Vladimir Putin "US dominance is ending"

[SecondWar]

Madword said:

CuCabeludo said:

He is nailing it. The only thing that gives dollar value is the fact it is required for other countries to build dollar reserves to buy oil(petrodollar). But it is ending little by lillte with Russia and Iran, huge oil producers, and China, the biggest oil consummer in the world, seeking to trade using their own currencies instead of having to buy dollars for that.

I still don't understand why USA and others are not trying to move away from oil as quick as possible as that would sort out a lot of the political world issues for them.

Because so much money is tied up in it, governments will either find it it too expensive to move away from it - or consumers will and likely see it as unnecessary and wasteful. Then you've got the oil lobby who clearly don't want to lose their market so...

Plust with shale in the US, it's a way for them to get energy independence so it gives them a political benefit.