There is No Such Thing as A Petrodollar [Eurodollar University, Ep. 215]

Petrodollar? There's no such thing. We didn't transition from a gold- to an oil-backed dollar. There was something else, another kind of dollar—hidden by a conspiracy of silence between '44 and '73. Instead the world transitioned from a gold-backed US dollar to a offshore, ledger-based bank-centered eurodollar. This same eurodollar system absorbed petrodollars, easily.

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---------THE TEAM---------
Jeff Snider, Head of Global Investment Research for Alhambra Investments. Master of ceremonies, Emil Kalinowski. Illustrations by David Parkins. Audio and video editor, Terence. Episode intro/outro music is "Melodic Space" by VELDA.

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#JeffSnider #PetroDollar #BrettonWoods #BalanceOfPayments

[cv-edf]

After listening to J&E for a year I already figured this out …I need my diploma now guys. 📜 👩‍🎓 😃

[Del_]

I can hear Luke Gromen screaming in the distance…

[to]

Gentlemen, always a semi passionate explanation of the primary effects and functions of our global monetary system.. Adding an incredible insight to my understanding to current events.. Greatly appreciated.. I don’t understand why your viewership isn’t above 1 million..

[voswouter]

Questions:
1. Do you think oil producing countries are forced to sell their oil in dollars?
2. If so, what do you think the effect of this policy is?
Because I don't really understand what you think the 'system' currently is.
It almost sounds like the dollar and euro are just more reliable and thus more popular than other currencies.

10:07 "But there wasn't enough gold to back the globalization"
What utter insanity is this?
Gold is divisible, you don't need a large total volume.
Counterfeiting can make it look like you have more growth.
But this only comes at the expense of the future.

[areknowakowski]

There is no better stimulating discussion like you guys are doing to make me think.... that is what I want. Bravo!!!! Thanks. Keep going . I like it v. very much.

[Cashflow.R.E.A.M.]

I love how Emil talks at a pace where I don't have to replay the video

[tapiomakinen]

C'mon man. All my my c-theories make sense only if there is petrodollar system. Iraq makes sense, Libya makes sense, Syria makes sense. Are you saying US went to bunch of wars for nothing. I am so confused.

[jeraldlovetinsky]

I would love to hear Jeff discuss with Zoltan his Bretton Woods 3 idea.

[nadinemaag]

Emil you should really organize a deep discussion session in several parts between jeff and zoltan. "Everyone" is waiting for that! (I am for sure)

[CTG]

The problem with this analysis is that everything runs on oil, ie fuel, etc., which is why the end of the reserve dollar becomes extremely important and relevant. How many oil producers will keep high amounts after this change, perhaps very few will….They will keep a basket of currencies now or simply drop the dollar—such as in the cases of Iran, Kazakhstan, Venezuela and on and on—diminishing global circulation and investment in the U.S. stock market results very badly for Americans.

[yurrwithme]

01:32 Are you referring to Zoltan? Lmao

[Applepie]

Learnt more today from your video. I was under the complete misunderstanding that Kissinger had negotiated the petrodollar deal. Oil to be paid for totally in the USA dollar after coming of the gold standard. Excuse me for my lack of knowledge but then that is what happens when facts are glossed over or simplified to the point of complete misinterpretation.👏 Great video

[archanaobso]

LOVE this episode Emil! I watched an interview that Chris Martinsen had with good buddy George Gammon (both of whom I love and respect a great deal). But they were so caught up in, surprise surprise, the 'petrodollar' and the massive inflation from central bank money printing. It was painful to watch especially after knowing what I know now thanks to you and our main man Jeff!

[Michael-qyjz]

We Agree 100% on the Euro Dollar and the Fed doesn't do money. ;) Jeff & Emil are awesome, but the Fed needs to bleed off its whole balance sheet and leave the rates alone so markets can have a free market rate!! Nooo Bail outs for Bankster or Hedge Funds!! No Buying Syocks, Bonds, MBS'S and on and on!! These wallstreet Casino gasters game the system into a mess and then get bail out and thier fraud is covered up.

[leew]

Right, nothing changed between Bretton woods and petrodollar as far as dollar being world's Reserve currency.
But, Saudi and OPEC did and do in fact have an agreement to sell their oil for dollars.

[monsmeg]

Gold backed dollar, petro backed dollar, arms backed dollar, Weponized dollar.

[stevegodenich]

Here's some background material,
"The Euro-Dollar Market: Some First Principles" by Milton Friedman,
"The Hidden Hand of American Hegemony" by David Spiro,
"The Treasure Islands" by Nicholas Shaxson,
"Intraday liquidity Flows" from the FRBNY,
"Worldwide Currency Usage and Trends - SWIFT".

Here's a 2000 proposal to eliminate income taxes, capital gains taxes... by Edgar L Feige, "The Automated Payment Transaction (APT) Tax" from the SSRN. This proposal was submitted to Congress in 2005 and broadcast on C-SPAN, "Alternative Proposals for Reform | C-SPAN". A decentralized form of this tax change for the US is worth considering.".

[mp.wealth]

Insightful as usual, you keep giving me unintentional diligence to go after hehe for today was “triffin paradox”. Love it, keep it flowing guys

[TySmoothie]

Oil is still traded in USD. Saudi Arabia is even pinned to USD. Then USD is used to settle balance globally.
A petrodollar is also just a dollar that is used to purchase petrol.
Detachment from gold was not to stop inflation, it caused it. It was to stop a default (or was a default)
Most of this does not really add up from needing to borrow. We just print now (MMT)
I will look more into this however.

[wokwithjosh]

No Petrodollar? My life has been a lie!