In 1971 President Richard Nixon suspended the convertibility of the USD to gold, thus creating a fully fiat global reserve currency system. However, gold has persisted as a significant reserve asset since the collapse of the classical gold standard.
I like to remind European scolds of that event, because without their acquiescence, it never could have happened.
Euros (and the wealthier parts of Asia) have paid trillions in premiums for the 'privilege' of using "our" Petro-dollar™ to purchase energy for almost 50 years. All of which could have been avoided by foreclosing on the US the minute Nixon pulled that stunt.
I like to remind European scolds of that event, because without their acquiescence, it never could have happened.
Euros (and the wealthier parts of Asia) have paid trillions in premiums for the 'privilege' of using "our" Petro-dollar™ to purchase energy for almost 50 years. All of which could have been avoided by foreclosing on the US the minute Nixon pulled that stunt.