I don't follow your point.
-Biden sanctions Russia oil
-Russia starts trading oil with China and India in yuan and rubles.
-Saudi Arabia announces they are going to trade oil in Yuan.
That's the end of the petrodollar. Oil contracts are now not exclusively settled in dollars anymore and the fedgov lost their major protection against hyperinflation.
Then the dollar collapses and takes every economy that trades with the U.S. down with it. That's like punching yourself in the face to spite your hand. Yeah the U.S. has massive debt, but so do other countries.
I'm not talking about if the petrodollar collapsing is bad for other countries or not, just the fact that it has collapsed. The petrodollar was a system built where all oil contracts anywhere between any country were settled in dollars. That is no longer the case. China, Russia, India, and Saudi Arabia are all now trading oil in currencies other than the dollar.
Which one, rubles, yuan?
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