Pepe Escobar
Report
THE LONG PETRODOLLAR GOODBYE

The petrodollar was always a thing of beauty: the ideal scam to artificially stimulate demand for the US$ after Exceptionalistan went bankrupt in the early 1970s.

The only way the Empire of Chaos could sustain its "world power” self-referential mythology, with an Empire of Bases that costs WAY more than $800 billion a year, was to manufacture global demand for US$ - thus exporting debt + inflation.

It worked like a charm - for as long as the Empire of Chaos could maintain military hegemony.

That is now coming to an end (Hello, Houthis! Not to mention hello, Russia!)

And so is the US$ as the global reserve currency underwriting Empire.
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Michael Droy
USD doing all right for the last decade.
Pepe (or perhaps I should ask Pablo) let me know when you find a second currency where you can place $5bn worth in a day in $1bn hits into safe liquid assets easily cashed in. Because that will be the next reserve currency. A Long way off right now. Meanwhile this is the "crashing dollar".
Kean-Tatt Tan
Michael, accumulate gold,precious metals,commodities and currencies of trading nation.These have better value than fiat money.
Michael Droy
Kean-Tatt, I don't have more than a couple of thousand to throw about. A gold coin here, a 0.01 of a Bitcoin there, I'm not going to move the market. The guys that do have billions - many of them. Explain to them how to put $5bn into Gold or Alluminium or even the Remimbi AND GET it back again without moving the market.
That creates real value.
Teuvo Suomalainen
I'm loving it 😍
Michael Droy