Someone please clue me in if I'm missing something, but this appears to be something to do w/ Russia's wanting to look like it's making the U.S. irrelevant in retaliation for whatever it is that they're mad about these days. They're supposedly trying to put an end to the international use of 'petrodollars' --imho the phrase
"fartin' to stop a windstorm" comes to mind. Reality is that petrodollars is a world thing and not an America thing, and I'd argue that if they ceased to exist the U.S. would be better off.
What folks don't understand is that most dollars in the world don't come from America, they're created in foreign banks that are outside U.S. jurisdiction and not subject to U.S. control. No more 'petrodollars' means Americans have a lot more control over their own currency.
--and that's bad?
What do you mean by “most dollars in the world don't come from America, they're created in foreign banks”? The way the sentence is phrased it sounds that foreign banks “create” dollars, i.e. print US dollars?