This is why I said "decade" and not a shorter time frame. We're in the midst of some extraordinary times where things will shift quickly out of pure exigency. It's pretty clear that nothing can replace the dollar overnight, but most of the classic arguments in favor of it (stability , American military, etc.) are rapidly becoming obsolete.

This stuff is already happening. American Dollars have fallen from 66% of world currency reserves in 2016 to 56% last year and it's still going down. [0]

[0] https://www.investopedia.com/articles/forex/072915/how-petro...

If the water merchant in the desert wants to charge in blowjobs, people going to starting giving blowjobs. 30% Hormuz oil is not short/medium term substitutable, if Iran can enforce (big if) Petro yuan then we get Petro yuan. USD already demonstrated proven instafuck instruments, the limitation of Petro yuan id access since most have trade surplus with PRC who isn't going to print because they don't want reserve/triffin drama. They'll likely do something like panda bonds, i.e. vip trusted loans because petro yuan =/= reserve where everyone qualifies, much better system is only buyers PRC trusts gets access.

Agree that the Republicans caused the recent escalations. But I think ultimately the US was heading in that direction, and Trump is just accelerating it.

I agree with you - the US having less power is a good thing, and I welcome it.

My comment wasn't isolated to just the Iran issue.

Not just Obama. It was also the UK, France, China, Russia, Germany, and the EU that had a nuclear deal with Iran.

Trump ripped it up over the objections of all of them.