Bretton Woods and the Petrodollar
Immediately after the end of World War 2, the nations of the worlds (the banking syndicate) created a new banking cartel that based all petroleum purchases denominated in US dollars going forward. No gold, though it could be bought for gold, if you had it, but US dollars. This has sustained the currency for many decades when it had no other intrinsic value. When The US dollar was removed from gold by Nixon in early 1971, the only holding it up was
With Russia now demanding all petroleum purchases in Rubles – and nations are already agreeing to it without an accord – this finishes the US currency.
This is a plan. It kills the dollar as nothing else can. For what sustains it, if the world can resolve bank debt and other transactions away from the dollar?
Nothing. Nothing at all.
Hyperinflation becomes the norm.