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'An evil axis' — JP Morgan CEO issues stark economic warning over Russia, Iran, North Korea
(kyivindependent.com)
this post was submitted on 19 Sep 2024
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Well, I'm with you on Putin can go get fucked. But I think you're misinformed on the "petrodollar empowering Putin".
The dominance of the US dollar as the currency for settlement of international crude oil contracts advantages predominantly the US and secondarily countries with strong currencies in open exchange with the USD. It disadvantages weaker currencies and those with poorer trade terms with the US such as Venezuela and Russia now the latter has been cut off from the western banking system.
Putin being forced to trade his crude in non dollar denominated contracts is one of the (several) reasons the sale price of muscovy crude is now significantly lower than the equivalent from other countries. (TL;DR the sanctions are working).
China has long been lobbying unsuccessfully to break the petrodollar/USD as world reserve currency and failed so far.
The major US banks are just agents of a (very successful) US foreign policy post WW2. They are indeed evil, but not for this reason