Ryan McMaken on America’s Petrodollar Addiction – Source – Scott Horton Show (01/23/2020)

Ryan McMaken came on The Scott Horton Show to discuss his recent articles for the Mises Institute about the future of U.S. dollar hegemony. “He walks us through the dollar’s history as global reserve currency, which began in the mid 20th century as an alternative to a direct gold standard. Still, the dollar was redeemable for gold in theory, until Nixon suspended the policy altogether and unchained debt and inflation to bring about the system we have today. McMaken describes the importance of keeping the dollar as the default currency for oil transactions, creating demand for not only the currency itself, but for dollar-denominated securities that can be purchased back with those dollars by oil producers like Saudi Arabia. He conjectures that a key factor in America’s aggressive foreign policy is to make sure the Middle East continues to agree to this system,” writes Scott Horton.

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