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To recap my previous thread on this in a simple summary:
America is allowed to run a ten trillion dollar deficit and borrow ten TRILLION dollars because oil is sold in dollar.
Every country in the world needs oil. They need petrol/gasoline. To buy it they must use American dollars, which means every month every country in the world has to buy US dollars at a price to be used to purchase oil.
Countries don't mind lending th US money because they know they can get it back - America drops the surcharge on converting money when they buy oil in lieu of payments on the loans they have received from other countries. It doesn't sound like much, but we are talking billions a month in surcharges the US currently gets for no reason other than oil is sold in dollars.
If countries no longer need dollar to buy oil, America will have to fix its budget and operate within their own budget like the rest of the world. Right now the US is losing trillions a year.
This would be a VERY dramatic shift in the economy in America.
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