1) At that time, the dollar was the only widely traded currency, was thought to be safe, stable, and reliable, and in order for OPEC to work, oil would have to be traded in a single currency. The sellers could then use that currency to purchase very safe and profitable U.S. Treasuries. The U.S. in turn, could run up debt because there was always someone to buy it, and we guaranteed ourselves a steady supply of oil.
2) They get out from under the thumb of U.S. dictates.
3) Not in my opinion. We have been irresponsible with our privilidge of world reserve currency, and are now becoming morally derelict by attempting to keep it at the point of a gun. We need a cleansing. Either we accept it willingly, or it will be forced upon us by the market in a most unpleasant way.
Just my sophmoric thoughts.
Undo what Wilson did
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