Petrodollar, Officially Dead
Almost three years ago I wrote an article entitled, "The Hidden Purpose Behind Trump's Visit to Saudi Arabia-The Dying Petrodollar." In it I predicted what just occurred this week in the world oil market. I explained that the world economy was on the cusp of major change. Why? Because the petrodollar system was going to crash. Monday morning, it crashed. With the world glutted with oil, no longer do nations solely depend on Saudi-led OPEC oil to run the world economy. Oil is coming out of the ground virtually everywhere, even Ukraine, but that is another story... The world oil market has become so fragmented, with oil so plentiful, that the Saudis, followed by Russia, decided that their only path forward would be an oil war, their parallel goals to solidify market share, contractual relationships and channels of distribution for themselves, which would allow them to remain in control of a world oil market no longer be ruled by the coercive petrodollar system, but i