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The Collapse of the Petrodollar by Russia and China

  Broadcast in Education

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  • Gold has been used as currency since 643 B.C.
  • 1861 US paper currency was created by U.S. Treasury Secretary Salmon Chase.
  • 1913 the Federal Reserve was created.
  • March 3, 1933 Pres. Roosevelt closed the banks as a result of the run on gold.
  • July 22, 1944 the Bretton Woods agreement central banks had to maintain fixed exchange rates         between their currencies and the dollar.
  • 1960 the U.S. held $19.4 billion in gold, enough to cover the $18.7 billion in foreign dollars outstanding.
  • 1970, the U.S. only held $14.5 billion in gold against foreign dollar holdings of $45.7 billion
  • August 15, 1971 Pres. Nixon changed the dollar/gold relationship to $38 per ounce, and the Fed stopped redeeming dollars with gold.  
  • 1973 The U.S. government re-priced gold to $42 per ounce, and then decoupled the value of the dollar from gold altogether. The price of gold quickly shot up to $120 per ounce in the free market.
  • 1973 Nixon and King Faisal of Saudi Arabia created the petrodollar system. Nixon asked Faisal to accept only US dollars as payment for oil and to invest any excess profits in US Treasury bonds, notes, and bills. In exchange, Nixon pledged to protect Saudi oilfields from the Soviet Union and other potential aggressors, such as Iran and Iraq (offered military protection).
  • Published on Apr 30, 2014:   The Ministry of Finance on President Putin's order yesterday accelerated the opening of the St. Petersburg Exchange (SPE), where prices for Russian oil and natural gas will be set in rubles instead of US dollars.  (Link: http://www.whatdoesitmean.com/index1766.htm by Sorcha Faal)

 

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