Petrodollar Theories of the War

"The reality is that the strength of the dollar since 1945 rests on being
the international reserve currency for global oil transactions (i.e.,
"petro-dollar"). The U.S. prints hundreds of billions of these fiat
petro-dollars, which are then used by nation states to purchase oil and
energy from OPEC producers (except presently Iraq and, to some degree,
Venezuela). These petro-dollars are then re-cycled from OPEC back into the
U.S. via Treasury Bills or other dollar-denominated assets such as U.S.
stocks, real estate, etc. The recycling of petro-dollars is the price the
U.S. has extracted since 1973 from oil-producing countries for U.S.
tolerance of the oil-exporting cartel.

So the question arises, as it did for George Bush, what happens if OPEC
makes a sudden switch to euros? In a nutshell, all hell breaks loose."

The advantages of taking the dollar off the gold standard are SO great….

http://www.tacomapjh.org/petrodollartheories.htm

fyi