Nixon’s decision in 1971 to withdraw the United States from the gold
standard greatly influenced the future direction of humanity. The US
dollar rose in importance from the
mid-1950s to become the world reserve currency as a result of the need
for countries to use the dollar in trade. One of the most consumed
commodities in the world is oil, and as is well known, the price is set
by OPEC in US dollars, with this organization being strongly influenced
by Saudi Arabia.
