"But what is the petrodollar system?" you ask? youtube.com/watch?v=3BsEffT...
The 1999 BoE gold sale makes no sense under any other framework, and when you make this realization, much more of our world problems we see all of the sudden start to become connected. Let me ask you something. You think oil going - (SA effectively saying "We want max BPD, not max $ (prices)) and China pricing oil in its own currency are not related in any way? Russia and Chinas trade deal a few yrs ago priced in CNY w/ credible physical settlement, its all playing out to the T, although it took 20yrs to get there. Not long after this deal was signed a border war in A Russian proxy state? (Syria) and increased tensions w/ China? See a theme here? (Oil market is being fit inside the gold market by Russia and China as a mean of settlements.) The world worked for a time w/ the $ system but creditor nations know they will never get real dollars back in oil terms. When you realize this everything makes much more sense.
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An extension of this line of thinking: If the world no longer needs the $ Ask yourself, what is the US without the petrodollar system? What is the structural difference between the US and Greece w/ debt to GDP in excess of 130%??? Not much.