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News Link • Currencies

The Cardinal Sin of International Finance

• https://www.lewrockwell.com, By Nick Giambruno

That's why the US government protects the petrodollar so zealously. It needs the system to survive.

World leaders who have challenged the petrodollar recently have ended up dead…

Why Everyone Uses the US Dollar… for Now

In the 1970s, the US government struck a series of deals with Saudi Arabia, creating the petrodollar system. The US promised to coddle and protect the Saudi kingdom. And, in exchange, Saudi Arabia would use its dominant position in OPEC to ensure that all oil transactions happened in US dollars.

Until recently, virtually anyone who wanted to import oil from any country needed US dollars to pay for it.

The dollar is just a middleman here. But countries and businesses use it in countless transactions amounting to trillions of dollars that have nothing to do with US products or services.

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