
The US dollar is losing its status as the dominant reserve currency - pdog
https://qz.com/1150533/the-dollars-days-as-the-worlds-most-important-currency-are-numbered/
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Feniks
The elite of the world own trillions in US treasury bonds. Its why the US can
continue to run up their national debt. The US is the safe deposit box of the
world. There's simply not enough debt elsewhere to rival the US.

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ravenstine
You are lightyears ahead of most people for understanding that fact.

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jotjotzzz
There is nothing in this article that says anything about petrodollar. The
U.S. will lose the global reserve currency once it's no longer used in oil
exchanges. The U.S. will do anything in its power to retain that right as
already proven in the Iraq war and countless other debaucheries.

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woodandsteel
I have no expertise in this area, but my understanding is that global trade in
general is carried out largely in dollars, not just oil.

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thephyber
To address this, a discussion about political ideology seeps in, which
violates HN guidelines.

It has to do with the Gold Standard, the Bretton Woods agreement, Nixon taking
the US off the Gold Standard, and countries in the Middle East that the US has
attacked (either overtly or secretly). Basically the hypothesis is that the US
has attacked every oil-exporting country soon after they threaten to transact
oil in any currency other than the petrodollar (Iraq, Libya, Syria, Iran,
etc).

I haven't read into it enough to support or refute the claims, but it's a
common refrain in US-libertarian media.

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kinkrtyavimoodh
This will likely happen more if the current administration continues signaling
that the US may not necessarily be there for other countries when they need
it.

How conservatives who usually correlate with nationalist feelings (which I
sometimes sympathize with) can tolerate seeing the US lose its status as world
hegemon is beyond me.

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nielsbot
I guess: American exceptionalism makes us stronger, working with others (i.e.
acknowledging their needs, compromising, diplomacy. etc.) makes us weaker.

Seems fear-based/emotional to me. As opposed to rational, logical.

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ggm
dominant reserve currency as a sentence invites reflection on what dominant
means: it means there are other reserve currencies. Its a basket. (basket
case?) Inter-reserve bank settlement regime and the use of non-national
settlement tokens at a denominated exchange is a thing. The reserves, and what
currency they are in, becomes something of a speculative hedge (of the best
kind, certainly, best for some measure of "my suit is better than your suit"
best)

