---
author: Money & Macro
date: '2026-05-01'
guest: ''
layout: post.njk
source: https://www.youtube.com/watch?v=wXbuiTrnqXY
speaker: Money & Macro
tags:
  - petrodollar-myth
  - us-dollar-dominance
  - oil-price-stability
  - geopolitical-economy
  - reserve-currency
title: 石油美元体系：地缘政治中的最大迷思
summary: 本文深入剖析石油美元体系的起源与真相。通过解密1974年美沙协议，揭示其核心在于石油价格稳定而非美元独占，并阐述美元全球储备货币地位的真正驱动力——欧元美元市场及金融市场规模。文章论证，随着时代变迁，石油美元体系的现实影响已大大减弱，成为地缘经济中的过时迷思。
insight: ''
draft: true
series: ''
category: macro-economy
area: geopolitics
project: []
people: []
companies_orgs: []
products_models:
  - US dollar
  - Eurodollar
media_books: []
status: evergreen
---
### 石油美元体系：一个地缘政治的巨大迷思

当前，石油美元体系据称再次面临威胁，起因是伊朗方面暗示通过霍尔木兹海峡的油轮可以选择使用人民币而非美元进行支付。然而，若审视数据，石油美元体系的整个概念迅速暴露出其在地缘政治中最具欺骗性的本质。当然，与所有引人入胜的“迷思”一样，它也包含一定的真实成分。例如，1974年夏天，美国尼克松政府与沙特阿拉伯的费萨尔国王确实签署了一项对20世纪经济及地缘政治影响深远的协议，即建立了所谓的“美沙联合经济合作委员会”。但长时间以来，该协议的细节保密，这很可能正是石油美元体系起源迷思的根源。

其大致叙事是这样的：1971年，尼克松政府放弃金本位，在美国国内引发了显著的美元波动和通货膨胀。1973年，美国遭遇严重的石油危机，主要由沙特阿拉伯及其他阿拉伯国家通过削减供应并对支持以色列的国家实施石油禁运来加剧，当时以色列正与叙利亚和埃及交战。正如此处所示，这导致油价飙升、美国出现燃料短缺，并显著推高了通货膨胀。随后进入关键的“著名协议”阶段。1974年，美沙两国签署协议，规定沙特阿拉伯方面将仅以美元进行销售（第一点），并且会将这些美元投资于美国自身（第二点），这被称为“石油美元回收”。这些美元随后被投入美国银行和国债。当然，这一切并非免费。作为交换，美国将保卫沙特阿拉伯，并帮助其经济发展。1974年标志着石油美元体系的开端，美元被石油所支撑，从而巩固了其作为无可争议的全球储备货币的地位。石油美元的重要性还可解释为何每当伊朗、伊拉克或委内瑞拉等国宣布将以其他货币销售石油时，美国都会加以阻止，因为这无疑动摇了美元的根本力量。

<details>
<summary>Original English</summary>

The entire petrodollar system is supposedly once
again under threat now that Iran floated asking
tankers passing through the Strait of Hormuz
to pay in Chinese yuan rather than in dollars.
There's just one tiny problem, though. If you
just look at the numbers, the entire idea of
the petro dollar system quickly reveals itself as
the biggest myth in geopolitics. That being said,
as with any good myth, there are, of course, some
elements of truth to it. For example, it is true
that in the summer of 1974, the US under Nixon
and Saudi Arabia under King Faisal, signed one
of the most economically and geopolitically
relevant agreements of the 20th century,
which saw the establishment of a so-called
US-Saudi joint commission on economic cooperation.
However, for a long time, the details of that
agreement were a secret, which is probably how
we ended up with the myth of the establishment of
the petrodollar system in the first place. And it
roughly goes like this: In 1971, Nixon abandoned
the gold standard, creating significant US dollar
volatility and inflation in the United States.
Then in 1973, the US was hit by a big oil crisis,
which was caused primarily by Saudi Arabia and on
other Arab nations that cut supply in general and
embargoed oil to any nation who supported Israel
in their war against Syria and Egypt. And as you
can see here, that caused a massive spike in
oil prices, fuel shortages in the US, and it
significantly raised inflation. Then we get to our
famous agreement. In 1974, the US and Saudi Arabia
signed it, which stated that from the Saudi side,
they would only sell in US dollars. Number one.
And then point number two, they would invest those
dollars into the United States itself, and this
would be called recycling petro dollars ,and these
were then recycled into US banks and treasuries.
But of course, this would not be for free. On the
other hand, the US would defend Saudi Arabia and
help them to get started economically. 1974 was
the start of the petrodollar system. The US dollar
was now backed by oil and this cemented the US
dollar's status as the unquestioned global reserve
currency. The importance of the petrodollar could
then also explain that every time a nation like
Iran or Iraq or Venezuela announced that they
would start selling oil in another currency,
the US would put a stop to this because of course
this undermined the fundamental power of the US
dollar.
</details>

