That’s false. The petrodollar is irrelevant because two non-US companies trading using an intermediate currency like the USD create a balanced buy and sell of the intermediary.

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philistine 8 hours ago | parent [-]

If the petrodollar is irrelevant, why is Iran insisting that anything transiting the straight of Hormuz be bought using the Chinese Yen?

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linhns 7 hours ago | parent [-]

Yuan. Not Yen. Iran shouldn’t be insisting anything.

	▲	philistine 4 hours ago \| parent [-]
		But why is Iran insisting the Chinese Yuan be used? Because they're idiots? Because Petrodollars make our global economy work, and Iran wants their partner China to be in control! If Americans lose sight of their need to maintain their role as THE lingua franca of international trade, then all hell is lost. The US cannot afford its military without massive consequences if it can't raise extraordinarily cheap debt through purchases of oil in US dollars immediately turned around to buy US debt to maintain that money's value.