What Is De-Dollarization?

Chris at Hauseit® (https://www.hauseit.com) goes over the question: What is de-dollarization?

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The mainstream media seems to have picked up on the topic of de-dollarization and how it appears to be picking up in steam. What does de-dollarization mean exactly?

De-dollarization refers to the reduced use of the dollar in global trade, especially for key commodities such as oil which has historically been priced in dollars.

For example, the dollar is often called the Petrodollar because the Saudis in the 1970's decided to price all oil sales in the dollar (after all, it has to be priced in some type of currency right?). They did this due to a grand bargain with the US to provide security guarantees in the Middle East and to sell the Saudis weapons.

However, the hegemony of the US Dollar as the world's reserve currency is being chipped away at on the edges these days, with news being more common every day like the Saudis agreeing to trade some oil in the Chinese Yuan, or the French recently completing a LNG trade in Yuan as well. Is de-dollarization imminent? Or is it still far off?

We explore this mystery and explain further in the following video.
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