Comment by detourdog
2 months ago
I see that as a side show to the overall banking system. I trying to express that this was a reactionary response to an immediate problem rather than a key part of banking.
2 months ago
I see that as a side show to the overall banking system. I trying to express that this was a reactionary response to an immediate problem rather than a key part of banking.
> see that as a side show to the overall banking system
See what? The geopolitics? The petrodollar was entirely a geopolitical affair. If anything, one could argue petrodollar recycling—together with the fall of the USSR-created the modern American banking system. (The timeline is compelling for e.g. LBO debt.)
The reaction to 70's era oil embargo as opposed to the overall global monetary system. The oil embargo was a use of the monetary system not an intrinsic part of it's development.
> oil embargo was a use of the monetary system not an intrinsic part of it's development
Oil embargo was about embargoing oil. It wasn’t monetary. It was about denying essential commodities.
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