The demise of the Petrodollar: The death-knell blow to the US capitalist system?

Hard to argue with this.

https://scheerpost.com/2022/12/22/the-road-to-de-dollarisation-will-run-through-saudi-arabia/

Alongside these developments by Russia and China are a range of other options, such as payment networks rooted in new advances in financial technology (fintech) and central bank digital currencies. Although Visa and Mastercard are the largest companies in the industry, they face new rivals in China’s UnionPay and Russia’s Mir, as well as China’s private retail mechanisms such as Alipay and WeChat Pay. About half of the countries in the world are experimenting with forms of central bank digital currencies, with the digital yuan (e-CNY) as one of the more prominent monetary platforms that has already begun to side-line the dollar in the Digital Silk Roads established alongside the BRI.

As part of their concern over ‘currency power’, many countries in the Global South are eager to develop non-dollar trade and investment systems. Brazil’s new minister of finance from 1 January 2023, Fernando Haddad, has championed the creation of a South American digital currency called the sur (meaning ‘south’ in Spanish) in order to create stability in interregional trade and to establish ‘monetary sovereignty’. The sur would build upon a mechanism already used by Argentina, Brazil, Paraguay, and Uruguay called the Local Currency Payment System or SML.

Vijay notes the following (hint - the demise is not right away; but give it time):

In 2004, the Chinese government and the GCC initiated talks over a Free Trade Agreement. The agreement, which stalled in 2009 due to tensions between Saudi Arabia and Qatar, is now back on the table as the Gulf finds itself drawn into the BRI. In 1973, the Saudis told the US that they wanted ‘to find ways to usefully invest the proceeds [of oil sales] in their own industrial diversification, and other investments that contributed something to their national future’. No real diversification was possible under the conditions of the petrodollar regime. Now, with the end of carbon as a possibility, the Gulf Arabs are eager for diversification, as exemplified by Saudi Vision 2030, which has been integrated into the BRI. China has three advantages which aid this diversification that the US does not: a complete industrial system, a new type of productive force (immense-scale infrastructure project management and development), and a vast growing consumer market.

In so many ways, when looking back at the formation of the petrodollar, one can see how a capitalist system would've taken advantage - pegging a currency to a relatively abundant and accessible energy resource for short-term profit/gain was the only real goals.

Regardless of what one thinks of it  -  it doesn't bode well for the future.