Grovelling for PetrodollarsSubmitted by go213mph on Fri, 11/16/2012 - 22:22
Historically, buying and selling oil was done in US-dollars through oil exchanges—bourses—in London and New York.
The bankers’ global depression set-up World War II and their own central banks funded all participants as well as America’s industry via confederates such as J.P Morgan and Goldman; the U.S. supplying the war machinery, provisions, and munitions for the allies in return for payments in gold.
By one count, more than half of the world’s gold wound up in America after WWII.
Following Bretton Woods, the US dollar—immune to inflation and then referred to as “good as gold”—was printed and exported worldwide to be used to grab war-weary nations by the economic short hairs. This, some have argued, was the beginning by the bankers to launch world monetary, resource, and economic consolidation.
A few decades later, the world’s vaults were bulging with dollars; the US having sent/spent more dollars abroad than at home.
Today, analysts pretty much agree that outside the US, of the savings, or reserves, of all other countries—in gold and all currencies—that a massive 66% of this total wealth is in US dollars.
In 1971 several countries, including France, simultaneously tried to sell portions of their dollars back to the US for gold.
Visions of dollar-laden airplanes showing up in America to exchange for gold danced in banker heads.