Jacques Baud – SitRep

La thepostil. (memorare)

The petrodollar was established by the US in the 1970s to finance its deficit. By forcing other countries to buy dollars, it allows the US to print dollars without being caught in an inflationary loop. Thanks to the petrodollar, the US economy—which is essentially a consumer economy—is supported by the economies of other countries around the world. The demise of the petrodollar could have disastrous consequences for the US economy, as former Republican Senator Ron Paul puts it.

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