Comment by 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.
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.
> 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.
Yes, we reacted with a financial tool. Everyone uses the influence they have.
> we reacted with a financial tool
Oil embargo was about America not having oil. We didn’t react with a financial tool to that, but with security guarantees via our military. Putting the financial piece first reverses causation on the order of a decade.
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