“And so the pieces of the endgame are falling into place: Russia starving the western world of much needed resources, sending commodity prices ever higher, while its silent partner China quietly picks up the monetary pieces and takes advantage of the Western scramble to secured resources at all costs, and approach all those other “non-western” former petrodollar clients – who are also rich in other resources – to offer them a new product, the yuan, which Beijing is now actively and aggressively pushing to dethrone the dollar as a global reserve currency.”
https://www.zerohedge.com/markets/petrodollar-cracks-saudi-arabia-considers-accepting-yuan-chinese-oil-sales
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Published by markskidmore
Mark Skidmore is Professor of Economics at Michigan State University where he holds the Morris Chair in State and Local Government Finance and Policy. His research focuses on topics in public finance, regional economics, and the economics of natural disasters. Mark created the Lighthouse Economics website and blog to share economic research and information relevant for navigating tumultuous times.
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