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Book or essay that explains petrodollar recycling? (hexbear.net)

submitted 6 months ago by [email protected] to c/[email protected]

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I explained the gist of it to some people, and they were like "Is this from a book?

I'm pretty sure I learned about it from posts or maybe a podcast or something. I said it's from World Systems Theory - Immanuel Wallerstein, but I'm 90% sure it's not in there.

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[–] [email protected] 6 points 6 months ago* (last edited 6 months ago) (1 children)

Petrodollar recycling as it is being widely disseminated is a myth.

Michael Hudson’s Super Imperialism has the correct take on US monetary imperialism.

Petrodollar does exist though, but only in the sense that “you’re not allowed to use your dollar revenues (which we printed freely) to industrialize yourself and are only allowed to use them to purchase treasury bonds and American weapons”, not that “America requires the sales of petroleum in dollars to finance itself” that many bitcoin/gold enthusiasts would like you to believe.

[–] [email protected] 1 points 6 months ago

Could you say more? The petrodollar recycling model and dollar-debt / US bond reserve currency from Super Imperialism don't seem mutually exclusive to me. I only read part of the book though and I don't fully remember it. Is the issue that focusing on petrodollar recycling is missing a bigger picture / that dollar reserves aren't for oil?