Money, Empire & the World's Reserve Currency
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Summary
Bretton Woods tied the dollar to gold, until the point where America no longer held enough gold to cover the dollars issued.
In 1971 Richard Nixon ended convertibility — the Nixon Shock.
What replaced it was the petrodollar system, tying demand for dollars to the oil trade, and it is still operating.
Key points
Gold was the real constraint
The system broke because the promises exceeded the metal, not because anyone intended fraud.
Unbacked paper opens the door to printing
The issuer’s advantage grows the moment the physical constraint disappears.
Oil took gold’s place
If every country needs dollars to buy energy, the demand is recreated without any metal.
That makes oil settlement the system’s weak point
Attempts to trade oil outside the dollar strike directly at the foundation.