Comment: Nice to read an informed

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Nice to read an informed

Nice to read an informed history of the Bretton Woods agreement, the author even knows to call the difference between the London and New York gold price the gold window, instead of evoking an imaginary literal window at Treasury where foreign agents lined up to redeem their FRNs. However, at least in this essay, Mr. Black is overlooking that Nixon and Kissinger's petro-dollar scheme is how "the dollar somehow managed to remain the world’s #1 reserve currency."

Without the agreement with the Sauds that they and their counterparts in the ME would accept only USD for oil in exchange for US military defense of their tenuous hold on power, the US likely would have been unable to continue exporting its inflation to the rest of world while enjoying the benefits domestically.

The news is full of developments that threaten the USD privileged status as global reserve, if you know what to look for.