Oil in US dollars maybe gonna change

[Wizzz]

This is important stuff. 

What happens to the dollar when it is no longer the "petro-dollar"?

The dollar becomes true fiat and loses its International Reserve Currency status. Countries will start trading in their own currencies for oil.

Then the banks start balking at loaning the US any more $$$. Probably just a higher interest rate at first, but as deep as we are in debt it might not take long for the banks to simply shut us off.

The USA will default on loan payments, further jeopardizing our International credit rating.

Services will be cut as massive layoffs of civil servants start.

As so many people are forced into poverty, domestic sales will fall and cause additional layoffs in the private sector.

The USA will enter another Great Depression.


Yeah, kind of important.

TheRedneck

I've been thinking along these lines for quite some time. It seems to me (with my limited knowledge) that we are a first world country

(rapidly degenerating, though) with a third world economy. Unfortunately, I'm a cynic and I don't see any way out of this spiral.

Just my 2 cents.