The Collapse of the Petrodollar: Exposing the End of U.S. Dollar Dominance and the Rise of BRICS Power
The Collapse of the Petrodollar: Exposing the End of U.S. Dollar Dominance and the Rise of BRICS Power | The Dawn of a New Economic Era. The end of the petrodollar, a system that has anchored global oil transactions to the U.S. dollar since the 1970s, signals a monumental shift in the global economic landscape. This change, rippling through international finance and geopolitics, could redefine the very foundations of global trade and economic power. As the petrodollar crumbles, the world stands on the brink of a new economic era, one marked by volatility, transformation, and unprecedented shifts in power dynamics. ● To grasp the magnitude of this shift, it’s crucial to understand the origins and significance of the petrodollar. The petrodollar system was born out of the 1973 oil crisis when the U.S. struck a pivotal deal with Saudi Arabia. In exchange for military and economic support, Saudi Arabia agreed to price its oil exclusively in U.S. dollars. This arrangement ensured a steady global demand for the dollar, cementing its status as the world’s primary reserve currency.
■ Developments to Dethrone Petrodollar Already Underway (Sputnik News)