The Dollar ones was backed by gold but was replaced by an unofficial oil cover in the 1970s.
note: this vid. is from youtubechannel: Anonymous Official
This so-called Petrodollar is an invention of the then US Secretary of State
Henry Kissinger and is based on a deal between Saudi Arabia and the United States.
Because Opec trades its oil in dollars (and its revenues are in US Treasuries)
King-Dollar has been able to continue to govern the world until today.
The central banks and governments of the world accept this system
because there were no alternatives to the dollar - at least
until the Euro was founded.
The German mark and the Swiss franc were too small, ruble
and yuan too communistic.
Despite the overwhelming success of the uncovered dollar, there are still voices calling
for the reintroduction of a gold standard.
Also because the petrodollar system seems to be slowly crumbling.
Russia and China agitate against it, Iran is already trading in euros.
The topic of gold standard comes up like the Amen in prayer in
every U.S election campaign.
President Donald Trump has not been averse to this, even though he admits that a
"Return to gold standard is very difficult".
The truth is, a gold standard comeback is not only difficult
but even impossible. And the reason for that is just the euro.
WHY?
The Euro zone holds more than 10,000 tons of gold reserves than any other currency area.
These gold reserves are adjusted in the balance four times a year to the free
market value of the metal gold.
NOTE :(I claim neither credit nor ownership of the above image and any video or written content)
