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Majora 1 year ago
When deGaulle concluded the US couldn't pay its bills running the Vietnam War and Great Society social programs he started taking gold.Nixon closed the gold window which demonstrated the US would or could not back the dollar with anything.Enter the birth of the petrodollar,where the Saudis agreed to use their influence in OPEC and so oil sold anywhere was sold in dollars.So if anyone anywhere was buying oil they needed dollars first.
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