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The War Against Iran Put an End to the Petrodollar
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Bloomberg The petrodollar was born in 1974 from a deal struck by Henry Kissinger. Saudi Arabia and other Persian Gulf countries began selling oil in dollars and investing the surplus in US government bonds, thus financing the United States, Bloomberg notes. Since then, virtually every crisis has led to increased demand for US Treasuries, as safe assets, causing their yields to fall. This time, the opposite is true. Demand has fallen, and the yie…
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