4 ms·

I see that as a side show to the overall banking system. I trying to express that this was a reactionary response to an immediate problem rather than a key part

I see that as a side show to the overall banking system. I trying to express that this was a reactionary response to an immediate problem rather than a key part of banking.

JumpCrisscross 10mo ago
> see that as a side show to the overall banking system See what? The geopolitics? The petrodollar was entirely a geopolitical affair. If anything, one could argue petrodollar recycling—together with the fall of the USSR-created the modern American banking system. (The timeline is compelling for e.g. LBO debt.)
- detourdog 10mo ago
  The reaction to 70's era oil embargo as opposed to the overall global monetary system. The oil embargo was a use of the monetary system not an intrinsic part of it's development.
  - JumpCrisscross 10mo ago
    > oil embargo was a use of the monetary system not an intrinsic part of it's development Oil embargo was about embargoing oil. It wasn’t monetary. It was about denying essential commodities.
    - detourdog 10mo ago
      Yes, we reacted with a financial tool. Everyone uses the influence they have.
      - JumpCrisscross 10mo ago
        > we reacted with a financial tool Oil embargo was about America not having oil. We didn’t react with a financial tool to that, but with security guarantees via our military. Putting the financial piece first reverses causation on the order of a decade.
        detourdog 10mo ago
        I don't think so I think the US had many levers one might have been security guarantees. To try to separate the US influence into specific categories is the same as trying to dissect a joke or a frog. https://quoteinvestigator.com/2014/10/14/frog/ https://quoteinvestigator.com/2014/10/14/frog/