The Role of the IMF in the World Bank

In 1971, Richard Nixon ends the convertibility of the dollar into gold unilaterally. In 73, there is the OPEC oil lockout and this leads to a massive increase in the price of oil. The US government makes an agreement with Saudi Arabia to create the petrodollar system. And what do the commercial banks in the United States do with all of those dollars? They lend those dollars at low interest rates, especially to countries in the global south. That's why there is such a long history of so many countries in the Global South being trapped in debt that is unpayable.