It's Happening.

[SuburbanFarmer]

^^^That's horseshit.

The US does not monopolize the global oil trade. Everything following that is bunk.

Heraclius, meets grumps.

Buy a barrel of oil in anything other than dollars. Go ahead.

Heraclius, meet our Trailer Park Road Scholar.

[Okeefenokee]

You don't know what monopolize means.

[Okeefenokee]

and it's Rhodes Scholar.

[SuburbanFarmer]

and it's Rhodes Scholar.

Not in your case.

[SuburbanFarmer]

You don't know what monopolize means.

It means complete and total isolation at the top of a market. It means exerting control over that market, through a lack of competition. Exactly what we do with oil.

[Okeefenokee]

and it's Rhodes Scholar.

Not in your case.

No you.

[The Conservative]

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[Heraclius]

You don't know what monopolize means.

It means complete and total isolation at the top of a market. It means exerting control over that market, through a lack of competition. Exactly what we do with oil.

PetroDollar isn't a monopoly. Pretty sure most economists agree on oil being more of an oligopoly if anything. In fact, OPEC is the base case example used to introduce any basic ECON student to the concept of Game Theory that hangs over the head of any oligopoly.

If the US had a monopolistic level of control over the oil market, we wouldn't be using fracking as a nuclear option to maintain oil below a certain price.

While your theory is one that is often thrown around, it really doesn't make too much sense. Why would China want to depreciate the dollar as a world currency while they are a major holder of US debt? Why dilute the value of their current holdings and turn the US into a domestic producing competitor as depreciated currencies favor domestic products? Likewise, if China plans on making the yuan a world currency they will have to do a ridiculous amount of modernization reforms to their current currency platform which will require them to open up on a lot of shady currency manipulation they are doing.

I'm sure China would like to be a thorn in the side of the US, but they would never want the nightmare negative effects of having the world's currency. I really doubt they plan on "attacking" us with this so much as baiting the US government to take drastic action that will only be thought about 6 months after the fact.

[Speaker to Animals]

OPEC is a cartel, not an oligopoly, though in practice it is tending towards oligopoly because nobody is adhering to production quotas.

[Hanarchy Montanarchy]

While your theory is one that is often thrown around, it really doesn't make too much sense. Why would China want to depreciate the dollar as a world currency while they are a major holder of US debt?

+1

I would even be willing to bet that China would rather forgive a bunch of debt if the dollar starts looking shaky than make a move to make the Yuan the global reserve. '
China's 'soft power' moves are all about making China look good for investment and whatnot, but they don't need the ass-ache and scrutiny that comes with controlling the global currency. It is a thankless job.