Opinion: The End Of An Era: Is The US Petrodollar Under Threat?
Green Car Congress
OCTOBER 31, 2014
Nixon negotiated a deal with Saudi Arabia whereby in exchange for arms and protection, the Saudis would denominate all future sales of oil in US dollars. However, the Chinese have a problem in their plans for the yuan. Other OPEC members agreed to similar deals, ensuring perpetual global demand for greenbacks.
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