China stepping in to shield Iran is being framed as a blow to US leverage in the Middle East and to the dollar itself — bad news for anyone holding cash.

• China has pushed back on US pressure against Iran, limiting how far Washington can squeeze Tehran.
• Saudi Arabia is moving away from pricing its oil in US dollars, chipping at the dollar's role as the world's default currency.
• The dollar has lost about 9% of its buying power in a year, so $100,000 saved last year buys closer to $91,000 of goods today.
• That erosion is ongoing, which quietly punishes savers and rewards people holding hard assets.

Outlook: Expect more oil deals settled outside the dollar and continued pressure on US purchasing power.