Petrodollar-System

William Simon Establishes Petrodollar Recycling System

1974-07-01 00:00:00 +0000 UTC | Importance: 9/10

US Treasury Secretary William Simon negotiated a pivotal agreement with Saudi Arabia that established the petrodollar recycling system, fundamentally reshaping global monetary dynamics. Simon convinced Saudi Arabia to sell oil exclusively in US dollars and invest oil revenues in US Treasury bonds, …

William Simon Ahmed Zaki Yamani Richard Nixon King Faisal Henry Kissinger +2 more petrodollar-system monetary-policy oil-politics financial-system international-finance

US-Saudi Economic Commission Agreement Signed

1974-06-08 00:00:00 +0000 UTC | Importance: 9/10

Secretary of State Henry Kissinger and Saudi Crown Prince Fahd signed a framework agreement in Washington DC establishing the US-Saudi Arabian Joint Commission on Economic Cooperation. This historic agreement created both economic and military commissions aimed at promoting Saudi investments in the …

Henry Kissinger Prince Fahd bin Abdulaziz Richard Nixon Saudi Arabia United States +1 more petrodollar-system international-agreements economic-policy oil-politics cold-war-geopolitics