UAE Blames Trump for Escalating Iran Conflict, Threatens Switch to Chinese Yuan Amid Potential Dollar Shortages (www.ibtimes.co.uk)

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[-] gravitas_deficiency@sh.itjust.works 0 points 1 week ago* (last edited 1 week ago)

That’s about as nuclear of an option as they can threaten in terms of geoeconomics and how they’ll directly impact the US, tbh.

For those in the back: they’re threatening to jump on the bandwagon that’s shifting away from the petrodollar, which would have absolutely catastrophic consequences for the US economy, as well as in general. Think “fall of the USSR” type shit. This is not an exaggeration.

And yeah, it can absolutely be argued that the petrodollar was a stupid fucking idea for a lot of reasons. But it did let the US more or less not care about debt at all for over a half century. Pulling that rug is going to have a lot of consequences in a lot of places all over the world - not just the US - and will ultimately yield a lot of chaos.

[-] wheezy@lemmy.ml 1 points 1 week ago

I think some people might not grasp the scale of destruction and death that resulted from "The fall of the USSR". Western neoliberalism doesn't really teach this as the absolute crime against humanity that it was. They think they just got pizza huts.

It was the single greatest decline in life expectency rates in recorded history that was not caused by a disease, famine, or war. Ukraine became the child sex trafficking "capital" of the world.

The capitalist oligarchs will do it again to the western world as long as they are able to maintain their positions of power. The "fall of US democracy" or whatever history will call it, it's not the fall of the oligarchs that run that nation. They will be fine. The people and the working class of the US will suffer the consequences.

this post was submitted on 20 Apr 2026

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