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Alex Gladstein: "Debt Colonialism, The Petrodollar, and Bitcoin"

The Great Simplification with Nate Hagens

CHAPTER

The Petrodollar Pact and the Global South

The Petrodollar Pact was an agreement between the United States and Saudi Arabia. The Saudis would price oil in dollars and enforce other OPEC nations to do the same. This meant that countries like Malawi could no longer print their own currency or use a local African nation, they had to get dollars from the U.S. It also means we can tell them what we want and force them to make stuff we want. All of our relationship with Saudi Arabia ever since is now unraveling.

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