What would happen if Saudi Arabia stopped selling their oil in US dollars?

Would the value of the US dollar collapse, if the Saudi's stopped selling their oil in US dollars? And wouldn't that be the end of American financial and military hegemony over the world? If so, then that explains why America always leaps to the Kingdom's defense, doesn't it? Sincerely, Stephan Schmidt (Denmark)

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    published this page in Ask Prof. Wolff 2019-09-22 04:09:50 -0400