95 - The Death of the US Dollar?
The Red Line
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The Impact of the Dollar on the Value of the US Dollar
The US dollar isn't backed by gold, but the price of oil is often backed by the US dollar. So with oil mostly being bought and sold using US dollars, what impact does that have on the actual value of the US dollar? What an interesting question. Of course, was given up in 1973, we moved to a proper floating exchange rate rather than having the dollar being convertible to gold. I mean, that's something that has been abandoned simply because it was not sustainable at the time.
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