Or are reports of its demise premature?
I have been worried about this. The Federal Reserve has been increasing the money supply at a reckless rate, and done so in a sustained manner.
Doing this at the same time as the actual goods and services produced in the U.S. is going down guarantees inflation.
Oil dollars, or American dollars held by the Chinese--if either one are dumped, the harm to the U.S. financial structure will be catastrophic.
You could say the same for the pound.
The pound isn't the standard for international trade in oil.
Its the standard when I buy it.