For decades, most oil exporters have priced their oil in U.S. dollars as part of the petrodollar system. Now, as some countries look to reduce their reliance on American currency, that system may be seeing a change.
Edward Fishman is the author of “Chokepoints: American Power in the Age of Economic Warfare.” He's also director of the Center for Geoeconomics Studies at the Council on Foreign Relations. Fishman joined “Marketplace” host Kai Ryssdal to talk about what an end to the petrodollar would mean for the power of U.S. banking systems and what a new system might look like.
Click the play button above to hear their conversation.