In a surprise move, President Nixon announces an abrupt end of the convertibility of the US dollar into gold. With the unbridled freedom to print money and spend, the country adopts a more-loose-than-usual monetary policy that inadvertently spurs inflation. As the dollar weakens, concern mounts about the long-term viability of the dollar until Treasury Secretary William Simon and Secretary of State Henry Kissinger strike monumental deals with Saudi Arabia and OPEC to secure the dollar's status as the world's reserve currency.
https://www.bloomberg.com/news/features/2016-05-30/the-untold-story-behind-saudi-arabia-s-41-year-u-s-debt-secret
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