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The Petrodollar Is Dead, Long Live the Petrodollar
The petrodollar died this month -- or so I learnt via the financial blogosphere. In the past fortnight, Google searches for “petrodollar” have spiked to a record, and viral posts about Saudi Arabia ditching the greenback have ricocheted throughout commodity and currency trading rooms. Apparently, a cataclysmic event has ended American economic hegemony.
Epochal stuff — and completely false. Nonsense on stilts.
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