icon bookmark-bicon bookmarkicon cameraicon checkicon chevron downicon chevron lefticon chevron righticon chevron upicon closeicon v-compressicon downloadicon editicon v-expandicon fbicon fileicon filtericon flag ruicon full chevron downicon full chevron lefticon full chevron righticon full chevron upicon gpicon insicon mailicon moveicon-musicicon mutedicon nomutedicon okicon v-pauseicon v-playicon searchicon shareicon sign inicon sign upicon stepbackicon stepforicon swipe downicon tagicon tagsicon tgicon trashicon twicon vkicon yticon wticon fm
1 May, 2021 14:54

Switching to renewables is another nail in US dollar’s coffin – RT’s Keiser Report

Switching to renewables is another nail in US dollar’s coffin – RT’s Keiser Report

Max Keiser and Stacy Herbert look at what the Biden administration’s push for clean energy would mean for the global dominance of the US dollar, and how the collapse of the system would affect the majority of Americans.

Since the US has abandoned the gold standard, it basically has a petrodollar, Stacy Herbert explained in the latest episode of RT’s Keiser Report. However, the American economy is shrinking in terms of its share of global GDP, which has decreased from 40% to around 20-25%.

She further added that the petrodollar has become the number one way the US is sending dollars overseas, while countries like Russia and China are switching to payments in other currencies for energy purchases. On top of that, the Biden administration is advocating for renewables, further decreasing the dollar share.

“The signs are that they’re getting ready for a post-US dollar reserve system,” she said, adding that this would be beneficial for the vast majority of the American people. Such a system may emerge soon, possibly under the Biden administration, she believes.

Max Keiser further noted that the US doesn’t see the bigger picture in getting off oil. “They don’t see that if you look at the bigger picture, the 50–100-year picture... it’s like the death knell for the dollar, which is a petrodollar,” he said.

For more stories on economy & finance visit RT's business section