Just one of my random “youtube” comment, but good information.
This guy has not got the full story or he has forgotten it. After world war 2, there was no petrodollar! Gold was used to back the currency, and that’s where his explanation is not complete! Because after Johnson’s Great Society in combination with the war in Viet Nam
The U.S. runs up the printing press (disregarding their responsibility as the printer of the global currency) Other governments started wondering if the U.S. had the gold to back the money they were printing. 1971 France asks for payment for U.S. debts in Gold. 1972 President Nixson closed the gold window.The quadrupling of the oil price by the OPEC in 1973 was a poignant event in the post-war develop– ment of the world economy. The U.S. still needs to cover the printing and makes a deal with Suda Arabia to use Oil to back the Dollar by making all Suda Arabia oil sales payable in dollars.