BIRTH OF THE PETRODOLLAR
UNCOVERING THE HIDDEN COSTS OF THE PETRODOLLAR
The British Empire was the unquestioned economic hegemon of the 19th century, but began to lose steam early in the 20th century, especially after World War I. The United States emerged much healthier than war-torn Europe and as the country with by far the most gold. By the outbreak of World War II, the dollar had unquestionably eclipsed the pound as the world’s most influential national currency.