Petrodollar shit is all old Soviet Cold war propaganda. It actually makes very little sense. Moreover, having the world’s reserve currency is not really the benefit people make it out to be. The dollar is powerful because the scale of the US economy is enormous, and the US has a lot of friends. But like, the Euro or GBP doesn’t suffer because random third countries don’t settle trades with it. And the reason why eg, China’s currency is shit in comparison is because it’s overtly manipulated and China’s autocratic instincts scare people away from using Chinese bonds as an inflation resistant cash proxy. The same exact things were true with the USSR, which is why they needed to push conspiracies about the omnipotence of the dollar.
Petrodollar shit is all old Soviet Cold war propaganda. It actually makes very little sense. Moreover, having the world’s reserve currency is not really the benefit people make it out to be. The dollar is powerful because the scale of the US economy is enormous, and the US has a lot of friends. But like, the Euro or GBP doesn’t suffer because random third countries don’t settle trades with it. And the reason why eg, China’s currency is shit in comparison is because it’s overtly manipulated and China’s autocratic instincts scare people away from using Chinese bonds as an inflation resistant cash proxy. The same exact things were true with the USSR, which is why they needed to push conspiracies about the omnipotence of the dollar.
Idk, seemed to really fuck with Russia for a bit when the US froze their assets.