The Nomad Economist
Premiered Mar 11, 2022
The US petrodollar reserve currency status has been a disaster for middle-class Americans much to their ignorance. It has allowed the financial-political cabal elite to enrich themselves at the expense of deficit and debt expansion while impoverishing the middle class and bringing in replacement labor serfs.
Time to rip this band-aid off and the American middle class to reclaim their country, that will probably ultimately lead to revolution.
We Americans have been printing paper and buying resources with it. Petrodollarism? Is that a thing? If not, it should be, and it could be defined as a US entitlement (earned by impeccable virtue and moral authority) to not only run out of “other people’s money” but run out of everybody’s money.
If the dollar loses its status as a world reserve currency; Which is the pillar that underpins American supremacy, then the military pillar, which is the other pillar of American supremacy, will fall away as well.
That supremacy is also reliant on the ordinary man and woman in the street continuing to buy in US Dollars. It’s American consumers who have unwittingly sowed the seeds for this conspiracy. Americans are among the biggest spenders and the worst savers in the world.
Buy now, pay later seems to be their motto. US national debt is now 23 trillion dollars. And the entire debt of the whole country is an incredible 150 trillion dollars.
More than 189 million Americans have credit cards. The average credit card holder has at least four cards. On average, each household with a credit card carries $8,398 in credit card debt. Total U.S. consumer debt is at $13.86 trillion.
That includes mortgages, auto loans, credit cards, and student loans. The average American now spends a record amount of their money just paying off the interest on all their loans.
So if the petrodollar collapses and interest rates rise, the bubble will burst. And then the stage is set for national bankruptcy. If that happened, that would really be catastrophic for the dollar.
It would be bad enough just to have a switch into the Euro little by little. But if there was any big switch of these trillions of dollars accumulated in the US investment, it would really be catastrophic for the US economy. We may be set back more or less permanently.
When you have that many dollars unleashed, you would have massive devaluation, massive inflation. The Entire world economic order will be changed. And the United States would really be in a world of hurt.
Teetering on the knife-edge of a financial meltdown, the US has always needed to keep a firm hand on the trading of its oil dollars. But in November 2000, the most serious attack on the sacred dollar was about to take place.
If left unchecked, it could have been an economic Pearl Harbor. After years of struggling under crippling sanctions, Saddam Hussein decided to use the one WMD that no one had ever looked for or even thought about, the Euro.
There was a guy once named Saddam Hussein who said, The United States bombing me and Britain too, so I’m going to sell my oil in Euros. Came out said then the fall of 2000. It’s a big secret here in the United States.
With the mighty dollar’s position as the world number one suddenly under threat. A ripple of fear goes through the Bush administration. From 2001 to the very beginning of the war, Iraq exported about 3.3 billion barrels of oil. We bought two and a half billion. We bought two-thirds of this but in Euros. The federal reserve cannot print euros, so we had to sell dollars to Europe to get the Euros or whatever we sell of goods and services in order to get the Euros.
The petrodollar recycling system begins to break down. According to this theory, Saddam Hussein signed his own death warrant. President Bush had no choice if he wanted to save his country . he quickly placed Iraq on his list of the axis of evil nations.
And with invasion plans already in place, the inevitable soon happened. I think the decision by Saddam was the last straw. And this is what you need to look at the whole aspect of Middle Eastern oil.
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