Nobody talks about monetary privilege, which is the ability to exchange a piece of paper for real goods and services from other lands simply because that piece of paper is considered the world’s reserve currency. From Nick Giambruno at internationalman.com:
The US government reaps an unfathomable amount of power from its racket of printing fake money out of thin air and forcing it on the world.
The petrodollar system is a big reason it has gotten away with this scam for so long.
In short, here’s how it works…
Oil is by far the largest and most strategic commodity market. For the last 50 years, virtually anyone who wanted to import oil needed US dollars to pay for it.
Every country needs oil. And if foreign countries need US dollars to buy oil, they have a compelling reason to hold large dollar reserves.