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What is the Petrodollar?

Longtime MMT activist and friend of the program Bijou Smith delves into the concept of the petrodollar, explaining its origin and usage in the global oil trade, particularly between the US, Saudi Arabia, and Russia. Bijou scrutinizes the notion of imperialism often associated with the petrodollar, arguing that the practice stems more from logistical preferences and economic decisions rather than a nefarious global dominance. He also touches upon the complexities and misconceptions surrounding currency use in international transactions. #petrodollar #oiltrade #US #SaudiArabia #Russia #Imperialism #LearnMMT Link to full episode: https://realprogressives.org/podcast_... Follow @MathWillSuffice on Twitter. Weaponize Knowledge with Modern Monetary Theory (MMT) Please help our Real Progressives efforts in spreading and become a monthly donor! At PayPal http://paypal.me/RealProgressives/25 At Patreon   / realprogressives   Write for Real Progressives https://realprogressives.org/submit-a... Visit our website: https://realprogressives.org/ Listen to our podcast: https://realprogressives.org/macro-n-... We believe all materials used in this video fall under Fair Use as defined in Section 107 of the Copyright Act of 1976. #mmt Weaponize Knowledge with Modern Monetary Theory (MMT) Please help our Real Progressives efforts in spreading and become a monthly donor! At PayPal http://paypal.me/RealProgressives/25 At Patreon   / realprogressives   Write for Real Progressives https://realprogressives.org/submit-a... Visit our website: https://realprogressives.org/ Listen to our podcast: https://realprogressives.org/macro-n-... We believe all materials used in this video fall under Fair Use as defined in Section 107 of the Copyright Act of 1976.