Most of the world’s petroleum transactions are done in US dollars. Another way of putting that is the global petrodollar is the US dollar. This bestows great benefit on the USA. Among other things, it can effectively tax everyone in the world without their consent by printing money and causing inflation. Surprisingly often, the USA has attacked countries that hinted they would accept some other currency than American for petroleum transactions, most recently Libya. The world is getting impatient with the US dollar since financial finagling in the USA is making the dollar unstable and the USA is threatening to renege on its debts. I don’t know how much longer this free ride will last. Russia, the European Union and Africa are all too big to invade. Perhaps some new artificial Petrodollar can be invented, based on a bundle of currencies, that will be more stable than any single currency. Americans have abused the privilege with effective counterfeiting Petrodollars by printing US dollars. They don’t deserve to keep it exclusively.

~ Roedy (1948-02-04 age:70)