Preparing for the Collapse of the Petrodollar System

This article will begin with a look back at the important events of the 1944 Bretton Woods Conference, which firmly established the U.S. Dollar as the global reserve currency. Then we will examine the events that led up to the 1971 Nixon Shock when the United States abandoned the international gold standard. We will then consider what may be the most brilliant economic and geopolitical strategy devised in recent memory, the petrodollar system. Finally, we conclude by examining the latest challenges facing U.S. economic policy around the globe and how the petrodollar system influences our foreign policy efforts in oil-rich nations.

via Preparing for the Collapse of the Petrodollar System.

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