Comment by FrustratedMonky
5 hours ago
The end of the Petro Dollar?
Soviet-China-Iran - Petro Yuan?
/edit for the pedantic. Russian Federation.
5 hours ago
The end of the Petro Dollar?
Soviet-China-Iran - Petro Yuan?
/edit for the pedantic. Russian Federation.
Don't think that China stands that close with Russia and Iran. Or needs them, for that matter.
Russia and Iran are irrelevant in the global economy.
> Russia and Iran are irrelevant in the global economy.
They're modest by raw economic size, but outsized in relevance due to energy resources and geopolitical leverage.
Russia is 9th world economy by nominal GDP [1]. Larger than many European and Asian countries.
Also I am surprised that China is so close to US (20 Trillion vs 31 Trillion). The gap is less than 2x now.
[1] https://en.wikipedia.org/wiki/List_of_countries_by_GDP_%28no...
Iran is irrelevant?
You probably haven't turned on the news in a little while.
Soviet?
There won't be a petro-anything. In 30 years the oil industry will no longer be the resource upon which the whole world turns, and will instead be just another industrial input.
There was never a petro-anything. It's always been and is the Eurodollar global reserve currency. https://en.wikipedia.org/wiki/Eurodollar
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One can only hope.
This current crises has been a boon for alternative energy sources.
Really has driven home the point to even the most 'head-in-sand-right-winger' that Solar is a National Defense issue, not a woke agenda.