Introduction

The dollar started to devalue as a result of what Nixon said. In 73 and 74 we basically created what's known as the petro dollar. The Saudis would agree to price all energy sales in dollars only, meaning if you're Malawi, you can't print your own currency to buy oil, you have to go get dollars. So this is just like increasing global demand for dollars because everybody needs dollars to get the oil they need to run their country or improve.