Changes

:::::You're correct that the New Dealers set an artificially low exchange rate. I'm not disputing that. But there was no way oil producers could cash their dollars at an exchange rate of $35 to one ounce of gold in 1973, because Nixon ended the gold standard in 1971. Since then, the dollar has been a fiat currency. Backed by nothing except decrees by governments or by agreements between multiple governments. This in my opinion is an even more left-wing approach than the New Deal-era gold standard, because at least the New Dealers understood that wealth is objective and not a social construct, and you can't just say "X is valuable" and POOF! X is now valuable because you wanted it to be so.  

:::::You're correct that the New Dealers set an artificially low exchange rate. I'm not disputing that. But there was no way oil producers could cash their dollars at an exchange rate of $35 to one ounce of gold in 1973, because Nixon ended the gold standard in 1971. Since then, the dollar has been a fiat currency. Backed by nothing except decrees by governments or by agreements between multiple governments. This in my opinion is an even more left-wing approach than the New Deal-era gold standard, because at least the New Dealers understood that wealth is objective and not a social construct, and you can't just say "X is valuable" and POOF! X is now valuable because you wanted it to be so.  

:::::The 1974 petrodollar agreement is an example of a multilateral agreement that sets the value of a fiat currency. But because of our current financial situation, it is probably the only thing that is keeping us from going into hyperinflation and economic collapse right now. Remember when President Trump said that he wasn't willing to destroy the global economy by cutting ties with the Saudis over the killing of Khashoggi? That's what he was referring to. He knew that the Saudis would retaliate by destroying the petrodollar arrangement. He knows our economy is vulnerable that way, and so do the Saudis. And that's my point. The Saudis know our the Achilles Heel to our economy. And they have been exploiting that for decades to make sure they get what they want from us. That's not a conspiracy theory. --[[User:Geopolitician|Geopolitician]] ([[User talk:Geopolitician|talk]]) 18:34, 25 February 2020 (EST)

:::::The 1974 petrodollar agreement is an example of a multilateral agreement that sets the value of a fiat currency. But because of our current financial situation, it is probably the only thing that is keeping us from going into hyperinflation and economic collapse right now. Remember when President Trump said that he wasn't willing to destroy the global economy by cutting ties with the Saudis over the killing of Khashoggi? That's what he was referring to. He knew that the Saudis would retaliate by destroying the petrodollar arrangement. He knows our economy is vulnerable that way, and so do the Saudis. And that's my point. The Saudis know our the Achilles Heel to our economy. And they have been exploiting that for decades to make sure they get what they want from us. That's not a conspiracy theory. --[[User:Geopolitician|Geopolitician]] ([[User talk:Geopolitician|talk]]) 18:34, 25 February 2020 (EST)

:::::Bingo. That's why the gold window was closed - because of the petrodollar. The "petrodollar agreement" replaced gold with defense and infrastructure contracts. [[User:RobSmith|RobS]]^{[[User talk:RobSmith|De Plorabus Unum]]} 19:11, 25 February 2020 (EST)

::::::Bingo. That's why the gold window was closed - because of the petrodollar. The "petrodollar agreement" replaced gold with defense and infrastructure contracts. [[User:RobSmith|RobS]]^{[[User talk:RobSmith|De Plorabus Unum]]} 19:11, 25 February 2020 (EST)