Quote of the Day | 1017
in an effort to maintain global demand for U.S. dollars, another system was created called the petrodollar system. In 1973, a deal was struck between Saudi Arabia and the United States in which every barrel of oil purchased from the Saudis would be denominated in U.S. dollars. Under this new arrangement, any country that sought to purchase oil from Saudi Arabia would be required to first exchange their own national currency for U.S. dollars. In exchange for Saudi Arabia’s willingness to denominate their oil sales exclusively in U.S. dollars, the United States offered weapons and protection of their oil fields from neighboring nations, including Israel.
By 1975, all of the OPEC nations had agreed to price their own oil supplies exclusively in U.S. dollars in exchange for weapons and military protection.
This petrodollar system, or more simply known as an “oil for dollars” system, created an immediate artificial demand for U.S. dollars around the globe. And of course, as global oil demand increased, so did the demand for U.S. dollars.
Jerry Robinson, ‘Preparing for the Collapse of the Petrodollar System’
Controle over olie, en een gegarandeerde olietoevoer, helpt de VS enorm als economische macht; zeker nu het zo veel minder producten uitvoert als voorheen. Olie wordt verhandeld in dollars. En nu ook nieuwe economische grootmachten zoals China olie moeten importeren, maakt het uit om daar iets over te zeggen te hebben.
[x]#14603 fan woensdag 17 oktober 2018 @ 23:48:34
