The Mudcat Café TM
Thread #100310   Message #2009852
Posted By: GUEST,petr
28-Mar-07 - 04:30 PM
Thread Name: BS: Hang on - Iran refuses U.S. currency
Subject: RE: BS: Hang on - Iran refuses U.S. currency
basically since 1971 the US $ was no longer backed by gold .

in 72-73 the US got an agreement with the House of Saud
to accept only US$ for oil and got the rest of OPEC to go along..
so essentially since then the dollar has been backed by oil instead of gold.