The Mid Weekly Watch
Submitted by Lookout on Wed, 05/19/2021 - 6:35am
Protecting the Dying Petrodollar?

It has been fifty years since Nixon took the USD off the gold standard. He had to because we printed so much money to pay for the Vietnam war, we didn't have the gold to cover the currency which had been issued. Oil prices soared in '73 when the US supported Israel in the Arab-Israeli war, and the Saudi's led a US oil embargo. However, in '75 Kissinger cut a deal with the Saudis to only sell their oil in USD. Additionally, Saudi and OPEC oil profits would be recycled back into the U.S. by buying U.S. assets (Treasuries, Stocks, Real Estate etc.) and U.S. weaponry. And so the petrodollar was created... and anyone who challenges this system faces the wrath of the US.





