Wow - you sure know how to baffle people with BS, I’ll give you that.
However, not everyone is gullible.
Nice try.
[Wow - you sure know how to baffle people with BS, I’ll give you that.
However, not everyone is gullible.
Nice try.]
Oil prices went from $3 to $12 around the time of the “petrodollar”. It has now gone to $60. That’s a 20-fold increase. Where’s the benefit to the US? The underlying assumption seems to be that the US is a failed state that would resemble North Korea if not for the “petrodollar”. It’s a close cousin of the notion that American military bases are an oppressive presence that keeps foreign imports cheap. People who believe that the “petrodollar” gives the US an edge or that foreign garrisons = cheap imports are uttering falsehoods. Neither oil nor imports are especially cheap in dollar terms, and they have been getting more expensive over the years vis-a-vis other countries as the dollar has depreciated. It’s a truism that oil has stayed more or less the same in Japanese yen terms while doubling in dollar terms over the past 30 years. It’s the same reason Japanese cars have become more expensive than Detroit iron in that time frame - dollar depreciation.