### 破解迷思：1974年协议的真相与美元的真正支撑

尽管上述关于石油美元体系创始的叙事听起来极具说服力，并且比现代石油美元故事更接近事实，但其底层逻辑仍是一个巨大的迷思。我们如何得知？幸运的是，彭博社在2016年依据《美国信息自由法》申请公开了1974年美沙协议的具体细节。协议内容显示，当时的尼克松政府认为这项交易将有助于美国。文件中提到：“该委员会是在阿拉伯石油禁运和价格上涨的背景下成立的。禁运凸显了加强美阿之间联系的必要性。石油价格上涨使得沙特阿拉伯获得了大量的石油美元，可用于发展目的。”

至此，有两点尤为突出：一是关注价格上涨，二是此处已提及“石油美元”。因此，石油美元本身并非虚构。协议继续阐述，该委员会被视为一项重要机制，其首要目标是：通过经济合作促进两国更紧密的政治联系；协助沙特的工业化与发展；以及“石油美元回收”——这表明石油美元回收是协议中的明确内容。第三，该机制旨在促进美国商品、服务和技术流向沙特阿拉伯。最后，协议指出：“通过帮助沙特寻找一种方式来投资其庞大且不断增长的金融储备，我们将给予他们更多动力，以继续以满足世界需求的数量生产石油，并且这一点至关重要：‘以稳定且期望能更低的价位水平’。”

因此，第一条关键 takeaway（对我的启发）是：这些解密文件中，完全没有提及沙特承诺以美元定价石油，或美国认为此事重要。它根本不重要。这一发现得到了Yaw Asamoah的Substack等其他证据的支持，该Substack发现，在1974年协议签署后，沙特实际上在相当长一段时间内仍接受英镑作为石油支付货币，这在协议中并未包含，故而并不令人意外。

那么，总结来说，关于石油美元体系的建立，哪些是迷思，哪些是现实？首先，根据迷思的说法，美国提供了经济发展和安全。而现实情况是，这确实是协议的一部分。但主要区别在于沙特的回报。根据迷思，沙特提供的是石油美元回收，并可能降低美国的借贷成本。是的，这些内容确实包含在内。但协议中**绝对没有**关于美元交易排他性的内容。而协议中多次明确提到的，是“石油价格稳定”。这一点至关重要，因为它完全改变了对美国签署该协议动机的叙事。迷思的说法是：协议旨在支持美元的主导地位。这完全不属实。真正重要的是石油价格的稳定。当我们开始审视其他支持性数据时，这一点会显得合乎逻辑。美国并不需要通过一份“精妙的协议”来让石油出口国完全以美元定价其石油出口。事实上，到1974年，美元已经是无可争议的全球储备货币。南美铜矿商早已开始以美元开具出口发票，欧洲和日本的工业家们也大多已以美元发票。这表明，美元的这种主导地位很可能更是由所谓的“欧元美元”（Eurodollars）而非“石油美元”所巩固。

