Saudi dump petro dollar, page-5

the link mentioned 80 years, which had watso scratching his head .. it seems it was 50 years ..

The 50-year-old petrodollar agreement between the U.S. and Saudi Arabia was just allowed to expire. The term "petrodollar" refers to the U.S. dollar's role as the currency used for crude oil transactions on the world market.

for those who are not aware .. but america was printing too many dollars in relation to the gold reserves that it held (as per the bretton woods agreement) .. so the americans dumped gold and used saudi oil reserves to back the currency .. which eventually extended to other oil producers ..

Since 1958, when the Bretton Woods system became operational, countries settled their international balances in dollars, and U.S. dollars were convertible to gold at a fixed exchange rate of $35 an ounce. The United States had the responsibility of keeping the dollar price of gold fixed and had to adjust the ...

watso was not aware that the agreement had expired ... but an interesting development ..

who knows what will happen ..???????

america was not happy when saddam hussein was selling oil in euros .. so iraq needed democracy .. and gaddaffi was talking about an african dinar .. so libya needed democracy