citizensmedia | Regardless of the situation, “the petrodollar” has no direct bearing on
the ability of the United States, or any other country, to provide for
its people. The only thing that affects this is a country’s supply of
real resources, and the fact that the country’s currency is the only one
accepted for extinguishing tax obligations.
The United States is the “reserve currency” (meaning its currency is
required to purchase oil) and has more resources than most (raw
materials, labor, technology, and time). But neither of these things
have any bearing on how well – as opposed to how “much” – it can provide
for its citizens. All sovereign fiat economies (the U.S., Canada,
Australia, New Zealand, Japan, and England, among others) can fully
employ all their citizens with the resources at its disposal as best they can.
If a conflict were to arise because of oil or resources, or “the
petrodollar,” that conflict would of course have significant
consequences. Ultimately, however, none of these things have any direct impact on any country’s supply of real resources, and therefore, no direct effect on any country’s domestic economy.
As far as what specifically would happen if the world stopped using the United States dollar for oil? The answer is, “Very little.”
The United States spends more on its military than the next seven countries combined. The U.S. military is one of the largest users of fossil fuels in the world and by far the biggest consumer of energy in the United States. The real problem is that the fossil fuel industry has too much influence
on the United States government. Instead of fulfilling its original and
only purpose – to protect the American People – the United States
Military has now been hijacked to further enrich the very few, and to
impose their power and reach across the globe.
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