The US-Iran war has shifted from a military conflict to an economic war and an energy war. The US’s core objective remains the petrodollar system. Bessent’s approach—“weak dollar➕strong dollar”—seems contradictory, but as more and more countries continue to find it difficult to leave the “petrodollar system,” the US can push for the dollar’s further depreciation and increased liquidity. In other words, even though the dollar depreciates, everyone still has to keep using it and continue to hold large amounts of dollars. This may be the more fundamental purpose behind this energy war.

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