Claus was not real.
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