Is it All About the Petrodollar?Submitted by tonym on Tue, 07/10/2012 - 01:25
I'm just starting to learn about the petrodollar. Great article here, but I have questions.
"By 1975, all of the members of OPEC agreed to sell their oil only in US dollars."
1) Why was there this leap? if the saudis only did it in exchange for protection, what motivated the other opec members to join in?
2) What advantages does NOT using the US dollar bring to these "rouge" countries?
3) Doesn't this article/position only reinforce the idea that we should get behind the neocons and protect our savings (i.e. our dollars)?