Richard D. Wolff

If Saudi Arabia stopped selling oil in US dollars, the dollar’s global dominance would likely take a hit. Less demand for the dollar could weaken its value, shaking up financial markets and potentially challenging American economic and military influence. It’s no wonder the US has a vested interest in keeping the petrodollar system intact.
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If Saudi Arabia stopped selling oil in US dollars, the dollar’s global dominance would likely take a hit. Less demand for the dollar could weaken its value, shaking up financial markets and potentially challenging American economic and military influence. It’s no wonder the US has a vested interest in keeping the petrodollar system intact.
https://sprunkiphase.net

If Saudi Arabia stopped selling oil in US dollars, the demand for US dollars would logically be expected to fall. With less demand we would expect a weaker US dollar with the same supply internationally.

In the eyes of the ruling class the problem with a US dollar collapse or a mere depreciation is that it would seriously increase the costs of military industries. Military industries are highly dependent upon raw materials that cannot be produced domestically in the United States — metals such as aluminium (bauxite), titanium (rutile and ilmenite) alongside much rarer minerals like tantalum (coltan).

If the price of military goods were to increase, the US government would be less able to exert military influence over the rest of the world. The Saudi government — and those of the other imperialist petromonarchies Qatar, the United Arab Emirates and Kuwait — would have to pay for dearer military goods from the US to defend itself. This would be expected to make them more vulnerable to attacks from the lower classes of nations oppressed by these oil monarchies in Africa, South Asia and the Levant. It would also make Saudi Arabia, Qatar and the UAE less able to afford their imperials excursions that are crippling the Sahara and Sahel regions of Africa. This would undoubtedly radically alter politics in this oppressed and super-exploited region, for groups like Book Haram and Al-Shabaab would struggle without the aid of the Gulf petromonarchies.

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