The US used its power to make other countries pay for oil in USD

>The US used its power to make other countries pay for oil in USD
>The resulting buy pressure from every country having to buy USD to pay for oil is then utilized by the US to dump newly minted USD into
Did I understand this right?

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Basically yes.

maybe, but the majority of the world’s debt is denominated in dollars. oil is just a small part of that. this is why demand for dollars is so strong, people need it to pay their debts or face default

>create paper bills
>create draconian laws to give it value
>printer go brrrrrrrrr

The capitalist wealth

not really. as a reserve currency, the marshall plan eurodollar preceded the petrodollar. i dont include bretton woods because it kinda failed and hence why the marshall plan was even a thing. petrodollar just has a strong monopoly and unique geopolitic compared to other commodities/dollar denominated financial instruments.

i believe the real volume of buying power of USD comes from chinese exports (which the BoC converts into CNY and dumps the USD into treasuries) and trans-atlantic money markets. UK/EU didnt export to US like China so their banks borrowed USD on commercial paper to enter the US markets like real estate in leadup to 2008. not sure if you guys remember but there was a lot of scare mongering on the fall of the USD in which the power of the currency would falter when other countries realized the only reason its so powerful is because they keep buying it and stop, like a bugs bunny moment where elmer fudd chases bugs bunny off a cliff and runs in the air for a few feet before dropping down into fhe canyon.

obviously this didnt happen, despite russia's attempt to get china on board to rugpull treasuries. USD got stronger due to the fed money printing on central bank liquidity swap provisions, and thats what we've been doing ever since.

No. It goes back to Bretton Woods. After WWII, the USA had most of the world's gold, most of the world's industrial capacity, and most of the world's military might. The industrialized world agreed that the USA should issue the world's trade currency BACKED BY GOLD! And it did. But the greed and stupidity in Washington resulted in the massive over-creation of currency and the gold supply was in danger of being depleted when European countries - France in particular - demanded the promised gold redemption. That was Nixon broke the gold standard back in 1971. But by then the world was habituated to the USD. Yes, the USA probably punished anyone who looked like they might stray, but it was the promise of gold backing that got the dollar into the position of supremacy in the first place.

No

It was Bretton Woods followed by Marshall Plan which brought the dollars outside the US. Then the Soviets got scared of potential confiscation in the US banks and started holding dollars in European banks and then some nice chaps in London thought that it was a splendid idea to make dollar loans outside the US and the eurodollar system came into being. Then Nixon went 'no more Bretton Woods lol you can't get gold for dollars no more' and all the economists went 'the dollar is dead buy gold' and after that the dollar really took off thanks to the eurodollar system and everyone started buying stuff and borrowing in dollars because of liquidity and the advanced financial system. And the US went 'yeah fuck it we can run a trade deficit to finance the world' and the surplus countries went 'how do we sterilize the forex, better buy T-bills' and France got really jealous and campaigned to get the euro going and everyone in the shithole countries who had any money tried to get dollars and then transfer the money to the global west for safekeeping.

If the US stopped backing the dollar with gold, doesn't that mean that they rugged the entirety of the worth of the gold backing? They just siezed the gold that was promised for USD holders for themselves?

That seems kinda scummy, how were people okay with that?

This is actually kind of a good thread. What’s going on? Are the jannies back in high school?

when you don't have military/ guns you just have to be ok with the people who have them

How do I stop being anti Semitic

Absolutely. The USA rugged the world when it closed the gold redemption window. But by then the dollar was the standard. It was so widely used that no matter how profligate and irresponsible the US government was, the dollar was still dominant. It allowed the US government to reap a fortune through inflation without paying the consequences. But the piper will be paid one of these days.

Yes, but no one is fallibg for yew tricks anymore and usd will fail in few years

Why can’t someone or a country amass a fuck ton of gold and create gold certificates that are traded for goods and services?

>data is the new oil
>The Sergey used his power to make other dapps pay for data in $link
>The resulting buy pressure from every dapp having to buy $link to pay for data is then utilized by the Sergey to dump dev wallet link into the market

Did you understand this right?

This is what happens when you try

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Stay tuned. The Gold-BRICS are on the way.

It's denominated in dollars because everyone needed them to pay for oil before the petroyuan, so it had value to everyone and they were willing to accept it.

Why?

yes we can stop a guy like ghadaffi, but china, russia (BRICS) is challenging the USD now and there isn't a dam thing the weak and decrepit US can do about it.