What is petrodollar?
January 17, 2024: What is petrodollar system? To understand that, we need to first understand what is dedollarization. It has been in the news in recent times. It is a financial movement led by countries like India, Russia, and China. The idea is to phase out the US dollar as the global reserve currency.
But bringing down Uncle Sam is not easy. That’s because the dollar’s muscle power comes from a secret deal that is firmly in place. It’s called the petrodollar deal. So, what is petrodollar and what is this petrodollar deal? In this episode, we expose the chilling story of the secret petrodollar deal that gives the US dollar all its power.
After watching this report, you can pick up a copy of a book. It’s called Secret Notes From Iran: Diary Of An Undercover Journalist. It is a ground report that has details about the secret deal and much more. Here’s the link for ordering the book.
So, what is petrodollar? Various countries today are trying to bypass the dollar; to stop trading only in the US currency; and to start using their own currencies for global trade. Thanks to dedollarization, the world’s most powerful country is now worried about its No.1 status. If more and more countries stop using the dollar for trade and as a foreign exchange reserve, the US will lose relevance and power.
What is petrodollar system and what is India’s role?
India, Russia, and China are not alone in the dedollarization movement. Many others have joined the war on the US currency, like Iran, Venezuela, UAE, Turkiye, Brazil, and even Saudi Arabia. More than a dozen countries have cut loose from the dollar’s grip. The list is growing. That’s why it is important to know what is petrodollar and what is petrodollar system.
But remember, just because dedollarization is underway doesn’t mean the US hegemony will end soon. America’s economic domination is only on a very gradual decline. Remember that right now, 90% of foreign exchange transactions are still done in dollars. And nearly 60% of all foreign currency reserves are still in the US currency.
So, the question is, despite the wave of dedollarization, why is the dollar still so strong? To know the answer, let’s turn the clock back to 1974. That’s when the US government struck a secret deal with the Saudi kingdom to insulate the dollar; to make it bulletproof.
Watch this special report from Empire Diaries to know in granular detail what is petrodollar.
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