Based Underground is now a conservative news aggregator AND curated newsletter.
For decades, the US dollar has been the dominant currency in the global oil trade, with most oil transactions being conducted in US dollars, a phenomenon known as the “petrodollar system”. The petrodollar system was established in the 1970s as a result of a agreement between the United States and Saudi Arabia, whereby the US would provide military protection for the oil-rich kingdom in exchange for Saudi Arabia’s agreement to price its oil exports in US dollars and to recycle its surplus oil revenues back into US assets.
However, in recent years, there has been a shift away from the petrodollar system as other countries and currencies have gained more prominence in the global oil trade. This shift can be attributed to several factors, including the rise of new oil-producing countries, the growing role of non-US currencies in international trade, and the declining role of the US dollar as the world’s dominant currency.
- Concerned about your life’s savings as the multiple challenges decimate retirement accounts? You’re not alone. Find out how Genesis Precious Metals can help you secure your wealth with a proper self-directed IRA backed by physical precious metals.
One of the major drivers of this shift is the growing economic power of countries like China and Russia, which have been actively seeking to reduce their dependence on the US dollar and increase their use of their own currencies in international trade. These countries have also been investing in infrastructure and making deals with other countries to facilitate the trade of oil in their own currencies, bypassing the US dollar.
Another factor contributing to the shift away from the petrodollar system is the increasing use of digital currencies and blockchain technology in international trade. These new technologies have the potential to greatly reduce the dependence on traditional currencies, such as the US dollar, in the global oil trade.
Despite these changes, the US dollar still remains the dominant currency in the global oil trade, and it is unlikely that it will lose its position as the primary currency in this market in the near future. However, the trend towards a more diversified global oil trade, with multiple currencies being used, is likely to continue.
In conclusion, the shift away from the petrodollar system is a reflection of the changing economic landscape, with new players and technologies emerging, and the increasing diversification of international trade. As the world moves towards a more multipolar economic order, it will be interesting to see how the role of the US dollar and other currencies evolves in the global oil trade.
This Article Written by ChatGPT
Editor’s Commentary: So, for those who may have noticed a shift in the tone of the article above compared to past articles I’ve posted regarding the petrodollar, it’s because this article was a trap. I wanted to see how many people could sniff out that this post was not written by a person. It was written by ChatGPT based on the query, “Write an article about the shift away from the petrodollar.”
I apologize for conning you, but until today I did not realize the sophistication and command of both language and context that this artificial intelligence engine possesses. It’s not a great article by any means, but it passes the smell test as a brief analysis of the current circumstance. It’s wrong on one note; the U.S. dollar DOES have a high chance of being usurped in the global oil trade in the near future. But outside of that, the article written by AI is practically indistinguishable from one written by a staff writer at a national publication.
This wakeup call (for me, at least) was prompted by an article I read and published about AI written in part by Frank Miele. I say “in part” because his was the first I’d ever read (as far as I know) that was written by ChatGPT. One can argue that if it’s able to improve just a bit, it could legitimately replace journalists. And it’s not just writers who should be concerned. AI’s ability to project life-like videos and “deep fake” representations of actual people means we could soon see the evening news written and reported completely by AI.
Again, I apologize for misleading you with the opening part of the article. It came as a shock to me and I felt it necessary to use the same element of surprise to hopefully wake others up to the dystopian future that may be in store for us if we don’t start pushing back now. Some may argue that it’s not that big of a deal, that artificial intelligence replacing some of our jobs will lead to better things for most. That’s the argument I’ve been hearing for a while and I don’t completely disagree… at first. But once we project how this all plays out, it becomes clear that continuing down this road could create a brand new existential threat against humanity. If there’s a 1% chance of it, I refuse to entertain the idea.
I, for one, will not be welcoming our new artificial intelligence overlords.
