America's Petrodollar Empire is collapsing.
The petrodollar is indeed the seat of American power. But whether the dollar loses it's status as the world's reserve currency is not really for the US to decide. If the Saudi's wanted to, they can easily start selling their oil in Chinese Yuan instead. And in fact there has been widespread discussion of this very thing happening. The only leverage the US has anymore is it's global military presence. It's domestic economy has been gutted thanks to globalisation and unrestrained debt accumulation by the US government. The dollar has been so watered down and devalued thanks to US government debt, that no one wants' to trade with it any more. The US dollar will lose it's status as the worlds reserve currency and will be replaced by a basket of currencies backed by gold. It's not a matter of 'if' it happens, but WHEN.

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