Out With the Old, In With the New
50 years ago, in August of 1971, President Nixon removed America’s dollar from the Gold standard and linked it to Saudi Arabian oil, creating what’s called the “Petro-Dollar.” Saudi Arabia agreed to transact ALL of their global oil sales in US Dollars, thereby forcing all nations on earth that needed to buy Saudi oil to first purchase US dollars. In exchange, Nixon & Henry Kissinger promised our US Military would provide Saudi Arabia with complete, unlimited military protection to all their interests in the Middle East. This agreement has since generated a virtually unlimited global demand for US dollars from the US Federal Reserve. Our status as the “world reserve currency” was extended under this agreement.- Monday, August 30, 2021