Special Edition: De-Dollarisation and the New Monetary Order
Multipolarity
The History of the Currency
The trading system at the time, trade cleats, that is, balance is cleared, essentially in dollars. Big ticket items like food and oil were priced in dollars, and they cleared in dollars. The dollar itself was backed by gold, and other currencies were pegged to it. In order to do that, there were capital controls; you couldn't send money into or out of a country freely.
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