On August 15, 1971, Nixon unilaterally ended dollar-gold convertibility -- a 'temporary' measure that became permanent. By 1974, Treasury Secretary William Simon secretly traveled to Saudi Arabia on what was publicly described as a 'goodwill tour' but was actually a four-day negotiation in Jeddah. King Faisal agreed to price all oil in dollars and invest surpluses in U.S. Treasuries, in exchange for military protection. The dollar went from being backed by gold to being backed by oil -- and military force.
Nixon secretly ended the gold standard in 1971 and replaced it with a hidden petrodollar deal with Saudi Arabia
“The end of the gold standard was not just an economic policy change -- it was a planned transition to a petrodollar system that would require military enforcement to maintain.”
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