<details>
<summary>Original English</summary>

Very convincing sounding story. And while
the story about the founding of the petrodollar
system is at least a little bit closer to the
truth than the modern-day petrodollar story,
the fundamentals underlying it are still a big fat
myth. And how do we know? Well, luckily for us,
Bloomberg News requested the release of the
exact details of the US-Saudi 1974 deal in
2016 under the US Freedom of Information Law. So,
what does it say? Well, here are the previously
confidential documents detailing how the Nixon
administration believed that this deal would
work and why it would help America. It says "the
commission was established on the heels of the
Arab oil embargo and price increases. The embargo
emphasized that closer US Arab ties were needed.
The oil price increases gave Saudi Arabia
a substantial amount of petrodollars which
could be used for development purposes." So, two
things stand out to me. Focus on price increases,
and then number two, we already have a mention
of petrodollars here. So, petrodollars themselves
are not a myth. Continuing the commission was
perceived as an important mechanism for number
one, fostering closer political ties between
the two countries through economic cooperation,
assisting Saudi industrialization and
development, while there we have it,
recycling petrodollars. So recycling petrodollars
is absolutely in there. And then number three,
facilitating the flow to Saudi Arabia of American
goods, services, and technology. And then finally,
it says, "In helping the Saudis to find a way to
invest their large and growing financial reserves,
we will give them added incentives to continue
to produce oil in the quantity needed to meet
world demand. And this is crucial: "at a
stable and hopefully lower price levels." So,
takeaway number one, what really stood out
to me, no mention at all whatsoever in these
documents of the Saudis committing to pricing oil
in US dollars or the US finding this important.
It was not important. And this is actually backed
up by other evidence presented by the Yaw Asamoah
Substack which found that the Saudis actually kept
accepting British pounds for oil for quite a while
after the 1974 agreement, which we now have seen
is not surprising given that it was not part of
that agreement. So in summary, what is myth and
what is reality when it comes to the establishment
of the petrodollar system? Well, first, let's
look at what the US gives according to the myth:
economic development and security. And according
to reality, yeah, that's also the case. But then
here are the major differences Saudi gives. Well,
recycling petrodollars and reducing borrowing
costs potentially for the US. Yeah, that was
definitely in there. But what was absolutely
not in there is US dollar transaction exclusivity
not the case. The thing that was in there clearly
a couple of times was oil price stability. And
this is crucial because it changes the story about
the US motivation for this agreement completely.
The myth is: it was about supporting the dominance
of the dollar. Not true at all. What matters is
oil price stability. And this will honestly make
a lot of sense once we start looking at the other
supporting data. The US did not need to make some
fancy deal for people to price their oil exports
exclusively in US dollars. The South American
copper men were already invoicing their exports in
dollars. The European industrialists, the Japanese
industrialists, all of them invoiced their
exports in dollars mostly already. And everyone
did it because by 1974, the dollar was already the
undisputed global reserve currency. It's actually
more likely that this dominance had been cemented
by something called eurodollars rather than by
petrodollars.
</details>

### 美元主导地位的真正驱动力及其衰落的石油美元现实

美国之所以不需要通过一项“精妙的协议”来促使石油出口国完全以美元计价其出口，是因为到了1974年，美元早已是毋庸置疑的全球储备货币。事实上，这种主导地位更有可能是由所谓的“欧元美元”（Eurodollars）市场而非“石油美元”巩固的。如果想深入了解，我强烈推荐我曾上过的一门极佳的经济学课程——哥伦比亚大学教授Perry Mehrling的《货币与银行经济学》，该课程现可通过Coursera Plus获得。对于长期关注我频道的观众而言，你们知道我坚信理解货币的唯一途径是通过资产负债表，而这门Coursera课程正是围绕这一核心展开，极大地帮助了我。此外，还有我非常喜欢的耶鲁大学行为经济学教授Robert Shiller的课程，如《金融市场》和《叙事经济学》。Coursera拥有超过10,000门来自世界一流大学教授的课程，并且与Google、IBM、Microsoft、Meta等顶尖伙伴合作提供实用技能课程。

回到核心议题，要想真正理解美元何以如此主导以及其运作机制，建立欧元美元市场已在石油美元交易前后（约1976年）创造了一种局面：在美国官方央行储备中，美元绝对主导着包括英镑在内的所有其他货币。美元早已是事实上的主导性储备货币。而另一关键拼图是，若审视主要储备资产——美国国债（在1980年代达到顶峰时），沙特及其他海湾国家确实大量购买了这些债券。然而，就持有美国国债而言，沙特及其他海湾国家仅占极小一部分。因此，它们并非美国国债的举足轻重的持有者。

关键在于，美元并不需要依赖石油出口国。反之，石油出口国才更需要美元，因为美国的金融市场是全球唯一能轻易吸收海湾国家从石油贸易中赚取的巨额资金的场所。换言之，仅持有极小比例的美国国债，对沙特央行或财政官员而言是个好消息：一旦遇到麻烦需要变现全部美元来支付战争费用等，他们可以全部卖出而不会导致资产价格大幅下跌。相比之下，若投资于英国政府债券，一旦海湾地区出现危机并需要抛售全部持有，可能会引发巨大的英国政府债务危机。

