China brokers Iran-Saudi peace: big blow to petrodollar, geopolitical game changer
Geopolitical Economy Report
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The Untold Story Behind Saudi Arabia's US Debt Secret
In 1974, the Nixon administration's Treasury Secretary was sent to Riyadh to discuss with Saudi Arabia a way to make a deal. The US would provide Saudi Arabia protection and military support and in turn, Riyadh would sell its oil on the global market in the dollar. In 1971, Richard Nixon took the US dollar off of gold, ending the gold standard.
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