> fact that China, Korea or India for example have to buy oil in USD rather than in Saudi Riyal or their local currencies, helps the USD
It is entirely dwarfed by the volume of their non-oil trade.
> Few people spoke about CDOs before the 2008 crisis
Everybody in mortgages, leveraged finance and structured finance was. That’s the point. The experts aren’t talking about the petrodollar; it’s bloggers and commenters.
> wasn't when it was first coined, and even if it's spoken-of little nowadays, that's not a measure of its importance
It was very real in 1974. Post 2008, it’s a fringe element.
> it's an error to dismiss this event as unimportant
Their currency is pegged to the dollar. Nobody from the U.S. seriously pushed to renew the pact; it also limits American diplomacy vis-à-vis Riyadh.
To the degree it’s important it’s in America signalling that to Riyadh that it is disposable, that America’s military and political protection cannot be taken for granted.
It is entirely dwarfed by the volume of their non-oil trade.
> Few people spoke about CDOs before the 2008 crisis
Everybody in mortgages, leveraged finance and structured finance was. That’s the point. The experts aren’t talking about the petrodollar; it’s bloggers and commenters.
> wasn't when it was first coined, and even if it's spoken-of little nowadays, that's not a measure of its importance
It was very real in 1974. Post 2008, it’s a fringe element.
> it's an error to dismiss this event as unimportant
Their currency is pegged to the dollar. Nobody from the U.S. seriously pushed to renew the pact; it also limits American diplomacy vis-à-vis Riyadh.
To the degree it’s important it’s in America signalling that to Riyadh that it is disposable, that America’s military and political protection cannot be taken for granted.