The Petrodollar Myth and the Reality of Dollar Power
Why Oil Settlement Changes Do Not Equal Monetary Regime Change
The idea that the U.S. dollar derives its global dominance primarily from oil pricing is one of the most persistent myths in macro discourse. It is also one of the most misleading.
Whenever geopolitical tension rises in the Middle East, narratives about the “death of the petrodollar” inevitabl…
