The last time this happened, the US went to war to ‘defend’ its interests.

Jon Alternative Media, Economy, Gold, Precious Metals

September 6, 2014 Santiago, Chile
In 1974 Richard Nixon struck a deal with Saudi Arabia that might go down as the biggest scam in US history.
In exchange for weapons and protection, the Saudis would sell their oil for US dollars, then reinvest those dollars back in the United States.
This was a matter of life or death for the dollar at the time; Nixon had closed the gold window three years before, and a massive devaluation of the dollar ensued.
Ensuring that the world’s most traded commodity would only be priced and settled in US dollars was absolutely critical in propping up the currency.
Looking back, it was a brilliant strategic move. The rest of OPEC followed, and this sealed the deal for US financial, political and military supremacy for decades.
The petrodollar was born.
Today, oil remains the most widely traded commodity in the world. And since EVERY nation either buys or sells oil, it means that every nation holds US dollars.

This post was published at Sovereign Man on September 6, 2014.