Petro-dollar era is officially over as Gazprom begins sales in Yuan and Rouble - National Finance Examiner | Examiner.com
No idea if examiner.com is a reputable source. I didn't find this in any other news organization so far (haven't looked very hard, though).The days of the dollar remaining the global reserve currency took a sharp hit today, and the ramifications of Russia's new move for selling oil in both Roubles and Yuan are just beginning. And since there is over $17 trillion in U.S. dollars afloat and in nations outside the U.S. kept on reserve for the primary purpose of buying oil and natural gas, as more and more countries migrate to the East and find it far more inexpensive and efficient to no longer use the dollar and SWIFT systems to supply their energy needs, then these dollars will soon come crashing back to American shores, and the inflation America has exported offshore for decades will come rudely back and suddenly hit U.S. consumers and our financial system.
What is people's opinion on this? Accurate? Really significant problem, or would the US economy absorb the hit more gradually and adapt?