US citizens constitute 5 percent of the world’s population but consume 24 percent of global energy. On average, one person in the US consumes as much energy as two Japanese, six Mexicans, 13 Chinese, 31 Indians, 128 Bangladeshis, 307 Tanzanians and 370 Ethiopians.
The US is able to consume at such a level because the dollar serves
as the world reserve currency. This means high demand for it is
guaranteed as most international trade (especially oil) is carried out
using the dollar. US dominance and wealth accumulation depends on
maintaining the currency’s leading role.
The international monetary system that emerged near the end of the
Second World War was based on the US being the dominant economic power
and the main creditor nation, with institutions like the World Bank and
International Monetary Fund eventually being created to serve its
interests. Since coming off the gold standard in the early seventies,
Washington has been able to run up a huge balance of payments deficit by
using the (oil-backed) paper dollar as security in itself (rather than
outright ownership of gold) and engaging in petro-dollar recycling and treasury-bond super-
