What Jim Willie clarifies is that the domination of the global finance system by New York and London is over, and the new rising puppetmasters (China, Russia, etc.) have stopped agreeing to prop up the existing system. That puts a world of hurt on the US dollar. Many other nations that resent US domination, wars, drugs, and cultural intrusions will follow an alternative system away from the dollar. When Saudi Arabia either collapses or just abandons the petrodollar system, it will feel like a bullet to the head of American prosperity.