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ESET

The Qatar blockade, petro-yuan & coming war on Iran

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Qatar hasn’t been playing ball with the US-approved, Saudi-led ‘isolate Iran’ program. Partly because Doha has made independence from Riyadh a hallmark of its foreign policy, but mostly because Qatar and Iran share the world's largest natural gas field.

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In 2012, Iran began to accept yuan (China) for its oil and gas payments, followed by Russia in 2015.

If this takes off, this could literally spell the beginning of the end of US global power.

The dollar is the world's leading reserve currency, in the main, only because oil is currently traded in dollars.

Countries seeking foreign exchange reserves as insurance against crises within their own currencies tend to look to the dollar precisely because it is effectively ‘convertible’ into oil, the world's number one commodity.

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Yet this whole system falls apart once other countries stop using the dollar as their prime reserve currency.

And they stop doing this once oil stops being traded in dollars.

This is one reason why the US was so keen for Saddam Hussein to go after he began trading Iraqi oil in euro.

 

https://on.rt.com/8enx

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