This could possibly be the first nail in the US coffin.
Trump and the Deep State know it.
Watch what we do in Venezuela.
(By the way, Putin called Maduro to offer his support.)
https://www.mintpressnews.com/venezuela-drops-petrodollar-us-sanctions-drug-trafficking/232056/
In what is set to be a major blow to the U.S.’ increasingly fragile “petrodollar” system, Venezuela announced on Wednesday that it would no longer accept U.S. dollars as payment for its crude oil exports. According to the Wall Street Journal, Venezuela has begun using euros in lieu of the dollar and will convert existing cash holdings into euros as well.
However, the official website of Venezuela’s state oil company, PDVSA, has begun offering prices in the Chinese yuan, not euros. The decision is similar to that once made by former Iraqi leader Saddam Hussein, who dropped the dollar in favor of the euro a few years prior to the 2003 U.S. invasion of Iraq.
The move, though drastic, was not entirely unexpected. Venezuelan President Nicolás Maduro had stated earlier in the month that the country would look to “free” itself from the dollar within a week’s time, following the U.S.’ sanctions against the embattled nation.
International markets thus far have failed to noticeably react to the policy shift, despite the threat it presents to the petrodollar system. The system, created in the 1970s, calls for OPEC nations to sell their oil in dollars in order to create artificial demand for the U.S. currency. Venezuela, home to the world’s largest oil reserves, is likely to exert some effect on the demand for dollars through its new policy, though the extent of the potential damage remains unclear.
Related | Venezuela Quits US Dollar For Crude Oil Payments
However, other recent global developments, such as China’s recently announced plans to launch crude oil futures contracts priced in yuan and convertible to gold, suggest that the petrodollar system is facing a very uncertain future.