If we lose the Petro Dollar, we are toast.
This is why Bush went after Sadam Hussain as he was selling oil for Euro’s and Chinese Yuan, undermining the Petro Dollar that Nixon and Kissenger set up to save us from the crash after taking us off the gold standard.
The 30 Year Fixed Rate Mortgage Rate October 30, 1981 was 18.44%
“If we lose the Petro Dollar, we are toast.”
That is why, IMO, we are in a proxy war with Russia and trying to economically deflate China. Those two have been attempting to undermine the “Petro Dollar”. If they succeed we are going to have Argentina type inflation.