Re:Guam: The America That Americans Forget
by jcranmer on Thursday July 13, 2023 @10:18PM
(#36718678)
> The dollar became the world currency by accident after the OPEC started pricing petroleum in dollars.
OPEC was formed on September 14, 1960. The definition of "world currency" is somewhat nebulous, but for the purposes of determining when the "dollar became the world currency", perhaps the best date to use is the Bretton Woods conference, which set up the main international financial system, establishing that everyone would peg their currencies to the US dollar, as well as the existence of the IMF and the World Bank. This was done--on purpose, not "by accident"--in June, 1944, 16 years before OPEC ever existed. The Bretton Woods system itself collapses in the 1970s.
OPEC was formed on September 14, 1960. The definition of "world currency" is somewhat nebulous, but for the purposes of determining when the "dollar became the world currency", perhaps the best date to use is the Bretton Woods conference, which set up the main international financial system, establishing that everyone would peg their currencies to the US dollar, as well as the existence of the IMF and the World Bank. This was done--on purpose, not "by accident"--in June, 1944, 16 years before OPEC ever existed. The Bretton Woods system itself collapses in the 1970s.