What is the Petrodollar and Why Does It Matter

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What is the Petrodollar and Why Does It Matter 5
A discussion of what really backs the US dollar: Oil, and the Saudi agreement brokered by William Simon in 1974 to accept only dollars for their oil, and buy Treasury bonds with their excedent.


I love comments on each video, and I try to answer any question posed there as earnestly as I can.

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Hey coach, I have a red pill for you; Modern Money Theory (MMT). The U.S. government can continue to finance itself as long as the USD remains a sovereign currency. They can never be forced to default on debt denominated in a currency they have created by fiat. This petrodollar issue irrelevant.

Автор — Andrew G

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The Dollar is backed by the US Military & it's ability to "force" people to use it & the ability to control the world's sea lanes/shipping routes. Oil is just part of that.

Автор — A A

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Cryptocurrencies and physical gold is looking better every minute

Автор — linguistically oversight 86

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You are correct but you have it backwards. In 1974 it was Saudi Arabia that approached the USA. In 1973 OPEC refused to sell oil to the US  because of the closing of the gold window in 1971. They placed an oil embargo on the US. In 1974 Vice President Agnew cast the tie breaking vote in the Senate to allow for the development and construction of the 800 mile long oil pipeline in Alaska. It was the largest private construction project in world history. When the Saudi's saw we were serious about developing the Prudhoe Bay oil fields they made the agreement with the US you described. By the time oil started flowing down the Alaska Pipeline and made its way to Valdez (where I live) the rest of OPEC joined the Saudi Deal and the petro dollar was created. In 1999 the perto dollar with OPEC came to an official end when Iraq started accepting payment in the newly created Euro. This led to 9/11 and the war in Iraq in 2003. Again Valdez, Alaska played a major role in this. In late winter/early spring 2003 the military was sent to Valdez for training and preparation for the invasion in Iraq. As a result of the Exxon Valdez in 1989, an oil spill response service and training center was established. That's why the military trained here. I know this because I was their cook for this operation. Today the petro dollar has declined and there are fewer and fewer countries that are using it. Once a new currency system becomes dominate for oil trading, the US dollar is done as the worlds reserve currency.

Автор — ALCAN52

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I wonder if there is any truth about Saddam Hussain was seeking to start selling oil in Euros before the US invaded

Автор — Mad Ahnun

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The Petrodollar is also the "Aircraft Carrier Dollar."

Автор — Charlemagne

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This was a great explanation of a very difficult system to explain to others. I'd also mention that this is another reason why when you hear people say we should end the Saudi US alliance, that you know they are compltely ill informed and have no comprehension of what the consequences of such a thing would do.

Автор — Isaac Cohen

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The petrodollar was what I first learned about that began my process of redpilling, around 2012, when I was 13 or 14 years old. Stumbled on some YT videos that talked about it.

Автор — Kaiser Reinhard von Lohengramm

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And that is why the US murdered Gaddafi, because he wanted to implement a new currency based on gold to trade oil.

Автор — vvlmm

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So... if some energy alternative that worked made oil basically worthless in comparison, we'd also be fucked.

Автор — RageScholar

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Hence why Khadaffy was killed, why the TPP was put together to hem in China, and so many other bits of the world chess game.

Автор — JEvH

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so to destroy american economy, you need to first annihilate Saudi Arabia. sounds like a plan :D

Автор — Simurgh the persian

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USA gets desperate ---> some country is destroyed

Автор — Shivani

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As an european, I wonder what would such "end of america" mean on global. We are forced into embargo on Russia that is hurting us but has almost no effect on Russia, we are member of NATO but just europe isn't strong enough as all the armies are thought to be parts that fit together but aren't very useful alone. How long would it take till the world would get stable again? Would it take another war? Seems scary, feels like a bubble that can pop anytime.

Автор — Milan Vosáhlo

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Great I am not the only one who thinks about currency. I plan a series on my thoughts - when I do so I will ask for your opinion.

Автор — Franz Danzi

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LMAO, I loved the lego you in the video.

Автор — Victor Drezna

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lol, that's all i can say about this guy

Автор — Compu Experts

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No, it's not backed by oil.

It's backed by deals.

Автор — halafradrimx

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All of our systems are organised around and dependent on oil (e.g. agriculture, logistics). The Peak Oil problem has not gone away. We may be up shit creek without a paddle here.

Автор — ashley bennett

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This doesn't mean the value is fixed to anything. People are opposed to the dollar because it is controlled by one private company who can print money whenever they like and hand it out to whoever they want. With gold and bitcoin or anything of intrinsic value (oil, food, goods etc) you know that nobody can magic new "value" out of thin air. The dollar continues to inflate as much as they can get away with and wealth and power drift upwards into the hands of a smaller and smaller elite.

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