That's not what "petrodollar" means and that's not how it works The so-called "petrodollar system" depends on the global high demand for oil, it does not cause the high demand for oil
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Replying to @arthur_affect @FranckLeroy_ and
It's not "so-called" it is real, and it depends on petrostates pricing oil exports in dollars. To achieve this, the US has had for decades held an alliance with the dictators of Saudi Arabia and other Gulf tyrants.
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Replying to @gladstein @FranckLeroy_ and
And it is caused by the global market for fossil fuels, it does not cause the global market for fossil fuels
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Replying to @arthur_affect @FranckLeroy_ and
Actually, the beneficiaries of this relationship have stymied progress of nuclear power and renewables all over the world. Now we have a chance to shift to a world reserve currency that can run entirely on renewables instead of being linked to the oil industry.
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Replying to @gladstein @arthur_affect and
Yeah, huge oil barons with tons of money in oil baroning have probably done some work to forestall renewable energy. And, to whatever extent they've been successful, it's because they're incredibly rich and powerful. Y'know, huge oil barons with tons of money in oil baroning.
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Replying to @eggynack @gladstein and
Bitcoin bullshit is fundamentally based on conspiracy-minded thinking endemic to the libertarian side of the Internet Like there's no actual *reasons* gasoline cars displaced electric cars, it's all a trick and a psyop the Saudis manipulated us into
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Replying to @arthur_affect @eggynack and
I think you're going a little far in suggesting entrenched interests aren't a thing at all and the suggestion that they are is a conspiracy theory
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Replying to @Random832 @eggynack and
The fact that they are a thing is not dependent on the way the money supply works
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Replying to @arthur_affect @Random832 and
The idea that "Bitcoinization" would mean the House of Saud would suddenly become powerless and so would Exxon-Mobil is fucking off the chain nonsense
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Replying to @arthur_affect @Random832 and
The "petrodollar system" is about financial bullshit like how much money you keep in what currency bowing to the power of who actually holds valuable physical resources, not vice versa It's a "second-order effect"
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The so-called postwar petrodollar system happened AFTER "oil barons" took over the US economy (1880s-1920s) and AFTER the House of Saud got rich off of their oil and started holding everyone else at gunpoint (1930s-40s) OPEC didn't exist until 1960
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Replying to @arthur_affect @Random832 and
The "petrodollar system" is about *petroleum* keeping *dollars* important -- because oil producers have a chokehold on the entire global economy, forcing everyone to denominate the price of oil in dollars means the demand for US dollars can never stop
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Replying to @arthur_affect @Random832 and
It is about the PETRO making the DOLLARS important, not vice versa The part where you say "And because of this, the US has a vested interest in making sure electric cars and nuclear power don't get off the ground" has some validity but it's a third-order effect
1 reply 1 retweet 13 likes - Show replies
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