Things That Make You Go Hmm... Like The Death Of The Petrodollar, And What Comes After
Excerpted from "Get It. Got It. Good" by Grant Williams, author of "Things That Make You Go Hmm..."
The story begins in the 1970s when Henry Kissinger and Richard Nixon struck a deal with the House of Saud — a deal which gave birth to the petrodollar system.
The terms were simple The Saudis agreed to ONLY accept U.S. Dollars in return for their oil and that they would reinvest their surplus dollars into U.S. treasuries.