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Date Posted: 8:59:10 1/24/23 Tue
Author: Jasper
Subject: A brief timeline of the origin of the petro dollar

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1973-1974… To maintain global dollar demand, Washington creates the petrodollar system. The first to enter this arrangement is Saudi Arabia. The Saudis agree to price all of their oil in U.S. dollars and even to invest some of their profits into U.S. Treasury securities. In exchange, the U.S. provides weapons to the Saudis, along with U.S. military bases to "protect" the Saudi oil fields.

Late 1970's… Washington makes similar deals with almost all OPEC nations. Those oil-producing nations who agree to denominate their oil in dollars and then invest their profits into U.S. Treasurys get weapons and "protection." The petrodollar system, created in the Nixon-Kissinger era, was likely one of the most brilliant economic moves in recent political memory. However, the system began breaking down around a decade ago.

2000… On September 24, Iraq's Saddam Hussein declares that his country will no longer price oil in U.S. dollars, but in euros instead.

2003… Iraq is invaded by the U.S. Iraq's oil supplies are removed from a "petro-euro" system back to a petrodollar system.

2005 to present… Iran, Venezuela, Syria, and North Korea (also known as the "Axis of Evil") threaten to move away from dollar-based oil transactions.

2011… Russia begins selling its oil to China in rubles. In tomorrow's article, I will give my final observations and commentary on the rise and fall of the U.S. Dollar.

https://followthemoney.com/americas-petrodollar-system-a-timeline-of-the-rise-and-fall-of-the-us-dollar/

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