Dedollarization & the Petrodollar w/ Richard Wolff
Guerrilla History
00:00
The Dollar and the United States
After World War II, every other conceivable competitor to the United States was destroyed. Saudi Arabia leading the way basically could dictate that the world market in oil would be handled through transactions and buying and selling oil. So you had a very nice arrangement in which the dollar is used all over the world. This year, for example, we are adding not only billions, but hundreds of billions or even trillions of dollars in debt.
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