''Nowhere To Run: The Correlation Bubble''

From Seeking Alpha
By  Veritas Research

''The days of dollar dominance are waning, and the rest of the world stands to benefit.
Timothy Mitchell wrote about the petrodollar global taxation system in Carbon Democracy:

Europe and other regions had to accumulate dollars, hold them, and then return them to the U.S. in payment for oil. Inflation in the U.S. slowly eroded the value of the dollar, so that when these countries purchased U.S. oil, the dollars they used were worth less than their value when they acquired them.

These seigniorage privileges enabled Washington to extract a tax from every other country in the world, keeping its economy prosperous and thus its democracy popular.

Investors might hope for a slow, orderly, cordial transition away from the dollar (into renminbi, gold, SDRs, or some combination) -- but given the belligerence of U.S. rulers toward rival powers (China, Russia, Iran, Brazil, India) such an outcome is unlikely.''

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