The petrodollar is under threat

derryb

For more than 50 years, US protection of the Gulf monarchies has helped support global demand for dollars and US government debt.

A US post WWII promise to defend oil proucing countries such as Saudi Arabia, Kuwait, the United Arab Emirates, Bahrain, and Qatar in nothing more than a protection racket has kept the dollar afloat. The arrangement is what has allowed the US to continually roll over its debt. But every protection racket depends on one thing: The protector must provide protection. The Iran war threatens that premise. Look for these oil producing countries, under attack from the very enemies that the US promissed to protect them from, turn to their biggest customer, China, and abandon their promise to help keep the US dollar at the forefront of international trade.