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Countries across the world denominate oil export revenue in U.S. dollars – the "petrodollar."
This system props up the U.S. dollar's value because it creates demand for the dollar.
But recent developments beg the question, "Will the petrodollar collapse in 2015?"
Watch the video to see how the world's largest energy exporter and largest importer are working together to bring down the petrodollar – and shift away from the U.S. dollar:
This video is our second installment in a series profiling five looming threats to the U.S. dollar. Watch them all here:
How U.S. Debt to China Threatens the Dollar
The Chinese Economy Faces This $5 Trillion Threat
China Gold Reserves Threaten the U.S. Dollar
Add to this America's aggressive behaviour towards Euro Banks; sanctions in the billions of dollars; the beginning of an aggressive posture towards Venezuela; the NSA scandals; total impotence in Iraq, Syria and Yemen; playing the tough guy (sanctions) with Russia WILL bring forth a retaliation sooner or later; punishing the Caribbean islands by threatening to cut off correspondent banking because of their ties with Venezuela with whom they are dependent for cheap oil-gas; the FATCA; aggressive moves such as DOJ getting involved with indicting FIFA execs because of their use of the US Dollar and US banks; History proves that it is only a matter of time before some foreign powers strike back. The USA underestimated an " angry arab sitting in a cave" reigning terror throughout the world. I believe that the same ignorance will lead to not only the fall of the dollar but the eventual collapse of the American capitalist system as we have come to know it. If this occurs the financial and social strife over the last seven years will go down in history as a minor downturn in the economy compared to what the future holds. It is so sad that all of the Harvard, Princeton, Yale, MIT etc educated politicians have been so blinded to reality that they "cannot see the ocean for concentrating on the tip of their noses"
Thank you