euro doesn't have enough volume. yuan has very strict domestic price controls so its a weird risk to take. (you could get insta-fucked, way harder than dollar inflation mismanagement, if china suddenly allows its citizens to move money)
This is why I said "decade" and not a shorter time frame. We're in the midst of some extraordinary times where things will shift quickly out of pure exigency. It's pretty clear that nothing can replace the dollar overnight, but most of the classic arguments in favor of it (stability , American military, etc.) are rapidly becoming obsolete.
This stuff is already happening. American Dollars have fallen from 66% of world currency reserves in 2016 to 56% last year and it's still going down. [0]
If the water merchant in the desert wants to charge in blowjobs, people going to starting giving blowjobs. 30% Hormuz oil is not short/medium term substitutable, if Iran can enforce (big if) Petro yuan then we get Petro yuan. USD already demonstrated proven instafuck instruments, the limitation of Petro yuan id access since most have trade surplus with PRC who isn't going to print because they don't want reserve/triffin drama. They'll likely do something like panda bonds, i.e. vip trusted loans because petro yuan =/= reserve where everyone qualifies, much better system is only buyers PRC trusts gets access.
I mean, the US has proven itself irresponsible having the power it has had as a superpower. Endless wars for oil, an economic bully instead of a responsible steward of power. This is the best outcome, a slow decline of power as the world reorganizes around the US. Americans voted for this, this was a choice.
Yeah, it's hard to weep for American hegemony when it has mostly been used as a crude cudgel, but it's just a bit odd to watch an empire rapidly crumble in real time from the inside through such a shocking series of unforced errors.
There's something to be said about the fact that those who shout the loudest about "America First!" are the very same ones to blame for its inevitable demise.
Exactly. I don't think this is a purely Republican issue. It's a US Empire and its hubris issue. The only difference is that Trump has been open with things that would otherwise have been said and discussed behind closed doors.
I think it is a primarily Republican issue. They have consistently demolished anything of value in the US, and now, the world (unnecessary Iran war is reducing global GDP growth by ~0.3% and boosting inflation by ~1.2%). Unfortunately for them, the damage to their brand is done for a generation. Very similar to Reform and Brexit in the UK.
Agree that the Republicans caused the recent escalations. But I think ultimately the US was heading in that direction, and Trump is just accelerating it.
I agree with you - the US having less power is a good thing, and I welcome it.
Means the same thing as when Trump claimed the war was won in the first hour and that Iran's nuclear program was "obliterated" during last year's strikes. Which also means the same thing as Iran being an "imminent" threat to the US.
It's a direct quote from Trump's recent State of the Union speech[1]. Here's a more complete quote:
Our country is winning again. In fact, we’re winning so much that we really don’t know what to do about it. People are asking me, ‘Please, please, please, Mister President, we’re winning too much. We can’t take it anymore,’” Trump said before introducing the team. “‘We’re not used to winning in our country until you came along.’”
Love how orange baboon is lulling regime into thinking they've got this.
They should name it the Orange Toll Wizard Law and then rename the Strait of Hormuz to the Gulf of Mexico just for fun.
Well the orange buffoon wanted it named either Strait of America or Strait of Trump. Not kidding.
Board of piss approved.
https://www.cartoonmovement.com/cartoon/board-piss
At this rate, I can't see the petrodollar surviving another decade. Great job, Republicans.
I’m not saying I think this for sure, but it feels like there’s a world where most countries come out of the Trump presidency stronger except the USA.
what's the alternative?
The Euro and the Yuan are the clearest contenders. Iran already trades oil in euros.
euro doesn't have enough volume. yuan has very strict domestic price controls so its a weird risk to take. (you could get insta-fucked, way harder than dollar inflation mismanagement, if china suddenly allows its citizens to move money)
This is why I said "decade" and not a shorter time frame. We're in the midst of some extraordinary times where things will shift quickly out of pure exigency. It's pretty clear that nothing can replace the dollar overnight, but most of the classic arguments in favor of it (stability , American military, etc.) are rapidly becoming obsolete.
This stuff is already happening. American Dollars have fallen from 66% of world currency reserves in 2016 to 56% last year and it's still going down. [0]
[0] https://www.investopedia.com/articles/forex/072915/how-petro...
If the water merchant in the desert wants to charge in blowjobs, people going to starting giving blowjobs. 30% Hormuz oil is not short/medium term substitutable, if Iran can enforce (big if) Petro yuan then we get Petro yuan. USD already demonstrated proven instafuck instruments, the limitation of Petro yuan id access since most have trade surplus with PRC who isn't going to print because they don't want reserve/triffin drama. They'll likely do something like panda bonds, i.e. vip trusted loans because petro yuan =/= reserve where everyone qualifies, much better system is only buyers PRC trusts gets access.
I mean, the US has proven itself irresponsible having the power it has had as a superpower. Endless wars for oil, an economic bully instead of a responsible steward of power. This is the best outcome, a slow decline of power as the world reorganizes around the US. Americans voted for this, this was a choice.
Yeah, it's hard to weep for American hegemony when it has mostly been used as a crude cudgel, but it's just a bit odd to watch an empire rapidly crumble in real time from the inside through such a shocking series of unforced errors.
There's something to be said about the fact that those who shout the loudest about "America First!" are the very same ones to blame for its inevitable demise.
Feels like being on the sidelines (or a Roman, if you're American) during Honorius' reign.
Exactly. I don't think this is a purely Republican issue. It's a US Empire and its hubris issue. The only difference is that Trump has been open with things that would otherwise have been said and discussed behind closed doors.
I think it is a primarily Republican issue. They have consistently demolished anything of value in the US, and now, the world (unnecessary Iran war is reducing global GDP growth by ~0.3% and boosting inflation by ~1.2%). Unfortunately for them, the damage to their brand is done for a generation. Very similar to Reform and Brexit in the UK.
Agree that the Republicans caused the recent escalations. But I think ultimately the US was heading in that direction, and Trump is just accelerating it.
I agree with you - the US having less power is a good thing, and I welcome it.
Obama had a nuclear deal with Iran. Trump ripped it up. This is not a "both sides" issue.
My comment wasn't isolated to just the Iran issue.
Not just Obama. It was also the UK, France, China, Russia, Germany, and the EU that had a nuclear deal with Iran.
Trump ripped it up over the objections of all of them.
I wonder how much this will accelerate transition from oil to green power and storage, mainly in Europe.
Good job, Donald.
Now, more tariffs, please.
Germany and Austria gotchu fam, impoverishing their own people while choosing to buy overpriced Russian and American oil and gas.
I'll be seeing news about Hinckley Point C opening when I'm in my 80s.
"We’re winning so much that we really don’t know what to do about it."
"Nothing bad can happen, it can only good happen."
What does this mean?
Means the same thing as when Trump claimed the war was won in the first hour and that Iran's nuclear program was "obliterated" during last year's strikes. Which also means the same thing as Iran being an "imminent" threat to the US.
It's a direct quote from Trump's recent State of the Union speech[1]. Here's a more complete quote:
Our country is winning again. In fact, we’re winning so much that we really don’t know what to do about it. People are asking me, ‘Please, please, please, Mister President, we’re winning too much. We can’t take it anymore,’” Trump said before introducing the team. “‘We’re not used to winning in our country until you came along.’”
[1]: https://www.opb.org/article/2026/02/24/were-winning-so-much-...