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IPFS News Link • Economy - Economics USA

The Beginning of the End of the Petrodollar: What Connects Iraq to Iran (repost - must read article)

04-26-2006 • http://mathaba.net

A petrodollar is a dollar earned by a country through the sale of oil. In 1972-74 the US government concluded a series of agreements with Saudi Arabia to support the power of the House of Saud in exchange for accepting only US dollars for its oil.

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