Re: Oil and the USD Wrecking Ball.

A lot of my recent Musings have been around how surprising USD strength could be hugely destabilizing for certain parts of the world <cough, “China!”>.

I am going to pull some of these thoughts together here.

Since the current decade is already looking like the 70’s in many ways (ignominious defeat on the global stage, energy crisis, inflation, new ABBA album, etc.), let’s go back to something else that happened in 1974: the establishment of the PETRODOLLAR system.