Max Keiser and Stacy Herbert look at what the Biden administration’s push for clean energy would mean for the global dominance of the US dollar, and how the collapse of the system would affect the majority of Americans.
Since the US has abandoned the gold standard, it basically has a petrodollar, Stacy Herbert explained in the latest episode of RT’s Keiser Report. However, the American economy is shrinking in terms of its share of global GDP, which has decreased from 40% to around 20-25%.
She further added that the petrodollar has become the number one way the US is sending dollars overseas, while countries like Russia and China are switching to payments in other currencies for energy purchases. On top of that, the Biden administration is advocating for renewables, further decreasing the dollar share.
“The signs are that they’re getting ready for a post-US dollar reserve system,” she said, adding that this would be beneficial for the vast majority of the American people. Such a system may emerge soon, possibly under the Biden administration, she believes.
Max Keiser further noted that the US doesn’t see the bigger picture in getting off oil. “They don’t see that if you look at the bigger picture, the 50–100-year picture... it’s like the death knell for the dollar, which is a petrodollar,” he said.