The Petrodollar is DEAD? | John Kiriakou

The Saudis entered into an oil sales deal with the Chinese, and for the first time ever, and I mean literally ever, they didn't pay in dollars. The Chinese didn't pay in dollars. All oil transactions around the world have to be in dollars. This deal was in Yuan, and the Saudis accepted the Yuan. That set the precedent. It broke this long

string going back to the 1930s. Well, now that the Chinese have been paying in Yuan, the Brazilians said, you know what? If the Yuan is a legitimate international currency, we should join with the Argentines, the Chileans, and I think they said the Mexicans, and we should make a Latin American currency, and we should stop using dollars. Well, what this means is little by little we're being pushed out of the place where we've been king of the hill

where we've been king of the hill for almost a century.