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History of Petrodollars or Is Capitalism as We Know It About Over?

Be aware of new world money replacing the Dollar and the Euro by this September!

Back in the 1970s, Pres. Nixon entered into an agreement with King Faisal of Saudia Arabia that all oil of OPEC would be traded in Dollars, so the so-called Petrodollars became a fact. Surely there must have been further agreements that all trade would be done in Dollars as the Sterling was in bad array.

This began a rush for lesser nations to become producer nations to meet the needs of their people, and we printed dollars for their use in making trade deals. Suddenly we became the policemen of the world, getting into countless wars to protect the interests of other nations. 
 
At the same time we became the great consumer country, running up huge debts to supply our people the means to create bubbles in investments and real estate and food costs.
 
In several campaigns I expressed concerns this would catch up with us, and recent actions being taken around the world by holders of much our indebtedness seem to indicate this might be the big blow to the United States even before the November election of 2012.
 
China and Japan have agreed to use the Yen and the Yuan to trade between themselves. China in now bartering the development of oil resources in Iran as the crude oil would be sent to China to be processed and the fuel sold back to Iran as they don't have the ability to refine the crude themselves.
 
Iran leaders announced on March 20 that perhaps they will take six months to work out the details that they would no longer use the dollar. So it could become a fact that a new world money will replace the Euro and the Dollar by September 21, 2012, just in time to throw the United States economy in free fall before the fall election, because if the Dollar is replaced or other currencies are added to be used for whatever reason, the value of the Dollar will be reduced.
 
Nations in Europe are struggling with their debt, and Asian economies are hurting also, so there is uncertainty enough to go around.
 
I watched the Sunday talk shows on June 3, and found no one talking about things that concern me in this area or any of the many areas of Medicare of which I usually speak.
 
So, maybe you heard it here first. You should be aware it is approaching and few have answers to these questions.

This post is contributed by a community member. The views expressed in this blog are those of the author and do not necessarily reflect those of Patch Media Corporation. Everyone is welcome to submit a post to Patch. If you'd like to post a blog, go here to get started.

Melinda Pennington June 05, 2012 at 01:44 PM
Good article, George. You are right to be concerned. Its going to be a big problem in the next 6 mos.

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