With China now ignoring US sanctions and continuing to import oil from Iran, this may strengthen a move to a petro-yuan if China is pricing oil imports in yuan (do they?)
I searched and was unable to find any data supporting the statement that the petro dollar would be dead. Only claims with a question mark placed after them. Rather the opposite, there have never been so much governments dollar reserves as nowadays. Including China. (billion USD) Jan 2007 353.6 Jan 2008 492.6 Jan 2009 739.6 Jan 2010 889.0 Jan 2011 1154.7 Jan 2012 1159.5 Jan 2013 1214.2 Jan 2014 1273.5 Mar 2014 1272.1 Dec 2014 1244.3 May 2015 1270.3 Aug 2015 1270.5 Dec 2015 1246.1 May 2016 1244.0 Jun 2016 1240.8 Jul 2017 1166.0 Jun 2018 1178.7 The grand total (all worlds governments) shows the same trend. Oh yea, and all claims seem to origin from those that sell products whose price would likely rise with a dollar downtrend. If they really believed what they claim, they'd hold those products to sell them later at that higher price. But they don't, hehe hehe ...
I think you're onto something. Am I right to say that the petrodollar is the mother of all currencies. If the petrodollar is dead, many countries will go bankrupt before the US. Countries whose currencies are now plummeting and need to import energy will be the first to go bankrupt. If there's no dollars, the only way to trade is using gold so countries with no oil or gas will go bankrupt first. Of course, before that happens, there will be WWIII because countries with no oil will invade countries with oil. Biggest losers: 1. Japan 2. India 3. China 4. Turkey 5. Israel Biggest winners: 1. Russia 2. Venezuela 3. Iran
That 'something' that I'm on, is simply that all those governments clearly cooperate, support that "petrodollar", and vice versa, get support for their currencies. So invasions, ... no. Losers, ... no. Winners, ... no. Just some speculators misleaded enough to make bad speculative decisions. Read: lose.
As said in other topics: the velocity of the USD monetary balance dropped, not due to less spending but due to a bigger total of the "reserves", namely the Quantitative Easening's that actually were tightenings instead of easenings. And that is because the excess reserves balance is included in the base balance, causing the formula for the velocity of the base balance money, to drop due to the other side of the equation. So this is all central-planned. First a boom to bring property into hands of debt makers, then a bust, a crisis, to concern money savers enough to waste (a part) of their savings on concerns that have no ground, are false. And mission central planning achieved: new dollars don't add to existing, they replace, and existing gets destroyed due to the temporary higher prices speculators paid.