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Opinion: Brace yourselves: whatever crazy, awful things Trump may have done to date, it’s only going to get worse
(www.theglobeandmail.com)
this post was submitted on 01 Mar 2025
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politics
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This is the real problem for us in the US. Currently debt doesn’t matter: that’s stupid and short sighted but it doesn’t matter. I’m not entirely sure what global de-dollarisation means but US debt is going to matter a hell of a lot more when we’re treated like any other economy
De-dollarisation is the dismantling of the dollar's role as global reserve currency, which is intimately tied to the petrodollar arrangement, which caused the world to buy oil in dollars for the last fifty years.
I welcome any corrections/clarifications, but off the top of my head, the petrodollar arrangement was an agreement that Richard Nixon's government made with the Saudis in the early seventies where the Saudis agreed to only sell oil in US dollars in return for military support. The agreement was a fifty year deal.
In order for countries to buy oil they needed dollars. This was and currently still is via the selling of US government bonds, which has allowed the US to fund its deficits by printing more and more US dollars. Ultimately the world has paid for that US spending. This ends with the end of the US dollar as global reserve currency.
Trump is showing in real time that the US cannot now be relied upon to provide security, so that half of the petrodollar arrangement is dead and gone. Would you fund the enemy's military spending? Plenty have. And when you wanted to try and sell oil in a currency other than dollars you got a whole lot of freedom!
This de-dollarisation very much suits the likes of Russia (for historical reasons) and China (for sound economic reasons) who do not want a world dominated by the US.
Trump is playing into the likes of Putin's hands fantastically. Not only is Putin getting what he wants from Trump in Ukraine, Trump is also voluntarily dismantling America's position as global leader. I don't know if he is a Russian asset, or if he is just so stupid, or believes the US should be an explicit oligarchy.
Buckle up, the future is not looking good for the US. Countries that have relied on the US are facing a period of serious instability.