因此，1974年的美沙协议确实通过使美国成为海湾国家的保护者而改变了地缘政治格局，同时也通过促成比以往更低且更稳定的油价而改变了全球经济。关于石油生产国接受非美元货币构成对美元储备货币地位威胁的说法，从一开始就是错误的。如今，这一说法更是荒谬绝伦，原因有二：

第一，石油在我们当今经济中的重要性远不如20世纪70年代。例如，在1979年石油危机顶峰时，石油交易约占美国经济的13%至15%，而如今仅占美国GDP的5%至7%。原因在于经济对石油的使用效率显著提高，例如，今天的汽车每英里或每公里消耗的汽油量仅相当于1975年的一半。国际上看，主要石油生产国庞大的经常账户盈余（或贸易盈余）曾是美元需求的重要来源，但如今已被东亚的制造业盈余所“黯然失色”，后者才是当前美元需求更重要的来源。

第二，石油美元神话如今更加荒谬。美国能源进出口图表显示，自2020年以来，美国已从最大的石油进口国转变为净石油出口国。即使过去石油美元回收有助于美国进口所需石油，这一叙事如今已不再成立。虽然石油赤字状况持续了几十年，但美国已不再依赖石油美元回收来融资进口。而且，海湾国家如今持有的美国债务总量可能远超1980年。虽然海湾国家的财富基金规模巨大，拥有数万亿美元的美国国债和股票，但就国债而言，沙特阿拉伯（最大的石油出口国）在主要持有者名单中排名远低于印度、台湾、爱尔兰、卢森堡、比利时、英国和日本等经济体。即使在股票市场，海湾国家的投资也仅占美国股市总市值的约1%。因此，虽然石油美元回收仍在发生，但美国已不再依赖它；石油出口国只是在美国庞大的市场中寻找最安全的财富储存地。

最终，石油美元体系就是地缘政治中的最大迷思。美元的世界储备货币地位，与石油生产国是否以美元计价无关。1974年的协议至关重要，但其核心是石油价格稳定，而非美元主导地位——彼时美元已是主导者。协议提及了石油美元回收，但即使在70、80年代，海湾国家的石油美元也仅占美国总投资的一小部分。时至今日，石油美元对美元的支持论调更加荒谬：虽然石油本身仍重要，但其在全球经济中的比重远低于过去。其次，美国已成为主要的石油出口国，而非进口国。这或许解释了为何美沙之间多年续签的石油美元协议已不再续签，沙特也开始对冲地缘政治风险，接受其他货币。尽管美元仍占主导，但许多国家正试图取代它。如果这种情况发生，将与石油美元无关。

