What Is The American Dollar Backed By?

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Written by:

Wilma W


Date added:

November 4, 2014








No of pages / words:

7 / 1955


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4498 times


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The closing of the gold window by President Richard M. Nixon in 1971 was another important phase of the U.S. dollar. Finally, enters the current state of the U.S. dollar, the Petrodollar (dollar backed by oil sales). These are by no means the only changes that the American dollar has gone through in the twentieth century, but they are crucial to understanding where the American dollar currently stands in world finance...
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Even today these phases and the direct way in which they influence foreign policy and world events are relatively unknown by the American public, because of this lack of historical knowledge it is very difficult for the populace to realize that the reasons given for world events might not be valid. The first phase of the American dollar in the twentieth century is the creation of the Federal Reserve Banking System...
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