Recently China has begun trading oil in it the PetroYuan and Venezuela has launched its oil backed PetroCoin. What are you're opinions on the effects these actions will have on the global diplomatic relations between east and west? Do you think we are looking at the fall of the PetroDollar or the rise of a split market with Brics nations shifting further away from the NATO alliance?
I feel this is quite an interesting change and difficult to predict where this will lead us; I do not see the US letting the greenback lose its dominance without a fight but I have a feeling that this may draw to the end of the PetroDollar and rise in power in the US(and world wide) of the current military industrial complex. Without oil to sustain the dollars necessity I feel they US may push for arms to be traded exclusively in the dollar. This could limit the enemies of the US to gain arms from Europe and at the same time bring relations between east and west to a near halt.
What do you guys think?