Chapter 731: Dollar Oil System

The U.S. dollar is the world's currency and the strongest. However, anyone who has studied economics knows that currency is just a general equivalent. From this perspective, only physical currency, such as natural precious metals such as gold and silver, can serve as circulating currency, and the U.S. dollar is just a piece of paper printed by Americans.

However, this piece of paper is very strong. This is because of the policy of the United States. After the end of World War II, almost all the gold in the world flowed to the United States. The United States' abundant gold reserves, coupled with its leadership in the Western world after the war, made the Western world acquiesce to the circulation status of the US dollar, and the British pound plummeted.

The United States converted the dollar according to a fixed gold ratio. At this time, the dollar was equivalent to gold. This system was the Bretton Woods system, which supported the recovery and development of the Western world after the war. Unfortunately, this system was related to the domestic gold reserves in the United States. As the United States continued to reduce its gold reserves, this system eventually collapsed during the Nixon era.

At this time, there are already a large number of US dollars flooding the world. If all these US dollars flow back to the United States, the US economy will collapse instantly and the US dollar will depreciate and become waste paper.

So, at this time, Americans found a way to replace gold, black gold, oil!

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In this era, oil is an irreplaceable energy source and can be used as hard currency internationally. Unfortunately, the United States does not have abundant oil reserves and cannot treat it as gold. However, the United States quickly found a workaround. After negotiating with Saudi Arabia, OPEC decided to use the US dollar, an international currency, as the only currency for settling oil!

In this way, any other country that wants to buy oil must have US dollars! And the way they get it is to export goods. Then, the United States only needs to print money to get various items, and these goods are simply given to the United States for free. The exported goods get US dollars, and then they are given to oil-producing countries. Oil-producing countries export oil and also get a lot of US dollars. These US dollars can continue to circulate in the world, buy goods from other countries, and can also flow back to the United States to satisfy the luxurious life of the local tyrants in the Middle East.

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Throughout the whole process, the United States is simply getting something for nothing. Of course, the United States also has to pay a price, that is, the United States' military force to ensure the security of these countries. Why did Saudi Arabia agree to use the US dollar as the only settlement currency for oil? That's because these local tycoons need bodyguards.

But now, this balance has been broken. The United States can no longer provide protection to these countries, nor can it control these countries. Then, the dollar-oil system has lost its basis for existence!

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The system Nixon proposed was for the United States to continue to exploit the third world countries! Now, the third world countries have woken up and will never allow the United States to exploit them like this! Oil is a gift from the true God to the Middle East, how can it be cheap for Americans in the end! Let Americans continue to print dollars and spend them all over the world! It is equivalent to the whole world paying for the Americans!

The military struggle is over. Only economic struggle can better strike the United States! The strategy Andre used in 1982 was to disintegrate the dollar oil system!

"However, we use the US dollar to settle oil because the US dollar is the world currency. By settling in this way, we can avoid various troubles and disadvantages such as exchange rates of various countries. If we don't use the US dollar to settle, what should we use to settle?" Hearing Andre's words, Iraq's new Oil Minister Farabi said.

Different countries have different economic development and exchange rates, and their currencies may depreciate at any time. Therefore, the Middle East chose the US dollar for settlement for these reasons. After all, the US dollar was still a relatively strong currency in the world at that time.

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"That's because of the American exploitation! The Americans use the dollar-oil system to hold all of our oil-producing countries hostage!" Andre said, "If there were no dollar-oil system, the dollar would no longer be the world's currency. The high quality of life that Americans are enjoying now is all at the expense of the interests of our oil-producing countries!"

Andre's voice was a little loud, and Farabi trembled all over when he heard it. He secretly cursed himself for being stupid. At this time, even Uday and Qusay did not dare to offend Andre. How could he express any objection? Isn't this courting death?

Damn it!

Fortunately, Andre was not really angry. He just expressed his contempt for the short-sightedness of the senior officials of the country. If he doesn't even have this little knowledge, how can he be a senior official!

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"General Andre, what currency should we use as the settlement currency?" Kusai asked cautiously, "Ruble?"

The Soviet Union helped Iraq win the war, of course, in order to gain benefits, and these benefits were not just about obtaining a few Saudi oil wells. If the petrodollar system is abandoned, what currency should be used? It must be the ruble! In this way, all the benefits that the United States had were now taken by the Soviet Union!

"Our ruble is stronger than the US dollar, and there are many countries that use the ruble. In addition to the Soviet Union, Eastern European countries are also major users of the ruble. Therefore, if we use the ruble for settlement, it will definitely be the most appropriate." Andre said: "However, at this stage, it would be a bit too hasty to switch directly to ruble settlement."

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Of course, Andrei would not give up the method of using rubles to settle oil. Now, the Soviet Union was already a major oil exporter, and Iran and Saudi Arabia, which were directly controlled by the Soviet Union, were not a big deal. As for Iraq, even if they had objections in their hearts, they dared not speak out. But now, if they directly said that rubles should be used for settlement, it would be inappropriate.

The reason is very simple, because the oil exported from the Middle East is mainly for the West! Even the oil exported by the Soviet Union is for Western Europe. And the Western world is led by the United States. If we unilaterally announce that we will abandon the dollar settlement of oil and switch to the ruble, what will be the result?

A united boycott by the entire Western world! They will never agree to this. Under the manipulation of the United States, they will definitely fight to the death with the oil-producing countries at the cost of sacrificing their own country’s industry!

If the Middle East does not export oil, the black gold underground will be nothing! Therefore, it is not appropriate to deal with it simply and roughly.

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What to do? Of course, disintegrate the West from within!