The End of the Petrodollar: Why Commodities Are Now the True Currency
Through an online post by Jan Leendert, we came across a fascinating interpretation of the background behind the US attack on Venezuela. We found this perspective so interesting that we would like to take it up, contextualize it, and present it for discussion below.
The official headlines are reeling. They speak of drugs, terrorism, and democracy. But anyone looking closely on January 3, 2026, will recognize a completely different pattern behind the US military operation in Venezuela. It is not a fight against cartels, but a desperate defensive struggle for the foundation of American global power: the US dollar.
For over 50 years, the so-called petrodollar has guaranteed the USA a privilege that no other country possesses. They can print money while the rest of the world has to work for it. But this system is faltering. When a global power has to intervene militarily to enforce the use of its currency, it is not a sign of strength—it is a warning sign for investors. What does this mean for your assets? The answer lies not in paper money, but in the ground.
The Invisible Empire Falters
To understand the current situation, we must look back to 1974. At that time, Henry Kissinger forged a deal with Saudi Arabia: military protection in exchange for the promise to sell oil exclusively in US dollars. This created an artificial, permanent demand for the dollar. Every country that wanted to import energy had to hold dollar reserves.
For decades, this system allowed Washington to accumulate enormous deficits without feeling the consequences. However, in recent years, this wall has been crumbling. Countries like China, Russia, and Iran have begun to actively circumvent the dollar in energy trade. Venezuela, with the world’s largest oil reserves, wanted to join this club. We are now seeing the reaction to this. It is the consistent continuation of a historical pattern in which every attack on the dollar has been met with a harsh response.
Chronicle of a Currency War
(How the Dollar Was Defended – and Why This Time Is Different)
- 2000 | The First Crack: Saddam Hussein wants to sell Iraqi oil only for euros.
- 2003 | The Response: US invasion of Iraq. Oil trade returns to the dollar.
- 2009 | The Gold Idea: Gaddafi plans a gold-backed Dinar for Africa.
- 2011 | The End: Intervention in Libya. Gaddafi falls, the gold plan disappears.
- 2018 | The Turn: Venezuela begins trading oil in Yuan and Rubles.
- 2022–2025 | The Domino Effect: Russia and Iran use alternatives. Saudi Arabia negotiates in Yuan.
- 2026 | The Escalation: Military strike in Venezuela. The attempt to stop the inevitable.
A Sign of Weakness
The intervention in Venezuela differs fundamentally from the events in Iraq or Libya. Back then, the challengers were isolated. Today, Venezuela is part of a powerful movement. The BRICS states have already built alternatives to the Western SWIFT system with CIPS (China) and SPFS (Russia).
If the USA has to use military force to secure the dominance of its currency, this is an economic admission: the dollar is no longer competitive on its own merits. Investors and central banks in the Global South understand this message. They will not stop their move away from the dollar, but accelerate it out of self-preservation. Trust in unbacked fiat currency, which is used as a political weapon, is eroding rapidly.
The Return to Real Values: Gold and the Unit
When paper money loses trust, capital flows to where value is mined, not printed. Commodities are once again gaining importance as monetary anchors.
Therefore, within the BRICS states, intensive work is being done on settlement models that are not exclusively based on debt, but include real economic goods. A much-discussed example is the so-called Unit – not a classic currency, but a commodity-backed settlement unit for international trade.
In pilot and concept models, the Unit is intended to be:
- backed by approximately 40% gold
- and otherwise secured by a basket of the participating national currencies
The goal of such constructions is to create an alternative to the US dollar that is less susceptible to inflation, political influence, and sanction risks.
Conclusion: Security Lies in Commodities
The events in Venezuela are more than just geopolitical news. They are an indicator of a global financial paradigm shift. The hegemon is fighting, but the era of pure fiat money is coming to an end.
For investors, this means: security will no longer be found in government bonds of indebted hegemonic powers. Tangible assets offer security. Gold, silver, and strategic commodities are the winners of this reordering. Currencies like the Unit show the way to a future where money once again has intrinsic value. Those who want to protect their assets should not wait until the dollar finally falls, but act now.