<details>
<summary>Original English</summary>

But of course, this would not be for free. On the
other hand, the US would defend Saudi Arabia and
help them to get started economically. 1974 was
the start of the petrodollar system. The US dollar
was now backed by oil and this cemented the US
dollar's status as the unquestioned global reserve
currency. The importance of the petrodollar could
then also explain that every time a nation like
Iran or Iraq or Venezuela announced that they
would start selling oil in another currency,
the US would put a stop to this because of course
this undermined the fundamental power of the US
dollar. Very convincing sounding story. And while
the story about the founding of the petrodollar
system is at least a little bit closer to the
truth than the modern-day petrodollar story,
the fundamentals underlying it are still a big fat
myth. And how do we know? Well, luckily for us,
Bloomberg News requested the release of the
exact details of the US-Saudi 1974 deal in
2016 under the US Freedom of Information Law. So,
what does it say? Well, here are the previously
confidential documents detailing how the Nixon
administration believed that this deal would
work and why it would help America. It says "the
commission was established on the heels of the
Arab oil embargo and price increases. The embargo
emphasized that closer US Arab ties were needed.
The oil price increases gave Saudi Arabia
a substantial amount of petrodollars which
could be used for development purposes." So, two
things stand out to me. Focus on price increases,
and then number two, we already have a mention
of petrodollars here. So, petrodollars themselves
are not a myth. Continuing the commission was
perceived as an important mechanism for number
one, fostering closer political ties between
the two countries through economic cooperation,
assisting Saudi industrialization and
development, while there we have it,
recycling petrodollars. So recycling petrodollars
is absolutely in there. And then number three,
facilitating the flow to Saudi Arabia of American
goods, services, and technology. And then finally,
it says, "In helping the Saudis to find a way to
invest their large and growing financial reserves,
we will give them added incentives to continue
to produce oil in the quantity needed to meet
world demand. And this is crucial: "at a
stable and hopefully lower price levels." So,
takeaway number one, what really stood out
to me, no mention at all whatsoever in these
documents of the Saudis committing to pricing oil
in US dollars or the US finding this important.
It was not important. And this is actually backed
up by other evidence presented by the Yaw Asamoah
Substack which found that the Saudis actually kept
accepting British pounds for oil for quite a while
after the 1974 agreement, which we now have seen
is not surprising given that it was not part of
that agreement. So in summary, what is myth and
what is reality when it comes to the establishment
of the petrodollar system? Well, first, let's
look at what the US gives according to the myth:
economic development and security. And according
to reality, yeah, that's also the case. But then
here are the major differences Saudi gives. Well,
recycling petrodollars and reducing borrowing
costs potentially for the US. Yeah, that was
definitely in there. But what was absolutely
not in there is US dollar transaction exclusivity
not the case. The thing that was in there clearly
a couple of times was oil price stability. And
this is crucial because it changes the story about
the US motivation for this agreement completely.
The myth is: it was about supporting the dominance
of the dollar. Not true at all. What matters is
oil price stability. And this will honestly make
a lot of sense once we start looking at the other
supporting data. The US did not need to make some
fancy deal for people to price their oil exports
exclusively in US dollars. The South American
copper men were already invoicing their exports in
dollars. The European industrialists, the Japanese
industrialists, all of them invoiced their
exports in dollars mostly already. And everyone
did it because by 1974, the dollar was already the
undisputed global reserve currency. It's actually
more likely that this dominance had been cemented
by something called eurodollars rather than by
petrodollars. But if you want to learn more about
that, I have to refer you to potentially the best
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and Meta. So, if you want to truly dive into the
real reason that the dollar is so dominant and how
it works, go subscribe to Coursera Plus and sign
up for my recommended courses in the top comment
below or in the description of this video. But
for now, for this video about why the petrodollar
system is the biggest myth in geopolitics, it's
enough to know that the establishment of the
Eurodollar market had helped create the following
situation around the time of the petrodollar deal.
Around 1976, we can see that the US as part of
official central bank reserves, the US dollar
was absolutely dominating all other currencies,
including the British pound. So the US dollar was
already very much the dominant reserve currency.
And the second part of the puzzle is that if we
look at the main reserve asset, US treasuries
in the 1980s when it was actually at its peak,
the Saudis had been buying a lot of them and also
the other Gulf countries. If we then look at US
dollar treasuries, we can see that the Saudis and
other Gulf countries really only held a very very
very very small part of treasuries. So they were
actually not that important holders of US debt.
So crucially, the US dollar did not need the oil
exporters. It was actually the other way around.
The oil exporters needed the US dollar because US
financial markets were the only financial markets
in the world that were easily able to absorb the
billions and billions that the Gulf countries
were earning from oil. In other words, having
only this tiny tiny fraction of US treasuries,
that is great news if you are a Saudi central
banker or treasurer because it means that if you
get into trouble and you need to sell all of these
dollars to wage a war or something like that,
then you can just sell it all and the price of
the asset will not drop at all. On the other hand,
had you invested in British government debt, you
may have caused a massive British government debt