TRENDING ARTICLES
OMG: O’Keefe Media Group Exposes Disney’s “Gender Expression Transitioning” Program
by Liberty One News
On Thursday, O’Keefe Media Group disclosed internal documents that uncover Disney’s Gender Expression and Transitioning programs. The G.E.T. program advocates for modifying one’s natural body, and the documents further expose Disney’s health insurance plans covering genital mutilation surgeries. Per James O’Keefe: REVEALED: O’Keefe Media reveals internal videos and documents exposing…
Track Coach Sues After Allegedly Being Fired For Opposing Policy Allowing Male Athletes In Female Sports
by Daily Caller
An Oregon high school track and field coach filed a lawsuit Thursday claiming he was improperly fired after stating that biological males had an unfair advantage against female athletes. John Parks was fired in June after sending a letter to the Oregon School Activities Association (OSAA) suggesting the regulatory agency…
“They’re Starting Brutal Attacks”: James Carville Says Cackling Kamala’s “Best Day” of the Campaign Is Already Behind Her
by The Liberty Daily
Democratic strategist James Carville on Wednesday declared the “best day” of Vice President Kamala Harris’ presidential run is already behind her. Biden abruptly withdrew from the presidential race on Sunday and endorsed Harris, who is running based on a Democratic Party insider vote with almost no primary voter approval, after…
5 Ways Kamala Harris’s Democrat and Media Enablers Are Gaslighting America
by Breitbart
Vice President Kamala Harris’s Democrat and mainstream media allies are gaslighting American voters in five ways as her presidential campaign gets underway with just over 100 days to election day. The manipulation is being carried out in various forms: the covering up of President Joe Biden’s apparent cognitive decline, claims…
Major Study of 9 Million Confirms COVID Shots Cause VAIDS
by Slay News
An explosive new study, which analyzed the data of nine million people, has sent shockwaves through the scientific community after proving that Covid mRNA shots are responsible for the global surge in cases of AIDS-like vaccine-acquired immunodeficiency syndrome (VAIDS). The peer-reviewed study was conducted by a team of world-renowned South…
The Secret Service Was Obviously Going to Be the Next Vehicle of the Deep State
by The Federalist
Was the assassination attempt a failure because Trump survived? Or was it a failure because he was shot in the first place? The since-resigned Secret Service director conceded before House lawmakers Monday that this month’s shooting of former President Donald Trump was the worst agency security failure since President Ronald…
Emhoff’s Ex Opens up About Kamala Parenting Her Kids
by Headline USA
Kerstin Emhoff, the first wife of Second Gentleman Doug Emhoff, has spoken up about the non-existent attacks aimed at Vice President Kamala Harris for having no biological children. In remarks to CNN on Thursday, Emhoff claimed that Harris has acted as a parent to her children, Ella and Cole Emhoff,…
Illegal Alien ‘Got-Away’ Accused of Killing Nashville Restaurateur Matt Carney
by Breitbart
An illegal alien “got-away” has been accused of killing 42-year-old Matthew Carney, the owner of the Smokin Thighs restaurant in Nashville, Tennessee, in a hit-and-run crash. Ulises Raigoz-Martinez, a 24-year-old illegal alien from Mexico, has been charged with criminal homicide, tampering with evidence, vehicle theft, criminal impersonation, and evading arrest…
Kamala Ran S.F. Program That Helped Illegals Who Were Arrested Avoid Deportation
by Headline USA
As San Francisco’s district attorney, Kamala Harris ran a program that helped illegal immigrants arrested for drug crimes avoid deportation, get jobs, and even have their records expunged. The “Back on Track” program was run by the San Francisco district attorney’s office while Harris was district attorney from 2004 to…
Hamas Lovers Hit New Low in D.C. Protest
by PJ Media
So you saw the latest batch of Hamas lovers burning American flags, releasing maggots, and vandalizing our monuments in Washington, D.C., recently since Israel’s Prime Minister Benjamin Netanyahu visited. My friend Stephen Kruiser discussed it a bit in his latest Morning Briefing, as did Athena Thorne, who went into more…
Congress Ordered Research into Military Covid Shot Injuries
by Infowars
Congress has included a provision in the National Defense Authorization Act (NDAA) for fiscal year 2024 directing the U.S. Department of Defense (DoD) to investigate the negative health outcomes on military personnel following administration of the Covid vaccination. “Study and report on health conditions of members of the Armed Forces…
FBI Director Debunks Biden’s Claim That J6 ‘Gallows’ Were Designed to Hang Mike Pence
by Headline USA
President Joe Biden said in a recent speech that the infamous gallows built on Capitol Hill on Jan. 6, 2021, were “erected to hang Vice President Mike Pence.” That’s a strong claim coming from the sitting—at least for now—leader of the free world. Rep. Thomas Massie, R-Ky., asked FBI Director…
Legal Group Launches Several Investigations Focusing On Kamala Harris’ Record, Use of Campaign Funds
by Trending Politics
“A lot of her tough on crime reputation goes to her prosecution when she was San Francisco DA, individuals who use marijuana and other sorts of things,” AFL President Dan Epstein said in a statement to Fox News. “Our investigation, however, makes it very clear that Kamala Harris does not…
Kamala Harris Once Mocked Trump’s Warning of Terrorists Crossing Through Border
by Daily Caller
Vice President Kamala Harris mocked the idea that a border wall was necessary to keep terrorists from entering the country during a February 2019 interview in New Hampshire. During the sit-down interview with WMUR-TV, then-Democratic California Sen. Harris mocked President Donald Trump’s assertion that a massive border wall between the…
Ultra-Processed Foods Are Harming Children: What’s Being Done About It?
by The Epoch Times
Ultra-processed foods have become a significant part of many children’s diets, and it may come as no surprise that such foods come with a cost. A cross-sectional study published in JAMA in May revealed that children who consumed high amounts of ultra-processed foods exhibited higher body mass index, waist circumference,…
Democrats Urge OpenAI to Allow Government Access to Models Before They Go Public
by Reclaim the Net
Five Democrat senators have penned a letter to OpenAI CEO Sam Altman, as a form of not-so-subtle pressure to commit “to making its next foundation model available to US Government agencies for pre-deployment testing, review, analysis, and assessment.” But, “pre-deployment testing by government agencies?” Are these guys sure this is…
These Important Election Integrity Initiatives Might Be On Your 2024 Ballot
by The Federalist
From voter ID to mail-in voting, these proposed ballot measures could significantly alter the way states administer their elections. While most political pundits are focused on the pending matchup between former President Donald Trump and (presumably) Vice President Kamala Harris, a major facet of the 2024 contest that’s not getting…
News from across the conservative media sphere! Subscribe for free to the brand new Based Underground Newsletter for a daily uncensored recap of the news and opinions that are most important to American patriots.