I think the conspiracy theory is backwards. We didn’t use hegemony to make people us petrodollars. They used petrodollars because it made the most sense. By dramatically increasing our use of sanctions we’ve turned that on its head. And we are going to see petrodollars become less important.

We aren’t going to go to war with China, Russia or the Euro zone for switching off petrodollars. The opposite conclusion is ludicrous.