The Major Cornerstone For The U.s.'s Economic Prosperity And International Hegemony

1217 Words Dec 15th, 2015 5 Pages
As the major cornerstone for the U.S.’S economic prosperity and international hegemony, following the change of the Bretton Woods System to the Petrodollar system in 1971; I 've found the largest independent factor to influence American international interests has been the implementation and preserva

The Petrodollar System

From the Gold Standard
To Black Gold

By: Gibson J.T.

Intro
Behind the global power of the U.S. dollar, hides the most significant form of currency you 've probably never heard of, the Petrodollar. The word “Petrodollar” was coined by the Egyptian economist Ibrahim Oweiss, as a way to describe how oil producing and exporting countries were accounting for oil units outside of the regular money supply. While the Petrodollar may not be a commonly used term, I would agree with Economist Jerry Robinson when describing it as, "the most brilliant [series of] political-economic moves in recent history… [being] the fabric that holds our [U.S.] economy together”. As the major cornerstone for the U.S.’S economic prosperity and international hegemony, following the change of the Bretton Woods System to the Petrodollar system in 1971; I 've found the largest independent factor to influence American international interests has been the implementation and preservation of the Petrodollar.
Petroleum politics have been an increasingly important aspect of diplomacy since the rise of the Petroleum industry in the middle east in the early 20th century.
The U.S.…
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