It is 1975 and oil oil exporters and importers try to find solution for broken monetary system.
An interesting history 🧵🧵🧵
How could oil producing countries keep their purchasing power in times of turbulent seventies?
#Gold #Oil #MonetaryAffairs #IMS
Few years before 16 January 1979 when the Shah had fled Iran...
The $ oil pricing curse aka when Saddam still played along:
How was the International Monetary system changed from gold to oil in an international agreement nobody spoke and very few knew about:
Bit later Italy which imported lots of oil could not foot the bill so they pawned their gold to Bundesbank:
Even bit later the Central Bank Monetary Gold was on a move:
The US did not like that a lot...
Many things were tried and used, this one is from 1974
Oh, you made it to here?
You must be either fascinated or bored.
Here is more about the evolution of the monetary system:
anotherfreegoldblog.blogspot.com/2017/06/1973-i…
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