INDOWORK.ID, JAKARTA: The US’s anger is more because its hegemony has been disturbed. And the possibility of OPEC accepting payments in other currencies. The blow was very painful for the US.
The US Federal government’s debt is mounting to $38 trillion. If the world has not been destroyed by nuclear power, we will witness a debt crisis in the US.
My expectation – as well as my hope – the dedollarization in the world economic order will continue. Continuing. Russia and China are slowly but surely converting their foreign exchange reserves from USD denominated assets to gold and other assets
Whereas China – ever – is the biggest creditor of the US Federal budget. Once held the US Treasury up to USD1.9 trillion.
MORE POINT
Now the sign of the United States’ feud with Saudi Arabia is getting worse, since OPEC++ rejected Washington’s instructions not to cut production. Since 1945 the US has promised weapons and security support to Saudi Arabia.
In return, Saudi and his OPEC friends only received USD as payment for oil. Petrodollars that are pumped back into America through treasury purchases
In my imagination, it’s not really the reduction in production that is really what makes the United States upset. The reduction in oil production by OPEC++ benefits America, which is now the largest exporter of petroleum. Holding high oil prices, provides tremendous gains for the US.
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