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There is No Such Thing as A Petrodollar [Eurodollar University, Ep. 215]
Petrodollar? There's no such thing. We didn't transition from a gold- to an oil-backed dollar. There was something else, another kind of dollar—hidden by a conspiracy of silence between '44 and '73. Instead the world transitioned from a gold-backed US dollar to a offshore, ledger-based bank-centered eurodollar. This same eurodollar system absorbed petrodollars, easily.
----EP. 215 REFERENCES----
There Are No Petrodollars, Plus the Focus Misses the Point: https://bit.ly/3xjpzTQ
Alhambra Investments Blog: https://bit.ly/2VIC2wWlin
RealClear Markets Essays: https://bit.ly/38tL5a7
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