Part 6/16:
The abrupt transition from a gold-backed system to fiat currencies in the 1970s caused global economic upheaval. The United States' alignment with Saudi Arabia and OPEC to denominate oil sales solely in dollars created a "petrodollar" system that solidified dollar’s dominance. The speakers critique this strategic move, noting it gave the U.S. unmatched monetary privilege—printing dollars backed by global demand for oil—allowing it to run persistent trade deficits.