from The Wealth Watchman:
The USA played its cards and knowledge well. There was no other country with a gold and/or silver currency they could corrupt or jump to to get the cycle going again, especially since the USA managed to get oil on board. The new invention that no country can do without in modern times. For the first time, a failed reserve currency(which defaulted on gold obligations) survived the attack on its reserve currency status, by bankers, by backing it with something totally new! The U.S. dollar went from a gold backing to an oil backing. This is the first reserve currency that I know of, that lost its gold banking, yet regained it by backing it with something else entirely!
Of course, oil money/power is not stupid. They know the history of reserve, paper-money systems, and paper, fractional reserve, PM systems, before this one. Besides that, many in the Islamic world consider it their religious duty to go back to the (gold and silver) Dinar and Dirham. In the 1970’s, the leaders of OPEC openly stated that they didn’t want dollars, they wanted gold. In the 1950’s, they stated it in private and were heard and met. This is a great piece to read about that.