Carta OpinionGlobal, 15.03.2020 Riad Fouad Saade, empresario libanés y consul honoriario de Chile en Beirut
For years in my charlas at the Diplomatic Academy of Chile, I have explained the link between the US dollar, as being the world currency reference, and world oil policy lead by the USA. I reminded that whoever of the Arab puppet leaders who "dared" challenge this US Dollar supremacy as being the sole oil trade currency (which started in 1973, 2 years after President Nixon "liberated" the US dollar from the gold parity) would be eliminated or "destroyed". That was the case of King Faysal of Saudi Arabia who dared use the oil weapon during 1973 October Arab-Israeli war (he was assasinated in 1975) and later of Saddam Hussein (who dared selling his oil in Euro) and of Moammar Kaddafi (who dared suggesting the Lybian gold dinar to become the currency for oil trade in Africa). Both their countries were brought down to ashes.
Times seems to have progressively changed and China is dealing with some countries in its Huan currency, while Russia is also getting away from the US dollar.
The latest about Russia challenging the US Dollar supremacy, is Russia playing with Saudi Arabia the game of steep decrease of oil prices decrease. By that it is dangerously weakening the US Dollar and threatening its unique position of sole world reference currency.
Combined with the expected economic crash due to Corona Virus, we might be living the last days of the post WW2 US hegemony.
There is an interesting analysis of the latest developments and of its implications: "The Great Oil War of 2020 Has Begun. Can Russia Win?" by Nikolas K. Gvosdev in The National Interest of 10.03.2020.