But this is about as concise an explanation of what has transpired over the last half century and what the prospects are for the future. We Americans may be in for a bumpy ride.
mises.org
Saudi Arabia’s Quandary: The End of the Petrodollar | J.R. MacLeod
In 1971 Richard Nixon took the US off the last feeble vestiges of the gold standard, otherwise known as the Bretton Woods Agreement. That system had been a bizarre gold-dollar hybrid where the dollar was the world reserve currency but the US agreed to keep the dollar backed by gold.
