It isn’t just about oil, that’s only part of the deal. It’s also about a thing called “petrodollars” which have established the US dollar as the de facto global reserve currency. It is that defacto global reserve currency status resulting from the petrodollar arrangement between OPEC and America that has enabled us to run up a 17 trillion dollar national debt. Should that arrangement suddenly end...there will be far reaching and lasting consequences.
Doomsday happens when Saudi persuades OPEC to join in with China and Russia to price oil in terms of gold and gold-backed yuan and riyals.
Game over.
And, with QE infinity, why haven’t they done it already?