crisis if there was a crisis in the Gulf and you
had to sell all of it. So yes, the 1974 US-Saudi
agreement changed the world of geopolitics by
making the US the protector of the Gulf States and
the 1974 agreement also changed the global economy
because it led to lower and more stable oil prices
than would otherwise have been the case. So,
talking about oil-producing countries accepting
other currencies than the dollar being a threat
to the reserve currency status of the US dollar,
that actually from the beginning on was always
simply wrong. But today it's even more ridiculous
than ever for two big reasons. Reason number
one, oil is actually far less important in our
economies today than it was in the 1970s. For
example, at the height of the 1979 oil crisis,
oil transactions accounted for about 13
to 15% of the American economy. But today,
that's only about 5 to 7% of US GDP. The reasons
are simply that our economies got way more
efficient about using oil. For example, cars today
use roughly half the amount of petrol per mile or
kilometer as they did in 1975. Also, if we look
internationally, we can see that these bars here
represent so-called current account surpluses
or trade surpluses by major oil producers,
earning them dollars. And they used to be very
significant. Absolutely. But today we can see
that these are just absolutely dwarfed by the
East Asian manufacturing surpluses. These are
far more important sources of dollar demand today.
Next, reason number two, the petrodollar myth is
even more ridiculous than ever today. Have a look
at this incredibly important chart. And what you
see here are, in the blue line, US energy imports
and US energy exports in orange. And of course,
there used to always be a massive, massive
difference. The US was the biggest oil importer
in the world. But since 2020, that situation has
changed. The US is now a net oil exporter. So even
if at some point it was nice for the US to have
petrodollars be invested back into the US and then
they could potentially then use them to continue
importing all of that oil, that story today is
absolutely no longer true. But okay, this oil
deficit was still the case for decades. So maybe
the US used petrodollar recycling to finance their
imports for decades and now the oil-exporting Gulf
countries own much more of US debt than they did
in 1980. I thought this was fairly plausible. A
lot can happen in 40 years, after all. And we
know that the Gulf countries' wealth funds are
absolutely massive. They have trillions in US
debt and equities. That's absolutely true. And,
for my video on the Gulf economies, for example,
I calculated that they can survive a complete
blockade for years because of how insanely
rich they are, and that's truly unique across
global economies. So, does the US depend on Gulf
petrodollars that were invested between the 1980s
to 2020? When it comes to treasuries, the answer
is absolutely clearly: no. That's not the case.
Saudi Arabia, the biggest oil exporter, is all the
way down the list, behind so many economies that
we barely talk about in geopolitics. Um, India,
Taiwan, Ireland, Luxembourg, Belgium, the United
Kingdom, and Japan, they all have far far higher
holdings of US debt. But okay, quite famously,
the Saudis have switched to equities. So, let's
have a look at equities. The stock market as well.
The Gulf countries are massive investors there,
for sure. But US stock markets are worth $72
trillion US dollars, and if we look at the wealth
of all wealth funds and central banks in the Gulf,
we get about $4 trillion combined. And not all
of that has been invested in stocks. It's been
estimated that they combined about 1% of the
US stock market. So while petrodollar recycling
still happens, it's real. The US clearly does not
need petrodollars, the petro states simply have
no better place to store their wealth than the
gigantic US markets. And just as the final icing
on the cake to disprove once and for oil that
the petro dollar is still a thing. The blue bar
over here is the size of the entire oil market in
2025, which was about $3 trillion. That's a lot.
Absolutely. It's a massive market. But if we look
at foreign exchange markets, then we can see that
their size traded per day was 9.6 trillion, and
that is per day. Okay, that's per day. Oil markets
in a year are smaller than foreign exchange
markets in a day. So what happens if we look at
a year for both of them? Well, given that foreign
exchange markets are open for about 260 days,
uh that means that their size is about $2,496
trillion US versus $3 trillion on an annual basis
for oil markets. It is barely visible in our graph
as a percentage of foreign exchange markets. So in
conclusion, the petrodollar story is the biggest
myth in geopolitics. The US dollar status as the
world reserve currency is not at all determined
by oil producers invoicing in dollars. Yes,
the 1974 deal was important, but it was about oil
price stability, never about US dollar dominance.
It was already dominant by the time. Sure, petro
dollar recycling was mentioned in the agreement,
but even in the 70s and 80s, petrodollars from
the Gulf were only ever just a fraction of total
US investments. And fast forward to today, we
see that the petrodollar support for the US
dollar argument is even more ridiculous than ever.
Despite, of course, being still important, well,
clearly very important, it's far less important
for the global economy today than it was back
then. That's reason number one why it's ever
more ridiculous. And then second, the US is now
a major oil exporter rather than importer, which
can explain why the original petrodollar deal,
after being renewed for years between Saudi
Arabia and the US is no longer in place,
actually. Um, and the Saudis have started
hedging their geopolitical bets during the
breaks and accepting other currencies while the
dollar is still dominant. And while it could
lose that dominance, there are a lot of countries
around the world that are looking to displace the
dollar. If this happens, it would have absolutely
nothing to do with the petrodollar. But yeah,
that's my take. What do you think? Let me know
in the comments. And if you want to know the real
details of how the global dollar system works,
go sign up to the economics of money and banking
via Coursera Plus in the link in the description
or top comment below. And see you next episode.
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