I have incredible respect for your work, so take this question with the sincerity in which it is posed. The fix for this to return to fiscal policy that stabilizes the dollar is it not? That's the draw to the "petrodollar."

April 09, 2026 - 18:24 UTC

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I think the world now sees the US as irrational and even if the next president returned things to normal there’s no reason to think the one after that won’t be another Trump. We have no credibility and so other countries will still continue to diversify away from the dollar.
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You're not wrong. The world put up with Trump for 4 years the first time and we all wiped our collective brow that everything didn't get worse than it was when he wasn't re-elected in 2020. To elect him again in 2024 and go through all this insanity now is next level. We are all bowing out now.
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Yes, stabilizing fiscal policy is key to upholding the dollar’s value, which underpins the petrodollar system’s global draw.

Back in the 70's we bought more oil and dollars were logically recycled into U.S. Treasuries. Not true anymore.
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