In 1974, Treasury Secretary William Simon secretly traveled to Saudi Arabia where King Faisal agreed to price all oil in U.S. dollars and invest surpluses in Treasury bonds, in exchange for American military protection. This 'petrodollar' system underpinned dollar dominance globally. Iraq switched to euros in 2000 -- invaded in 2003. Libya's Gaddafi proposed a gold-backed African dinar -- NATO intervened in 2011. While correlation isn't causation, the pattern has alarmed geopolitical analysts.
A secret 1974 deal with Saudi Arabia forced all oil sales in dollars -- nations that challenged it faced regime change
“The United States wages wars not for freedom or democracy but to protect the petrodollar system. Any nation that attempts to sell oil in a currency other than the dollar becomes a target.”
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