What Just Happened: Is This The End of the Petrodollar?

In this installment of "What Just Happened", CoinShares’ Chief Strategy Officer Meltem Demirors chats with OKCoin’s Director of Business Development Alex Feinberg. The two get in their time machine and travel back to 1971, the year the Nixon administration decided to end the direct convertibility of dollars into gold, marking the end of the “gold standard.” They make a brief stop in 1944 at Bretton Woods to understand how the world got to 1971. They then discuss what happened after 1971, and the advent of the petrodollar – or the pricing of all oil contracts in dollars, which cemented the dollar’s status as the world reserve currency, but also the massive trade imbalances and trillion-dollar deficits we see in today’s economy. They use this history to outline what potential paths we might go down as the geopolitical landscape shifts following the breakdown of the energy market and the growing political, economic, and cultural competition between countries as we shift increasingly to compute and connectivity heavy industries and technologies. Hint: bitcoin has a shot at being a global reserve currency, as does the IMF’s SDR. Lastly, they touch on the changing landscape of political and social influence, and what this might mean for how policy is made in the future. Let us know what you think in the comments!

Видео What Just Happened: Is This The End of the Petrodollar? канала CoinShares