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Comment by JumpCrisscross

2 months ago

> 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.)

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JumpCrisscross

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detourdog  2 months ago

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.

  • JumpCrisscross  2 months ago

    > 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.