Oil is closer to the truth. Those that try to sell oil in non us dollars get blown up.
The US dollar is backed by the might of the military and threat of force. Those internal to the US need it to pay taxes. Those external to the US need it to buy oil.
It's backed by debt, the moremoney they print, the more money theu owe in the future and they keep selling the debt off cheaper and cheaper, there is already so much owed that our great grand kids couldnt pay it back if they worked 7 days a week their whole lives. The petro-dollar is a way that they can fiddle with the price of the dollar but does not actually back the dollar. It's the price of the dollars in existance that countries trade with eachother (world reserve currency)
Oil is closer to the truth. Those that try to sell oil in non us dollars get blown up.
The US dollar is backed by the might of the military and threat of force. Those internal to the US need it to pay taxes. Those external to the US need it to buy oil.
It's backed by debt, the moremoney they print, the more money theu owe in the future and they keep selling the debt off cheaper and cheaper, there is already so much owed that our great grand kids couldnt pay it back if they worked 7 days a week their whole lives. The petro-dollar is a way that they can fiddle with the price of the dollar but does not actually back the dollar. It's the price of the dollars in existance that countries trade with eachother (world reserve currency)
More world debt than world wealth thanks to this shitty system.