{"id":62898,"date":"2022-06-16T05:23:32","date_gmt":"2022-06-16T10:23:32","guid":{"rendered":"https:\/\/olduvai.ca\/?p=62898"},"modified":"2022-06-16T05:23:32","modified_gmt":"2022-06-16T10:23:32","slug":"running-on-empty-part-iv","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=62898","title":{"rendered":"Running on Empty, Part IV"},"content":{"rendered":"<div class=\"post-header\">\n<h3 class=\"post-title short unpublished\"><a href=\"https:\/\/treeofwoe.substack.com\/p\/running-on-empty-part-iv?utm_source=email&amp;s=r\">Running on Empty, Part IV<\/a><\/h3>\n<p class=\"subtitle\"><strong>How the War between Russia and Ukraine is Destroying the Petrodollar System<\/strong><\/p>\n<\/div>\n<div class=\"\">\n<div class=\"available-content\">\n<div class=\"body markup\" dir=\"auto\">\n<p>Welcome to Part IV of\u00a0<em>Running on Empty,\u00a0<\/em>my four-part analysis of the Petrodollar system.<\/p>\n<p><a href=\"https:\/\/treeofwoe.substack.com\/p\/running-on-empty-part-i?s=w\" rel=\"\">Part I of this series<\/a>\u00a0explained that the US dollar is the world\u2019s first reserve currency that is not backed by precious metals. Instead it is backed by\u00a0<em>other people\u2019s oil.\u00a0<\/em>Because of a secret treaty between the US and Saudi Arabia, petroleum can only be purchased with dollars. Every country needs oil, so everyone country needs dollars and sells imports to the US to get them. Demand for dollars has made the USD the primary American export, allowing the US to deindustrialize and financialize its economy.<\/p>\n<p><a href=\"https:\/\/treeofwoe.substack.com\/p\/running-on-empty-part-ii?s=w\" rel=\"\">Part II\u00a0<\/a>explained how the petrodollar has grossly enriched American asset holders (stocks, bonds, and real estate) and painfully impoverished American wage earners. Under the petrodollar system, dollars are created by private banks for profit. These dollars are recycled into the economy by OPEC nations, causing stocks, bonds, and real estate to rise. This profitable exchange is enforced by American military might, which punishes any country that seeks to exit the petrodollar system.<\/p>\n<p><a href=\"https:\/\/treeofwoe.substack.com\/p\/running-on-empty-part-iii?s=w\" rel=\"\">Part III<\/a>\u00a0explained that for the petrodollar system to function, America needs to be able to project power worldwide to secure international trade and enforce the system. America secures global commerce and projects military power by commanding the World Ocean, by which 90% of all goods are trafficked. To overcome America\u2019s naval supremacy, both Russia and China have sought to establish control of the World Island, the Eurasian supercontinent that houses most of the world\u2019s population and resources. The Russo-Ukraine War is a proxy war between the uncontested master of the World Ocean (America) and the would-be masters of the World Island (China and Russa).<\/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 IV How the War between Russia and Ukraine is Destroying the Petrodollar System Welcome to Part IV of\u00a0Running on Empty,\u00a0my four-part analysis of the Petrodollar system. Part I of this series\u00a0explained that the US dollar is the world\u2019s first reserve currency that is not backed by precious metals. Instead it is [&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":[30680,600,626,694,701,821,827,862,5482],"class_list":["post-62898","post","type-post","status-publish","format-standard","hentry","category-economics","category-geopolitics","tag-contemplations-on-the-tree-of-woe","tag-opec","tag-petrodollar","tag-russia","tag-saudi-arabia","tag-ukraine","tag-united-states","tag-war","tag-world-reserve-currency"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/62898","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=62898"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/62898\/revisions"}],"predecessor-version":[{"id":62899,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/62898\/revisions\/62899"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=62898"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=62898"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=62898"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}