DrALJONESReport: Iran war could be a catalyst for the erosion of the US petrodollar
In 1974, Saudi Arabia agreed to price its oil in dollars & reinvest those funds in US bonds in exchange for American security guarantees."
"Saudi Arabia, UAE, Kuwait, Qatar, & Bahrain all peg their currency to the US dollar, requiring them to keep vast amounts of USD."
"The world saves in dollars in large part because it pays in dollars."
