As Reuters reports,
Oil major Total's chief executive said on Saturday the euro should have a bigger role in international trade although it was not possible to do without the U.S. dollar.So even a major beneficiary of the status quo appears to see the end in sight for the Petrodollar.
Christophe de Margerie was responding to questions about calls by French policymakers to find ways at EU level to bolster the use of the euro in international business following a record U.S. fine for BNP.
...
"There is no reason to pay for oil in dollars," he said. He said the fact that oil prices are quoted in dollars per barrel did not mean that payments actually had to be made in that currency.
As we showed only yesterday...(and have ever since 2010)... nothing lasts forever
Meanwhile, somewhere Putin is still laughing.
As Brandon Smith concluded previously with regard the 'anything but random' nature of th emore frequent discussion of the dollar as reserve currency:
The dollar is no more invincible than any other fiat currency in history. In some ways, it is actually far weaker than any that came before. The dollar is entirely reliant on its own world reserve status in order to hold its value on the global market. As is evident, countries like China are already dumping the greenback in trade with particular nations. It is utterly foolish to assume this trend is somehow "random" rather than deliberate. Foreign countries would not be initiating the process of a dollar dump today if they did not mean to follow through with it tomorrow. All that is left is for a cover crisis to be conjured. Existing tensions in the Mideast signal a pervasive crisis, most likely an energy crisis, in the near term.It appears that making friends and influencing people is the opposite of what America is achieving...at a time when it needs them the most.
The only external intrinsic values are food, air, water, and energy: The latter in regard to keeping us warm, and survivable. Those countries that do not need much energy, and can grow their own food, with clean water, have the best chance of surviving. Fiat currencies are no different from inches and ounces, in being quite abstract, that need not have any value in itself, other than being a good means of measuring something. Money does that. To object to it because it is fiat, is buying into those who want to make us dependent on something like gold, which has only relative value, according to how the price is manipulated. Fiat money is the most sound currency, issued by a nation state, because the internal intrinsic (quintessential) value is the human creative potential of a population, within a nation state, that is able to control the issue of money. Only human creativity has real value.
Wake up America! You are destroying the creative potential of your own population, while the rest of the world leaves you behind.