Why are there more countries trading in currencies other than the dollar now?
The Bridge to China
00:00
The Importance of the Petrol Dollar
In 1971, the US government negotiated with Saudi Arabia to denominate oil sales in US dollars. That's something really important, August 15, 1971. And after that, we have what we call fiat money. Backed by the reputation of the US government. Which is eroding in front of our eyes. So basically the United States has been running on a loan for the last 50 years.
Transcript
Play full episode
