Comment by corford

Wow, this is a great share. I am regular reader of FTAV. I highly recommend it to others here.

I like this part:

    > One big flaw in their argument is that the petrodollar isn’t nearly as big a factor in the global dollar ecosystem as it used to be

And:

    > A proper grasp of the events in question suggests that the ballyhoo over the petrodollar’s alleged imperilment will prove to be just the latest in a series of false alarms about the dollar’s status atop the world’s currency hierarchy.

A lot of online armchair analysts miss the fact that the Euro is just as important as the US Dollar in global trade. The Eurozone has a combined GDP of about two thirds of the US. That is huge! And they Eurozone does lots of trade with countries outside the Eurozone, so the Euro is a vital part of the global economy. The number one forex pair globally is EUR/USD. It is trivial to convert between the two (tight spreads, giant order capacity), so buyers and sellers are fine with either.