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The beginning of the end for the “petrodollar”?
Sunday, October 27, 2013 12:37
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The US dollar owes its privileged status in the global financial system to the Persian Gulf oil producers who sell their oil for dollars and then “recycle” the proceeds by buying US Treasury bonds. Economists coined a special term for the money involved in this scheme: “petrodollars”. The latest developments in the Middle East signal that the era of “petrodollars” may be coming to an end. DETAILS HERE
