after we got off the gold standard, we backed the US dollar with oil through a deal with SA. Oil was to be priced in US dollars, creating a never ending demand for the US dollar
Yes and No. Good in that the world always needed to exchange their money for US dollars in order to buy oil… its complex. We became dependent on needing oil priced in US dollars, and had to protect the scheme at all costs… regime changes…
its deeper but thats my basic understandings of it
Yes, or at least it was… There are better brains to ask. I am not sure how relevant the "Petro Dollar" is today…
Several years ago, at least Russia, maybe others went off the Petro Dollar system… and it kinda threw my understandings of how it all operated out of wack…