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The Petrodollar - Online Term Paper

The Petrodollar

The Petrodollar

What is the Petrodollar? David Spiro implies in his book: The hidden hand of American hegemony: petrodollar recycling and international markets that it is a United States dollar earned by a country through the sale of its petroleum to another country (xiv). In 1945, the Bretton Woods agreement established the dollar as the world reserve currency, which meant international commodities were priced in dollars. The agreement, which gave the United States a distinct financial advantage, was made under the condition that the dollar would remain redeemable for gold at a constant rate of thirty five dollars per ounce. The Federal Reserve refused to allow anybody to supervise the ...

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Exporting Countries "OPEC" had agreed to only sell their oil in US dollar. This situation led every oil importer country in the world to start maintaining a constant supply of Federal Reserve paper. In order to get that paper, they had to send real physical goods to America, and this made the United States very rich. Thus, this was the birth of Petrodollar. The Petrodollar made huge differences in the political field, and it affected the political decisions on Libya and Iran.
Muammar Algaddafi, Libya's ex-president was a victim of the petrodollar, but the United States used a cheap strategy with him. The reason why the United States invaded Libya was mainly about the petrodollar, particularly was taking down the current regime in order to protect the petrodollar. Jeremy Salt reports in Interface journal that recently, before the uprising in Libya, Algaddafi had recently been putting together a program which would have given Africans their own central bank, investment agency, ...

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The Petrodollar. (2014, March 24). Retrieved December 23, 2024, from http://www.essayworld.com/essays/The-Petrodollar/103840

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PAPER DETAILS

Added: 3/24/2014 08:27:24 PM
Submitted By: ichavez
Category: Political Science
Type: Premium Paper
Words: 1057
Pages: 4

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