{"id":62856,"date":"2022-06-09T12:49:37","date_gmt":"2022-06-09T17:49:37","guid":{"rendered":"https:\/\/olduvai.ca\/?p=62856"},"modified":"2022-06-09T12:49:37","modified_gmt":"2022-06-09T17:49:37","slug":"running-on-empty-part-iii","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=62856","title":{"rendered":"Running on Empty, Part III"},"content":{"rendered":"<div class=\"post-header\">\n<h3 class=\"post-title short unpublished\"><a href=\"https:\/\/treeofwoe.substack.com\/p\/running-on-empty-part-iii?s=r\">Running on Empty, Part III<\/a><\/h3>\n<p class=\"subtitle\"><strong>The Implications of the Petrodollar System for America and World Geostrategy<\/strong><\/p>\n<\/div>\n<div class=\"\">\n<div class=\"available-content\">\n<div class=\"body markup\" dir=\"auto\">\n<p>Welcome to Part III of\u00a0<em>Running on Empty,\u00a0<\/em>my three-part analysis of the Petrodollar system.\u00a0<a href=\"https:\/\/treeofwoe.substack.com\/p\/running-on-empty-part-i?s=w\" rel=\"\">Part I of this series<\/a>\u00a0explained what the petrodollar system is, how it came to be, and what its financial effects have been on the United States.\u00a0<a href=\"https:\/\/treeofwoe.substack.com\/p\/running-on-empty-part-ii?s=w\" rel=\"\">Part II\u00a0<\/a>explained the petrodollar\u2019s implications for foreign policy in the Middle East. If you haven\u2019t read those yet, check them out!<\/p>\n<p>In Part III, below, we look at how those implications scale to at the geostrategic level. In Part IV, we\u2019ll discuss how the sanctions brought about by the Russo-Ukraine War might cause the petrodollar system to break down. (I\u2019d hoped to wrap up the series in three parts, but due to length, I had to break it up.)<\/p>\n<p class=\"header-with-anchor-widget\"><strong>Ruler of the World Ocean<\/strong><\/p>\n<p>Many of history\u2019s leading nations \u2014 and all of its commercial empires \u2014 have been thalassocracies. For the last 207 years, the globe has been dominated by maritime powers. The United Kingdom began the trend in 1815. Emerging as the winner of the Napoleonic Wars, the UK established the so-called Pax Britannica and enforced it with the world\u2019s greatest navy. While Britannia ruled the waves, the sun never set on her flag. Germany tried twice to unseat Britain at sea, and failed both times. Japan tried to turn the Pacific into its own thalassocracy in the form of the \u201cGreater East Asian Co-Prosperity Sphere,\u201d but suffered defeat at the hands of the UK and the US. Since 1945, the UK has gradually ceded control of the oceans to the US. America rules the waves today. The World Ocean is\u00a0<em>mare nostrum,\u00a0<\/em>our pond.<\/p>\n<p>\u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Running on Empty, Part III The Implications of the Petrodollar System for America and World Geostrategy Welcome to Part III of\u00a0Running on Empty,\u00a0my three-part analysis of the Petrodollar system.\u00a0Part I of this series\u00a0explained what the petrodollar system is, how it came to be, and what its financial effects have been on the United States.\u00a0Part II\u00a0explained [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,5],"tags":[30680,626,827],"class_list":["post-62856","post","type-post","status-publish","format-standard","hentry","category-economics","category-geopolitics","tag-contemplations-on-the-tree-of-woe","tag-petrodollar","tag-united-states"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/62856","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=62856"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/62856\/revisions"}],"predecessor-version":[{"id":62857,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/62856\/revisions\/62857"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=62856"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=62856"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=62856"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}