The Liberator
By Soraya Sepahpour-Ulrich
An agreement was struck with OPEC to price oil in U.S. dollars exclusively for all worldwide transactions. This gave the dollar a special place among world currencies and in essence "backed" the dollar with oil. In return, the U.S. promised to protect the various oil-rich kingdoms in the Persian Gulf against threat of invasion or domestic coup.
http://www.informationclearinghouse.info/article18102.htm
http://freepage.twoday.net/search?q=Sepahpour
An agreement was struck with OPEC to price oil in U.S. dollars exclusively for all worldwide transactions. This gave the dollar a special place among world currencies and in essence "backed" the dollar with oil. In return, the U.S. promised to protect the various oil-rich kingdoms in the Persian Gulf against threat of invasion or domestic coup.
http://www.informationclearinghouse.info/article18102.htm
http://freepage.twoday.net/search?q=Sepahpour
rudkla - 1. Aug, 09:13
