|King Abdullah ibn Abdul Aziz in 2002 (Photo credit: Wikipedia)|
The Petro-Dollar, what is it?
How did it come to be?
May sound like a simple question but it's an amazing story which has ramifications that reverberate today.
Legend has it that back in the day French President Charles de Gaulle didn't trust America's elite.
He decided to trade dollars for gold. This action sent a wave through the market as others followed, and as a result, President Nixon killed the gold standard for the US dollar.
What followed was Henry Kissinger supposedly went to Saudi Arabia and said 'Hey... We've got the guns. You have the oil. Let's do this thing...' And the petrodollar was born. As a result, Saudi Arabia, OPEC, and the rest of the world accepted the US’s request and started using US dollars for all oil sales.
But today, American small business with it's unbridled ingenuity is taking US oil land that was once left for dead and is bringing it back to life through recent technological advances.
It looks as if American entrepreneurs have quietly overthrown the 1 percent in a silent revolution that has made America the number ONE oil producer of the world again.
And this very fact begs the question: Is this mid-east turmoil we see with Al-Queda, ISIS, ISIL or whoever, an organic occurrence of mid east instability or is it a last ditch effort organised by the few in an attempt to avert the middle class and American Dream from re-igniting?
Saudi Arabia has to borrow money?
Things on the world stage are changing rapidly.
This story of how small business made the USA top Oil producer of the world again is so fascinating once you dig in it's hard to let go.
God Bless America.