I can’t believe the fiat dollar has lasted this long. What will it take for the rest of the slaves to #AWAKE
[courtesy Google Images] After the dollar went completely off the gold standard in A.D. 1971, the Nixon administration cut a deal with Saudi Arabia whereby we’d guarantee Saudi national security so long as the Saudi’s guaranteed to sell their crude oil only for US dollars. Soon after, OPEC entered into a similar treaty whereby they guaranteed to sell their crude oil for only US dollars.
Result? Because you couldn’t purchase crude oil on the international market without first acquiring some US dollars, the fiat dollar–no longer backed by gold or silver and intrinsically worthless–became implicitly backed by crude oil.
Result? The “petro-dollar” was recognized as the World Reserve Currency.
For the past 40 years, the fiat dollar’s perceived value has been primarily based on its standing as World Reserve Currency, which, in turn, was largely based on the dollar’s standing as “petro-dollar“.
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