http://goldsilver.com/news/preparing-for-the-collapse-of-the-petrodollar-system/
Preparing for the Collapse of the Petrodollar System
This brief article details the actions, incentives, and related
consequences that the United States has created through its
attempts to maintain global hegemony through something known as the
petrodollar system.
This article will begin with a look back at the important events
of the 1944 Bretton Woods Conference which firmly established the
U.S. Dollar as the global reserve currency. Then we will examine
the events that led up the 1971 Nixon Shock when the United States
abandoned the international gold standard. We will then consider
what may be the most brillant economic and geo-political strategy
devised in recent memory, the petrodollar system. Finally, we
conclude by examining the latest challenges facing U.S. economic
policy around the globe and how the petrodollar system influences
our foreign policy efforts in oil-rich nations. The collapse of the
petrodollar system, which I believe will occur sometime within this
decade, will make the 1971 Nixon Shock look like a dress
rehearsal.