@Tam
Chinese are starting to wake up to the dollar liability.
I'm also diversifying my portfolio to escape dollar problems down the line.
You don't need the China issues to leave the US dollar. There are many issues alone that can panic you to leaving the US dollar. One is the uncontrolled deficits, along with the massive currency printing. The US is now up to 27 trillion up from 22 to 23 trillion just what, a year ago? What happens when you flood currency when there are product and supply shortages? What happens when you have massive currency injections with no significant increase in productivity and product supply? You are looking at hyperinflation scenarios here. Like Venenzuela. Or the Weimar Republic.
As for oil it will get less important in the long run as China moves to NEVs and the EU gets tighter with the environment. Russia and Saudi Arabia will compete with each other heavily, and it will become a buyer's market. Unfortunately for the US, the shale industry is a bust. Because of the high cost of extracting oil from shale, the shale industry needed two conditions --- one is cheap borrowing for these capital intensive works, and the other is a booming global economy with rich buyers like China paying premiums for oil barrels, all to pay for those bank loans that were made for shale extraction infrastructure.
Guess what happens when China stopped buying, the global economy isn't booming, Russia and Saudi Arabia having an oil price war, the market is at at glut. When oil is down, the US shale oil industry goes down faster than the Titanic. Bankruptcies will happen across the shale-oil producing states because when they can't pay their loans. The banks are going to look at those bad loans and they will get shaky. This is a double whammy for the banks because they won't be getting mortgages paid from unemployment, small businesses and restaurants closing which means mall owners are not going to be paying their mortgages. Didn't JC Penny file for bankruptcy? Brooks Brothers? I heard that a major mall owner is suing Gap because Gap owes them tens of millions of rent. Shalepocalypse + Retailpocalypse this is a banking industry nightmare.
And you know what industry is full of loans too? Airlines. Airline use loans to buy new aircraft. Now air travel is down. How do you expect the airlines to pay their mortgages? What industry is full of loans too? The rental car industry. Naturally when people don't travel, they won't be renting cars. Hertz just filed for bankruptcy. Guess what happens when the rental car industry isn't buying cars...the automobile industry takes a major hit. That hit goes down to their suppliers and to their employees...
And so it goes on and on.
Am I scaring you?