Slowly but surely, the dollar will cease to be the petro-dollar, meaning that....oil used to always be paid in dollars. Today, a number of countries have left that tradition. Those are the beginning stages of a currency losing its "world's reserve currency" status. It takes time. It it's not like flipping a switch. It happens over years. Maybe in my lifetime, but certainly in my kids or grandkids lifetime...the dollar will not likely be the world's reserve currency anymore. When we lose that edge here in the U.S., that will be a HUGE deal.
Please expand on what is meant by “HUGE deal”.
Scary! How should we prepare our next generation?
I understand that oil being based on the American dollar is what is keeping the debt from imploding the country.